Very few people are more capable of assessing the mood in Jerusalem’s Old City than Abu El Walid Dajani.
For decades he has looked out of the window of his office over Jaffa Gate, at the pilgrims, tourists and soldiers that mill around in the eastern Israeli-occupied side of the city.
He was there when Israel seized control of all Jerusalem in 1967.
Since then, he has welcomed guests, dignitaries and patriarchs who come to his hotel, The Imperial, to hear what one the area's most prominent businesspeople has to say about one of the most contested cities around.
But today, for the first time, the hotelier and raconteur is lost for words.
“I don’t know what to tell you,” he says, looking across his desk towards the empty reception desk.
“You might as well be talking to a dead man."
I get the feeling that the Old City is ageing. It’s as if it’s a sick elderly patient who is not getting its intravenous medicine
Abu El Walid Dajani,
hotelier in Jerusalem
Visitors to the Old City in East Jerusalem have dropped sharply since the Israel-Gaza war began in October.
“We’re in the desert, waiting for someone to save us. The whole Old City is bankrupt. It is like walking through a cemetery,” Mr Dajani says.
“One day or another the Gaza war will end, but I don’t see how you revive the Old City and get Palestinian businesses back.”
The statement of defeat is quite something from a man who has just weathered the economic impact of Covid-19 and who has stood strong for decades against the harsher realities of life for Palestinians in Jerusalem.
He has been locked in legal battles with Israeli settlers who colluded with Greek Orthodox officials to gain control of The Imperial, one of the most important and recognisable buildings in the Christian Quarter.
Among the jars of sweets, photos and artefacts that fill his office spill are scattered ring binders and folders stuffed full of court documents from the various battles he has fought to keep his hotel.
Mr Dajani’s love of the city is clear even with all this stress, although one of his friends says the hotelier has barely slept in years.
“I get the feeling that the Old City is ageing. It’s as if it’s a sick elderly patient who is not getting its intravenous medicine,” Mr Dajani says.
“But don’t talk to me or economists about our problems. Talk to nine-year-old boys about what do they expect, what are they looking for, whether they like school. I’m sure they will tell you they do and that they have hope,” he adds.
“Come back and ask the same questions when they are 15. You will feel the anger. Maybe some of them will say they want to stab a soldier.”
“I think we’ll need all the psychiatrists of the world to come here for three years to deal with this emerging crisis.”
And nothing is being done to deal with the brewing disaster, according to Mr Dajani.
“The Israelis don’t have a vision. They’re not getting new blood to deal with the crisis. The occupation can’t continue for another two or three hundred years, like it did with the Turks,” he says.
“It wasn’t always like this. If people were unhappy in 1967, the governor or the municipality would act immediately. Now, nothing.”
Despite the pain in his eyes, he vows to keep coming back to his hotel, no matter how long the war drags on. The lights might be off, the rooms empty and his staff gone for now, but Mr Dajani cannot leave the office from where he has seen so much.
“If you take me out of this hotel, I’d be like a fish out of water,” he says.
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
MATCH INFO
Everton 0
Manchester City 2 (Laporte 45 2', Jesus 90 7')
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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Company%20Profile
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Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
DUBAI CARNIVAL RESULTS
6.30pm Handicap US$135,000 (Turf) 2,410m
Winner Dubai Future, Harry Bentley (jockey), Saeed bin Suroor (trainer).
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
Winner Dubai Love, Patrick Cosgrave, Saeed bin Suroor.
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
Winner: Equilateral, James Doyle, Charles Hills.
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
Winner Laser Show, Kevin Stott, Saeed bin Suroor.
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
Winner Glorious Journey, James Doyle, Charlie Appleby.
9.25pm Handicap $135,000 (D) 2,000m
Winner George Villiers, Tadhg O’Shea, Satish Seemar.
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
PREMIER LEAGUE TABLE
1 Man City 26 20 3 3 63 17 63
2 Liverpool 25 17 6 2 64 20 57
3 Chelsea 25 14 8 3 49 18 50
4 Man Utd 26 13 7 6 44 34 46
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5 West Ham 26 12 6 8 45 34 42
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6 Arsenal 23 13 3 7 36 26 42
7 Wolves 24 12 4 8 23 18 40
8 Tottenham 23 12 4 8 31 31 39
The%20specs
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Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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.”
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5