Hotelier Abu El Walid Dajani says he finds it hard to see how businesses in Jerusalem's Old City will recover from the impact of the Israel-Gaza war. Thomas Helm / The National
Hotelier Abu El Walid Dajani says he finds it hard to see how businesses in Jerusalem's Old City will recover from the impact of the Israel-Gaza war. Thomas Helm / The National
Hotelier Abu El Walid Dajani says he finds it hard to see how businesses in Jerusalem's Old City will recover from the impact of the Israel-Gaza war. Thomas Helm / The National
Hotelier Abu El Walid Dajani says he finds it hard to see how businesses in Jerusalem's Old City will recover from the impact of the Israel-Gaza war. Thomas Helm / The National

The Palestinian hotelier on the front line of Jerusalem's economic crisis


Thomas Helm
  • English
  • Arabic

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.

The Imperial Hotel is a landmark in Jerusalem's Old City. Thomas Helm / The National
The Imperial Hotel is a landmark in Jerusalem's Old City. Thomas Helm / The National

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.

If you go...

Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.

Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

Engine: 80 kWh four-wheel-drive

Transmission: eight-speed automatic

Power: 402bhp

Torque: 760Nm

Price: From Dh280,000

Super Bowl LIII schedule

What Super Bowl LIII

Who is playing New England Patriots v Los Angeles Rams

Where Mercedes-Benz Stadium in Atlanta, United States

When Sunday (start time is 3.30am on Monday UAE time)

 

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

ARABIAN GULF LEAGUE FIXTURES

Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)

Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)

Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)

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
Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

'Cheb%20Khaled'
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Updated: February 23, 2024, 6:00 PM