For more than two decades, the Israeli prime minister Benjamin Netanyahu has been playing Americans for fools – a role the US has filled to the detriment of its national honour and the cause of peace.
His entire career has been focused on demonstrating to Israelis that “America is a thing that can be easily moved in the right direction. They will not bother us”. Since first being elected prime minister in 1996, Mr Netanyahu has been proud of his ability to get away with defying US presidents, while paying no price for his defiance.
His successes have been due, in large measure, to the ties he has built with Republicans in Congress, using them to counter peacemaking efforts led by two Democratic presidents, Bill Clinton and Barack Obama.
After the Oslo Accords were signed in 1993, Mr Netanyahu went into action. Together with a small group of Likudniks, he launched a lobbying campaign against Oslo. Weekly faxes were sent to Congressional offices warning of the dangers that peace with the Palestinians posed for Israel and providing talking points that some members of Congress followed. It was unprecedented – an Israeli opposition party acting against their government lobbying the US Congress to turn against the policy of the US government.
The effort won allies among Republicans who were only too happy to place obstacles in Bill Clinton's way. When the GOP won control of Congress in 1994 and Mr Netanyahu won the Israeli elections in 1996, he was in a perfect position to accomplish his goal of ending the Oslo Accords.
The Republican-controlled Congress invited Mr Netanyahu to speak to a joint session. He used the opportunity to attack the peace process and to call on Congress to join him on a war footing against Iraq and Iran. Throughout the rest of his first term, Mr Netanyahu defied pressure from the administration to curtail settlement construction and to make a serious commitment to peace. He knew that Congress would "have his back".
Even when Mr Clinton did force the Israelis to negotiate with the Palestinians, Mr Netanyahu never fully implemented the agreement they concluded. And when Mr Clinton vigorously objected to Mr Netanyahu's plans to construct a new colony between Jerusalem and Bethlehem, the Israeli prime minister defiantly broke ground erecting Har Homa, a settlement that now houses almost 20,000 Israelis.
Mr Obama's aspirations to negotiate an Israeli-Palestinian peace were also frustrated by Mr Netanyahu, whose second election as Israeli prime minister coincided with Mr Obama's entry to the White House. After two frustrating years, the US president put the process on hold.
In 2010, Republicans again won control of Congress and their new leadership once again invited Mr Netanyahu to speak to Congress. The Israeli used this appearance to rebuke Mr Obama's call for an Israeli-Palestinian peace based on "the 1967 borders, with mutually agreed land swaps". In the face of Israeli intransigence and Congressional pressure, once again the administration shelved peacemaking, until after the 2012 elections.
John Kerry's ill-fated effort to restart Israeli-Palestinian negotiations were eclipsed by the disastrous and deadly Syrian conflict and the effort to negotiate a nuclear deal with Iran – an agreement that Mr Netanyahu was determined to stymie. And so, when the Republican-led Congress invited Mr Netanyahu to deliver his third address to its members, he used this appearance to call on Congress to block the administration's support for the P5+1 deal with Iran.
Mr Netanyahu's Washington performances have been focused on two audiences. He sought to muster the support of his Republican allies to defeat the work of Democratic presidents, while at the same time seeking to demonstrate to his Israeli supporters how "very easily" he could "move America in the right direction".
While his first two efforts were a success, he failed with the third. Not only was he unable to block the Iran deal, but his gambit exposed a partisan divide over support for his policies, leaving Israelis uncomfortable about Mr Netanyahu's ability to manage their relationship with the US.
When he comes to Washington next week, Mr Netanyahu is a man on a mission. His mission? To make it clear to Israelis that he is still the "master" of America. Unfortunately, Democrats and Republicans alike will serve as his enablers.
Mr Netanyahu will meet Mr Obama. This time there will be no real pressure to stop settlements and make peace. Instead, we are told that Israel is in line to receive a dramatic increase in US aid – possibly as high as $4.5bn a year. Mr Netanyahu will then be honoured at an event hosted by the neoconservative American Enterprise Institute.
And to reassure Israelis that the "master" can still dominate US politics, he wangled a speaking engagement at the liberal Centre for American Progress and secured a glowing endorsement from Hillary Clinton, who pledged that, if elected president, she "would reaffirm [the] unbreakable bond with Israel – and Benjamin Netanyahu".
The entire exercise is shameful and distressing. Enabling Mr Netanyahu's bad behaviour only encourages more of the same. It's embarrassing and it's dumb. It's one thing to acknowledge that the Israeli-Palestinian peace process is dead, but it makes no sense to reward the guy who two decades ago pledged to kill peace, and then spared no effort to do just that.
James Zogby is the president of the Arab American Institute
On Twitter: @aaiusa
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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