Since Donald Trump became US President, the walls have been rapidly closing in on Mahmoud Abbas, the Palestinian President, and his commitment to negotiating a two-state agreement with Israel.
In January, Mr Trump issued a "peace proposal" that virtually invites Israel to annex about 30 per cent of the occupied West Bank, including the strategically crucial Jordan Valley. Israel's Prime Minister, Benjamin Netanyahu, successfully campaigned to remain in office on a promise to do exactly that in the coming months.
The Trump administration has asked Tel Aviv to wait until a joint Israeli-US mapping committee determines which chunks of Palestinian territory Washington will allow Israel to devour. Palestinians have not been included in any of these conversations whatsoever. Naturally, they are desperate to assert their agency, make themselves relevant, and press the international community to act fast to save the possibility of a two-state peace agreement.
On Tuesday, Mr Abbas voiced this anguish, declaring: “The Palestine Liberation Organisation [of which he is the chairman] and the State of Palestine are no longer committed to all signed agreements and understandings with the Israeli government and the American government, including security commitments.”
It's not clear what this announcement will mean in practical terms for the Palestinian Authority government in Ramallah and its considerable administrative and governance role in the lives of Palestinians living under Israeli occupation. But by adding that Israel would now have to “uphold responsibilities before the international community as the occupying power” he was clearly hinting at the PLO's long-standing “nuclear option” of dismantling the quasi-independent Palestinian administration that has been developed within the occupation's broader context since 1993.
Dismantling it would certainly create innumerable headaches for Israel. If the PA completely closes its institutions, Israel would theoretically have to step in and directly rule Palestinian towns as well as provide for the basic needs of the population.
That's not something many Israelis want to do, but it's not impossible either.
The greatest brunt, especially at first, would be felt by ordinary Palestinians, who would lose a wide range of administrative and social services and, in many cases, jobs; the PA and its subordinate agencies are the biggest employers in the West Bank and Gaza.
Completely renouncing the Oslo Accords and refusing to deal with Israel would also mean giving up most of the PA's operating budget, which is funded by Palestinian taxes that under the accords are collected by Israel and transferred to the Authority.
But apart from repeated declarations that the Palestinians have ended all security and intelligence co-operation with Israel and the US, there is no sign that the PA has changed its functional modus operandi. No one seems to have resigned from, let alone closed, any office, though Palestinian security forces have reportedly been withdrawing from certain areas.
The bottom line is that Palestinians have not developed any practicable alternative national strategy to seeking a political agreement with the Israelis. If negotiating with Israel now seems a complete dead-end, armed struggle has an even worse track record. And no one in their right mind really believes Israel is going to be brought to heel by the UN or to its knees by grassroots international boycotts.
So, this threat is probably an empty one, at least until a new leadership with an alternative vision emerges – although the dire situation certainly demonstrates the urgent need for both.
It is difficult to understand what Mr Abbas hoped to gain by this speech under the current circumstances. Some Palestinians whisper that the plan was for him to emphasise that this is what the PA and PLO had always intended to do in the event of a major Israeli annexation. That makes more sense, given that should Israel grab all that land such a response would probably be inevitable and arguably justifiable.
But it hasn't happened yet. And it may not. Publicly, the Trump administration is not urging Israelis to avoid annexation for the rest of the year, but it isn’t encouraging them either. It's hard to imagine that Mr Trump would be disappointed if the Israelis decide to wait and see what happens.
With the looming threat of a Joe Biden presidency, Tel Aviv may feel some urgency to act now. But Mr Biden has pointedly repeated his commitment to a two-state solution, and insists he won't be bound by any new commitments Mr Trump makes that would render it impossible, and is even prepared to reverse them. Is that a fight Israel really wants to have with Washington in 2021 and beyond?
Since it's unclear what the Israelis will do, why would Palestinians want to appear to be abrogating the very agreements, particularly the Oslo Accords' Declaration of Principles, that explicitly disallow annexation?
Apart from repeated declarations, there is no sign that the PA has changed its modus operandi
No doubt Mr Abbas is trying to remain relevant and to communicate the level of Palestinian desperation and despair to an apparently apathetic international community. But the price for such defiant-but-empty bluster – reminiscent of the "you're leaving because I want you to go" genre of torch song – is potentially quite high. Much wiser to let Israel administer the rhetorical as well as practical coup de grace to the Oslo process.
The Palestinian leadership has said this kind of thing before, although not quite so categorically, and then decided, in the cold light of day, that cancelling co-operation, let alone dismantling fledgling Palestinian national institutions, doesn't make much sense. It is, we keep discovering, easy and even habitual for both parties’ rash actions to hurt Palestinians and Israelis simultaneously.
Fortunately, Israel and the US are essentially ignoring the speech. Unfortunately, there may come a time when such drastic declarations and steps become unavoidable. But last week wasn't it. The immediate goal for all responsible actors must be avoiding such a calamitous, but closer than ever, point of no return.
Hussein Ibish is a senior resident scholar at the Arab Gulf States Institute in Washington
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
'Nope'
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Specs
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Sholto Byrnes on Myanmar politics
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What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
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RESULTS
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My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
More on Quran memorisation:
COMPANY%20PROFILE
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Homie%20Portal%20LLC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20End%20of%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdulla%20Al%20Kamda%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20Undisclosed%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2014%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ELaunch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date