A post-Netanyahu Israel might reach out to Hamas


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Shaul Mofaz, deputy leader of Israel's Kadima party and a former IDF chief of staff who now views himself as a future prime minister, said on Sunday that the Israeli government should be prepared to negotiate directly with Hamas in the event that they gain electoral victory following Palestinian President Mahmoud Abass' predicted retirement from politics. Mr Mofaz was laying out his own proposal for a peace plan since so far none has been forthcoming from Prime Minister Benjamin Netanyahu. "How can it be that six months have passed since Netanyahu's Bar-Ilan [University] address [where he accepted in principle the existence of a Palestinian state] and there is still no plan in place?" Mr Mofaz said at a news conference in Tel Aviv, according to Yedioth Ahronoth. "If Netanyahu won't implement this plan, I will do so when I become prime minister," he said. Mr Mofaz said that under his plan a Palestinian state would be established within one year, initially on 60 per cent of the West Bank. As many as 65,000 Jewish settlers now living in isolated settlements would need to be relocated while the larger settlement blocs would be annexed in exchange for Israeli territory. A final Palestinian state, Mr Mofaz said, would be on at least 92 per cent of the West Bank and Gaza. The proposal drew mixed responses from Hamas officials. "Hamas spokesman Fawzi Barhoum told Ma'an the proposal was 'a malicious Israeli attempt to take advantage of the state of Palestinian disunity, to beautify the occupation, and to exploit opportunities to divide us.' " 'We don't believe in negotiations with [Israel] - negotiations that would legitimise the occupation of our land and holy places - to clean up its image internationally and cover up its crimes,' he said in a phone interview, as talks 'would amount to repeating a failed two-decade experiment that has benefited only the occupation.' "Barhoum noted that Mofaz' plan came suspiciously in tandem with Abbas' retirement, the timing of which he said was yet another reason to reject the proposal. 'The best way we can respond to these proposals is to fortify the home front by finalizing [Hamas-Fatah] conciliation, and recommit ourselves to Palestinian rights, the national project, and resistance.'" The proposal was not however uniformly dismissed. "Hamas legislator Mushir al-Masri told Ynet in response to Mofaz's plan, 'This is a very important step, but we are interested in its translation from talk into action.' " 'Obviously, such comments carry a lot of weight when they come from someone of Mofaz's stature - a man who went to war against Hamas and the resistance and is familiar with the issue's political and security-related aspects,' said al-Masri. "The senior Hamas figure said he would not dismiss any offer 'if it is based on the recognition of the basic rights of the Palestinian people and its right to be rid of occupation. " 'The Israelis realise that we (Hamas) are a key player in the political arena. It would be a mistake to ignore Hamas and deal solely with (Palestinian President Mahmoud) Abbas,' he said." Ma'an reported: "These comments, in turn, triggered a reaction from Hamas' rival, Fatah. Party spokesman Ahmad Asaf expressed his astonishment at the hasty welcoming of Mofaz's call to hold negotiations. "Asaf noted in a statement that Fatah rejected Mofaz's proposal of a state within temporary borders and others which he said are aimed at destroying national aspirations and violating the Palestinian right to self-determination calling for the establishment of a Palestinian state on the 1967 borders, with Jerusalem as its capital, and which disregard solving the issue of Palestinian refugees in relation to international law. "The spokesman added that, 'Fatah is embracing what President Abbas stated in his latest speech in which he stressed that there can be no return to negotiations unless all settlements are stopped and the perquisites for the peace process are installed.' "Asaf further remarked that, 'While the Palestinian leadership represented by President Abbas rejected all of the Israeli proposals and pressures that are supported in the region and in the US, we find representatives of Hamas like Mushir Al-Masri rushing off to describe the Mofaz proposal as 'an important step' which Hamas will deal with seriously.' "Asaf continued to state that, 'These developments that have come about quickly after President Abbas' speech confirmed what Fatah had warned of: there are Palestinian factions whose interests are the same as the Israelis, intent on weakening the legitimate Palestinian leadership.'" Haaretz indicated what kind of political strategy may lie behind Mr Mofaz' plan and its role in his contest with Tzipi Livni for leadership of the Kadima party. "From a political standpoint, Mofaz is signaling that he has no interest in returning to Likud and that he seeks to make a bid for the leadership of Kadima. "His proposal for the Palestinian state would presumably be part of his platform for that campaign. "At the same time, Mofaz is working to bring forward the date of the Kadima primaries, an effort that Livni has managed to stop for the time being. In private conversations, Mofaz has expressed confidence that the primaries will take place in about 18 months. "Kadima sources have said they are not ruling out the possibility that Mofaz views his plan as a basis upon which Kadima would join the governing coalition, and that he could force such a move on Livni. "Mofaz developed his proposal following consultations with figures in the defense establishment, the heads of think tanks and politicians. He contends that the stalemate in the negotiations between Israel and the Palestinians is dangerous from a demographic standpoint and with respect to Israel's legitimacy in the world." In a commentary for CNN, Fawaz A Gerges noted that there are indications that Hamas is in the process of a significant political reorientation. "Something is stirring within the Hamas body politic, a moderating trend that, if nourished and engaged, could transform Palestinian politics and the Arab-Israeli peace process. There are unmistakable signs that the religiously based radical movement has subtly changed its uncompromising posture on Israel. "For example, in the last few months top Hamas officials have publicly stressed that they want to be part of the solution of the Palestinian-Israeli conflict, not part of the problem. What is happening inside Hamas' mosques and social base shows a concerted effort on the part of its leadership to re-educate its rank and file about co-existence with the Jewish state and in so doing mentally prepare them for a permanent settlement in the future."

pwoodward@thenational.ae

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

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WHAT IS GRAPHENE?

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. 

How The Debt Panel's advice helped readers in 2019

December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'

JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.

“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”

November 26:  ‘I owe Dh100,000 because my employer has not paid me for a year’

SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue. 

SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."

October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'

MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.

“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December." 

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

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.”

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
Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
RACE CARD

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m

8.15pm Handicap (TB) Dh105,000 (D) 1,900m

8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m

9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m

10pm Handicap (TB) Dh102,500 (T) 1,400m

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

Game is on BeIN Sports

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

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THE SPECS

Engine: 4.4-litre V8

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Power: 523hp

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Mubadala World Tennis Championship 2018 schedule

Thursday December 27

Men's quarter-finals

Kevin Anderson v Hyeon Chung 4pm

Dominic Thiem v Karen Khachanov 6pm

Women's exhibition

Serena Williams v Venus Williams 8pm

Friday December 28

5th place play-off 3pm

Men's semi-finals

Rafael Nadal v Anderson/Chung 5pm

Novak Djokovic v Thiem/Khachanov 7pm

Saturday December 29

3rd place play-off 5pm

Men's final 7pm

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Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

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2pm: Handicap (TB) Dh 84,000 (D) 1,400m

2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m

3pm: Conditions (TB) Dh 100,000 (D) 1.950m

3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m

4pm: Maiden (TB) Dh 60,000 (D) 1,600m

4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m

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ASHES FIXTURES

1st Test: Brisbane, Nov 23-27 
2nd Test: Adelaide, Dec 2-6
3rd Test: Perth, Dec 14-18
4th Test: Melbourne, Dec 26-30
5th Test: Sydney, Jan 4-8

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Directed by Sam Mendes

Starring Dean-Charles Chapman, George MacKay, Daniel Mays

4.5/5

The Scale for Clinical Actionability of Molecular Targets
WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Series info

Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday

ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23

T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29

Tickets Available at www.q-tickets.com

Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.

Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.

Dunki
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Match info:

Burnley 0

Manchester United 2
Lukaku (22', 44')

Red card: Marcus Rashford (Man United)

Man of the match: Romelu Lukaku (Manchester United)