The UN's special envoy for the Middle East said on Tuesday that Israeli settlements constitute a flagrant breach of international law, as he called for an end to their “relentless expansion”.
During the monthly UN Security Council meeting on the Israeli-Palestinian conflict, Tor Wennesland called on Israel to cease the advancement of all settlement activity immediately.
“I remain deeply troubled by the relentless expansion of Israeli settlements in the occupied West Bank, including East Jerusalem, that fuels violence and is impeding access by Palestinians to their land and resources, reshaping the geography of the occupied West Bank and threatening the viability of a future Palestinian state,” said Mr Wennesland.
Earlier this month, Israel approved legislation to speed up the construction of settlements in the occupied West Bank.
Weeks of violence have followed the announcement, with Israel launching a raid in the West Bank city of Jenin and Palestinian gunmen killing four settlers at a petrol station near a settlement.
In response to the latter, Israeli settlers engaged in rampages in a number of Palestinian towns and villages, drawing international condemnation. The Israeli government has denounced the attacks, calling them a form of “nationalist terrorism”.
“I welcome today’s calls between senior Israeli and Palestinian officials, on the occasion of Eid Al Adha, in which, according to Israeli statements released to the media, Israel officials denounced recent settler attacks in the West Bank and recommitted to holding perpetrators accountable,” Mr Wennesland said.
Israeli army raids Jenin – in pictures
But he added that the security deterioration on the ground is “extremely dangerous” and “seriously” undermines the Palestinian Authority.
“The choice is clear: either continue along the downwards spiral of violence and provocations leading to a political vacuum; or turn towards constructive dialogue linked to concrete actions that can create hope and a political horizon,” he said.
In a statement adopted by the 15-member body, the Security Council “called on all parties to refrain from unilateral actions that further inflame tensions”.
“The members of the Security Council encouraged additional steps to restore a durable calm and de-escalate tensions,” said Lana Nusseibeh, the UN ambassador from the UAE, which is leading the council this month.
In her national capacity, Ms Nusseibeh told council members that the spectre of the Intifada and the widespread violence that gripped Israel and the occupied Palestinian territory more than two decades ago looms perilously large.
“We are courting disaster if we do not collectively work to avoid that outcome at all costs,” she warned.
Meanwhile, a spokesman for the US State Department said that Washington continues to view expansive settlements as an "impediment to peace".
"We strongly oppose the advancement of settlements and urged Israel to refrain from that activity," said Matthew Miller.
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Tips to stay safe during hot weather
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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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Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
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Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
