JERUSALEM // Israeli authorities on Wednesday approved the construction of nearly new settler homes in two areas of annexed East Jerusalem.
“The municipal commission has given construction permits for 307 homes in Ramot and 73 in Har Homa,” said Yosef Pepe Alalu, a Jerusalem city councillor with the opposition Meretz party.
He said local officials were taking advantage of attention focusing on Israeli elections due in March to expand settlements.
“This kind of decision distances us from any chance of reaching an agreement with the Palestinians,” he said.
Despite repeated warnings from Washington that it is fuelling tensions, Israel has approved a series of plans for new settler homes in East Jerusalem in recent months.
Palestinians want the city’s predominantly Arab eastern sector as capital of a Palestinian state and vehemently oppose any Israeli attempt to expand construction there.
Israel seized East Jerusalem during the 1967 War and later annexed it in a move never recognised by the international community.
It refers to the entire city as its “united, undivided capital”, and does not view construction there as settlement activity.
Tensions between Israelis and Palestinians have boiled over in recent months with frequent clashes between security forces and stone-throwing protesters, and a series of deadly “lone wolf” attacks on Israeli civilians.
The Israeli foreign minister Avigdor Lieberman insisted last month that Israel would never consider the building of Jewish settlements in Jerusalem as “settlement activity”.
Official figures show that the population of Israeli settlers in the West Bank as a whole has grown at more than twice the rate of the general population under prime minister Benjamin Netanyahu.
From the beginning of 2009 – Mr Netanyahu returned to office in March that year – until the beginning of 2014, the Jewish settler population in the West Bank grew 23 per cent, to 355,993 people. In comparison, the overall Israeli population has grown 9.6 per cent to just over 8 million in that time.
With early elections looming in March, Mr Netanyahu’s government is pumping millions of dollars into Jewish settlements in the West Bank for public buildings and roads ahead, an official said this week. His opponents view this as a political ploy aimed at gaining favour with hardline voters.
The official said the spending spree had been held up by the former finance Minister Yair Lapid of the centrist Yesh Atid party, who was fired early this month in a move that helped trigger the early election.
Mr Lapid, who has criticised some settlement spending as a waste of money, this week asked Israel’s attorney general to stop the transfer of funds, saying the move was politically motivated. Mr Lapid said the money should go toward Israel’s struggling middle class rather than for infrastructure in isolated West Bank areas that would likely be dismantled if Israel withdraws from the territory in a future peace deal.
Yesh Atid legislator Dov Lipman, a member of the Israeli parliament’s finance committee, said its chairman, a member of the pro-settlement Jewish Home party, rushed through tens of millions of dollars in settlement projects at a stormy meeting this month after Mr Lapid was fired. “We couldn’t stop it. There was no way to stop it,” he told the Times of Israel website.
He said the budget items had been placed on the agenda by Mr Netanyahu, who has held the finance portfolio since sacking Mr Lapid.
* Agence France-Presse with additional
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
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.”
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
UAE currency: the story behind the money in your pockets
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
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