Ostrich farms are the latest Palestinian attempt to spark an economic revolution in the Occupied West Bank. Musa Al Shaer / AFP
Ostrich farms are the latest Palestinian attempt to spark an economic revolution in the Occupied West Bank. Musa Al Shaer / AFP
Ostrich farms are the latest Palestinian attempt to spark an economic revolution in the Occupied West Bank. Musa Al Shaer / AFP
Ostrich farms are the latest Palestinian attempt to spark an economic revolution in the Occupied West Bank. Musa Al Shaer / AFP

Palestinian life beyond the conflict


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The clash between Israel and the Palestinians extends far beyond the definition of a conflict between two parties. Yet, Israel has invested handsomely in cynical PR efforts designed to belie the underlying nature of the occupation, one which is predicated on the economic domination of Palestinian society. Indeed, it is Israel's vast economic control over the West Bank that guides the country's inability and unwillingness to end its decades-long occupation.

Even in the realm of tax revenue and international aid, Palestinian capital can’t escape the long arm of Israeli occupation. Crucial tax revenue was recently withheld as punishment for Palestinian non- violent initiatives such as the statehood bid in the United Nations.

Palestinians have met this form of economic warfare, not with surrender but defiance. The first Intifada was typified by a variety of boycotts of Israeli products, not to punish Israel’s bottom line but to demonstrate the prospect of Palestinian economic sovereignty. Now, a quarter of a century after the first Intifada, there are new efforts underway in the West Bank that blend Palestinian ingenuity and business innovation under some of the most difficult conditions in the region.

As The National reported yesterday, two new agricultural initiatives in the field of ostrich meat and mushroom production are attempting to create fresh revenue streams based on the creation and export of 100 per cent Palestinian products.

This spirit of entrepreneurship is not limited to the production of food and extends from the world of design to tech innovation. Take the ShamsArd design studio in Ramallah, which produces avant garde home furniture. Refusing to rely on Israeli authorities for imports of raw materials, the company’s designers recycle products found throughout the West Bank. The result is furniture that is environmentally friendly and distinctively Palestinian.

The challenge is to get greater attention for this vibrant economic environment, which is slowly developing despite the blanket of Israeli occupation. We have witnessed how nonviolent calls to boycott Israel into ending the occupation are shifting the global debate about the conflict. What is also needed is an awareness campaign that highlights Palestinian entrepreneurship and shows by example that Palestinians are not just victims.

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UAE currency: the story behind the money in your pockets
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Who is Tim-Berners Lee?

Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.

UK’s AI plan
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Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

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.”

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Tottenham advance on away goals rule after tie ends 3-3 on aggregate

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