RAMALLAH // Arab heads of state wrapped up their summit in Libya yesterday by rejecting all Israeli measures in East Jerusalem and calling on the international community to stop the settlement building there and protect the Al Aqsa mosque compound.
Israel's settlement policy poses "a dangerous obstacle to a just and comprehensive peace", the final resolution of the Arab League summit read.
There was not, however, consensus - and hence no vote - on whether to withdraw Arab support for US-sponsored indirect talks that have yet to begin and that the Palestine Liberation Organisation is resisting until Israel freezes settlement construction in East Jerusalem.
The Arab League had this month given its backing to the proximity talks, but their start was derailed after an announcement by Israel that it had approved the building of 1,600 new settlement units in East Jerusalem.
Amr Moussa, the league's secretary general, said at a news conference yesterday after the final session that Arab leaders are "fed up" with Israel's policies.
"The ball is in the Israeli court," he said. "We are waiting to see if they are serious. If they are serious they have to deal with the situation in the occupied territories in a different way."
The summit concluded just as Palestinians in the West Bank faced yet another Israeli ban on travel for the Jewish holiday of Passover. Also yesterday, an Israeli minister threatened to invade Gaza again to "liquidate" Hamas.
And with Israeli settlement building continuing unabated in occupied East Jerusalem, Israel and the Palestinians dominated talks in Sirte, the coastal town in Libya that hosted the Arab League's 22nd summit.
Even the call yesterday during a closed-door session for a Middle East free of nuclear weapons was partly directed at Israel.
Israel is widely understood to have nuclear weapons, something it has never officially acknowledged. Arab countries suspect Iran is also seeking a nuclear weapons capability. However, unlike Israel, Tehran is a signatory to the nuclear non-proliferation treaty.
But a decision to withdraw support for the proximity talks, as had been expected, was not forthcoming. Instead, members chose to defer a vote on the matter. That decision caused some rancour with Syria, which along with Libya was reported to have urged Mahmoud Abbas, the PLO chairman, to abandon the negotiations process altogether and revert to a strategy of armed resistance to Israel's occupation.
Walid Mualem, Syria's foreign minister, said his country would not be a part of any final declaration since it disagreed with the indirect negotiations.
Muammer Qadafi, Libya's president, meanwhile, is understood to be ready to withdraw his country's support for the 2002 Arab Peace
Initiative, which offers Israel full peace and normalised ties with all 22 Arab League members in return for a full withdrawal from all territory occupied in 1967 and a "just" solution to the Palestinian refugee problem.
However, no decision was reached about the 2002 initiative, which many before the summit had thought would be retracted in Libya. Such lack of decisiveness belied calls from Mr Qadafi, the summit host, Mr Moussa and others that Arab countries needed to come up with practical strategies, not rhetoric. It could further undermine the credibility of the League in the eyes of millions of ordinary Arabs.
One concrete measure that seems certain to be agreed to is to provide Palestinians living in Jerusalem with US$500 million (Dh1.83 billon) to help them cope in the city in the face of growing poverty. There is also a suggestion that Arab countries will seek to bring Israel's Jerusalem settlement construction to a vote in the UN's General Assembly and then in the Security Council.
According to a report by the BBC, the US and Qatar recently discussed such an eventuality. It was suggested that the US might abstain from such a vote, which would constitute a dramatic setback for Israel. It has grown used to its closest ally vetoing hostile resolutions in the Security Council.
The report could not be verified, however.
Israel, meanwhile, responded to what its foreign ministry called an "aggressive" summit.
"We heard aggressive and problematic declarations from Arab League leaders," Danny Ayalon, Israel's deputy foreign minister, said. "We call on the leaders in the region to assist the Palestinians and be part of the political process."
Mr Ayalon reasserted Israel's intention to continue building in East Jerusalem, calling it a "legal right".
"For too long our opponents have been able to talk about international law without being held to account. We say strongly and firmly that we have a legal right to build in Jerusalem and those that seek to enshrine the 1949 Armistice Lines, the so-called 'Green Line' as a border have not understood history nor legal precedence."
Meanwhile, another Israeli minister yesterday threatened war on Gaza in the wake of an Israeli incursion there on Friday that left four dead, including two Israeli soldiers.
Yuval Steinitz, the finance minister, said Israel would have to find a way to deal with Hamas and could reinvade Gaza to "destroy" the movement should it feel it necessary.
"Israel won't allow Hamas to arm with long-range missiles," Mr Steinitz said in an interview with Israel Army Radio.
Fawzi Barhoum, a Hamas spokesman, said the remarks affirmed that Israeli "state terrorism" would continue.
Mr Barhoum called on international bodies to bring Israeli leaders before international courts as war criminals. The Hamas official further said any relations or normalisation with Israel would only encourage the Israeli government to practice additional "terrorism and criminality" against the Palestinian people.
@Email:okarmi@thenational.ae
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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
Bawaal%20
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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
Kandahar%20
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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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Read more from Aya Iskandarani
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
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Spider-Man%202
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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
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
BUNDESLIGA FIXTURES
Saturday (UAE kick-off times)
Cologne v Union Berlin (5.30pm)
Fortuna Dusseldorf v Borussia Dortmund (5.30pm)
Hertha Berlin v Eintracht Frankfurt (5.30pm)
Paderborn v Werder Bremen (5.30pm)
Wolfsburg v Freiburg (5.30pm)
Bayern Munich v Borussia Monchengladbach (8.30pm)
Sunday
Mainz v Augsburg (5.30pm)
Schalke v Bayer Leverkusen (8pm)
COMPANY%20PROFILE
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