Turkish President Recep Tayyip Erdogan has recently sharpened his anti-Israel rhetoric but it seems unlikely to hinder his coming visit to Germany, where his comments have been dismissed as absurd, analysts told The National.
Two days before a planned visit to meet Chancellor Olaf Scholz, Mr Erdogan on Wednesday said Israel was a "terror state" committing war crimes and breaking international law in Gaza.
"The two countries are keen to compartmentalise issues and this is signalled by the fact that despite strong statements on both sides, the meeting will still go ahead tomorrow," said Kelly Petillo, programme manager for the Middle East and North Africa at the European Council on Foreign Relations think tank.
Mr Erdogan criticised the West's unlimited support for Israel and described its military campaign against Palestinian militant group Hamas as including "the most treacherous attacks in human history".
He called for Israeli leaders to be tried for war crimes at the International Court of Justice in The Hague, and repeated his view – and Turkey's position – that Hamas is not a terrorist organisation but a legitimate political party that has won past elections.
Britain, the US, the EU and some Arab states consider Hamas a terrorist group, whereas Ankara hosts some members of Hamas and supports a two-state solution to the Israeli-Palestinian conflict.
Mr Erdogan's trip to Germany will be his first to a western country since Israel began bombarding Gaza in response to Hamas's attacks on October 7.
Germany is one Israel's strongest backers within the EU. Mr Scholz has repeatedly said Israel's status as a democracy shields it from criticism.
Israel is “a country that is bound to human rights and international law and acts accordingly. Therefore, the accusations against Israel are absurd”, he said on Tuesday.
He was responding to a question about Mr Erdogan’s comments that Israel’s legitimacy was “being questioned due to its own fascism”.
Defending the imminent visit, Mr Scholz’s spokesman Steffen Hebestreit acknowledged Germany “always had difficult partners whom we have to deal with”.
The sharp contrast in language used to describe Israel is unlikely to derail the meeting between Mr Erdogan and Mr Scholz, Ms Petillo told The National.
"There are very important aspects of German-Turkey co-operation upon which both countries rely on each other, including Nato and migration," she said.
"I see these statements more as a need to respond to respective domestic politics rather than an act to put into discussion their overall co-operation."
Few EU leaders have called for a ceasefire despite the Israeli military deepening its incursion into Gaza in its attempt to destroy Hamas.
But the human toll of its campaign, in which more than 11,400 Palestinians have been killed, has created unease in the West.
EU foreign policy chief Josep Borrell on Thursday urged Israel not to be fuelled by anger in its response to last month's Hamas attack, declaring that "one horror does not justify another".
Mr Borrell made his remarks on a visit to Israel, speaking alongside Israeli Foreign Minister Eli Cohen after the two men had visited Kibbutz Be'eri, a focal point of the October 7 assault in which more than 1,200 people were killed, down from Israel's initial estimate of 1,400.
"I understand your rage but let me ask you not to be consumed by rage," Mr Borrell said. "I think that's what the best friends of Israel can tell you."
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Mohammed bin Zayed Majlis
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
The%20specs
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Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
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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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
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UAE currency: the story behind the money in your pockets