An Israeli soldier stands guard after a Palestinian was shot dead in the village of Halhul, north of Hebron, in the West Bank. AFP
An Israeli soldier stands guard after a Palestinian was shot dead in the village of Halhul, north of Hebron, in the West Bank. AFP
An Israeli soldier stands guard after a Palestinian was shot dead in the village of Halhul, north of Hebron, in the West Bank. AFP
An Israeli soldier stands guard after a Palestinian was shot dead in the village of Halhul, north of Hebron, in the West Bank. AFP

'The violence must stop,' UN envoy says as Israel-Palestine tension flares


Adla Massoud
  • English
  • Arabic

A dangerous cycle of violence persists between Israelis and Palestinians amid increased political tension and a stalled peace negotiations, the UN's special co-ordinator for the Middle East Peace Process said on Wednesday.

“The violent trends that dominated the last months of 2022 continue to take a devastating human toll,” Tor Wennesland said during his monthly briefing to the UN Security Council. “The violence must stop.”

Between early December and mid-January, 14 Palestinians, including five children, were killed and 117 Palestinians, including 18 children, were injured by Israeli security forces during demonstrations, search-and-arrest operations and other incidents, Mr Wennesland said.

He added that five Israeli civilians and four members of the security forces were injured by Palestinians in attacks and other incidents.

Palestine's permanent representative at the UN, Riyad Mansour, maintained that peace is still possible, even though countless Palestinians have been killed.

“I do not say this lightly, but with a heavy heart, as every day Palestinians are killed,” Mr Mansour said.

“The year is two weeks old and already 15 Palestinians have been killed, including four children. And yet, I say it again: Peace is still possible.”

Israel's UN ambassador, Gilad Erdan, accused the world body of distorting its reports and data, which he said “do not reflect the reality on the ground”.

On Monday, more than 100 nations called on Israel to reverse steps taken against the Palestinian Authority over its push for an investigation into the country at the UN.

“Regardless of each country’s position on the resolution, we reject punitive measures in response to a request for an advisory opinion by the International Court of Justice, and more broadly in response to a General Assembly resolution, and call for their immediate reversal,” the countries said in a statement.

The signatories included representatives of Arab states, the members of the Organisation of Islamic Co-operation and 37 other countries, including Germany, France, Japan, South Korea, Brazil, Mexico and South Africa.

France issued a statement on Monday after signing, reaffirming its commitment to upholding “international law and multilateralism”.

Late last month, the 193-member General Assembly approved a resolution requesting that the International Court of Justice — the top UN court that hears disputes between states — weigh in on the conflict, including Israeli “annexation” and the “legal status of the occupation”.

The request was promoted by the state of Palestine and opposed by Israel.

Following the vote, Israel's new hardline government imposed a series of sanctions against the Palestinian Authority and denied benefits for certain Palestinian officials, among other measures.

Mr Erdan called the resolution on Wednesday “meaningless”, while Mr Mansour said the action was within his state's “democratic right.”

The US ambassador to the UN, Linda Thomas-Greenfield, expressed concern over the situation in the West Bank and the potential for “further instability”.

She told council members that the US continues to oppose unilateral actions that endanger stability and the viability of a two-state solution.

This includes actions that disrupt the historic status quo at Al Aqsa Mosque compound as well as settlement building.

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

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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.”

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Updated: January 18, 2023, 8:00 PM