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The Palestinians should have no veto over any new peace treaties with Arab states, Israel’s Prime Minister Benjamin Netanyahu said on Friday.
Mr Netanyahu's comments at the UN General Assembly come a day after Palestinian President Mahmoud Abbas called on the world body to convene a peace conference, saying there could be no peace in the Middle East without addressing his people's rights.
The Prime Minister's remarks also come amid US-led talks aimed at Israel and Saudi Arabia establishing formal ties.
He added that the Palestinians could greatly benefit from a broader peace.
“They should be part of that process, but they should not have a veto over the process,” he said.
“When the Palestinians see that most of the Arab world has reconciled itself to the Jewish state, they too will be more likely to abandon the fantasy of destroying Israel and finally embrace a path of genuine peace with it.”
Mr Netanyahu displayed two maps, one showing Israel’s isolation at the time of its creation in 1948 and another showing the Arab countries that have normalised relations with it.
He argued that peace between Saudi Arabia and Israel “will truly create a new Middle East”.
“It will enhance the prospects of peace with the Palestinians. It will encourage a broader reconciliation between Judaism and Islam, between Jerusalem and Makkah.”
Saudi Arabia's Crown Prince Mohammed bin Salman said in an interview with Fox News this week that the two sides are getting closer to an agreement.
Media reports have said a deal would also include US security guarantees.
In 2020, Israel forged diplomatic ties with the UAE, Bahrain and Morocco, marking its initial normalisation efforts with the Arab world in decades, following earlier peace agreements with neighbouring Egypt and Jordan.
Mr Netanyahu also said that the prospect of Tehran getting a nuclear weapon has brought Israel and Arab states “closer than ever before”.
He warned that the “fly in the ointment” – Iran – would try to sabotage the deal with Saudi Arabia.
“The fanatics ruling Iran will do everything they can to thwart this historic peace,” he said.
“Iran continues to spend billions to arm its terror proxies. It continues to extend its terror tentacles in the Middle East, Europe, Asia, South America, even North America.”
He called for stronger sanctions in response to Iran's nuclear advances, which have quickened since then-president Trump pulled out of a deal to constrain the programme.
“Sanctions must be snapped back,” he said.
“As long as I'm Prime Minister of Israel, I will do everything in my power to prevent Iran from getting nuclear weapons.
“It is the people of Iran, not their oppressors, that are our real partners for the future.”
The years Ramadan fell in May
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Company%20Profile
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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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Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
