TEL AVIV // US efforts to return Israelis and Palestinians to the negotiating table were dealt a further blow yesterday after Mahmoud Abbas, the Palestinian president, said he would not resume talks without a settlement freeze that includes East Jerusalem.
Mr Abbas's statements are likely to clash with Israel's demand that any new moratorium on settlement construction exclude most of Arab East Jerusalem. Israel views East Jerusalem as part of its "eternal, undivided" capital - a status not recognised abroad - while the Palestinians want the area as the capital of their future state.
A return to talks is unlikely to be aided, too, by the comments of Israel's national security adviser who late Saturday said it was not clear whether Israel had a Palestinian partner for a peace accord.
Uzi Arad, speaking in an interview with an Israeli television channel, also suggested that Israel would not rule out an interim pact with the Palestinians if it failed to reach a permanent agreement - a possibility the Palestinians have rejected.
Mr Arad's comments are in apparent contradiction with the official stance of Benjamin Netanyahu, Israel's prime minister, who called Mr Abbas his "partner in peace" when direct talks between the two sides resumed in early September and declared that he aimed to reach a permanent deal within a year.
Washington is trying to persuade Israel to institute a three-month freeze on new settlement projects to replace the previous 10-month building moratorium that ended on September 26.
Israel's refusal to renew the freeze has prompted Palestinians to refuse to return to the peace talks, which were suspended when Israel's ban expired.
The spat over whether to include East Jerusalem in the US-proposed deal on a renewed settlement moratorium has been one of the key issues delaying the revival of the talks.
Mr Abbas, speaking to reporters in Cairo following a meeting with Hosni Mubarak, the Egyptian president, said when asked if he would resume negotiations with Israel: "If there is no complete halt to settlements in all of the Palestinian territories including Jerusalem, we will not accept it."
Mr Netanyahu, however, has insisted that Jewish construction in East Jerusalem continue in an apparent bid to persuade members of his predominantly pro-settler, right-wing coalition to support the US offer.
Eli Yishai, the head of the ultra-Orthodox Shas party, has said that he will only back a fresh freeze if it excludes the disputed area.
In a sign of the Israeli right's opposition to any new curbs on building, about 4,000 settlers, many of them teenagers from the West Bank, demonstrated in front of Mr Netanyahu's office in Jerusalem yesterday against the possible freeze.
In a bid to pressure government ministers to vote against the deal, many waved placards that read: "We are looking at your hand - vote against it!" and "Benjamin Netanyahu - yes you can say 'no'!"
Jewish schools and municipal services in the West Bank went on strike yesterday and dozens of pro-settler youngsters protested by blocking the main route into Jerusalem and causing traffic jams.
Washington has offered Israel security and diplomatic incentives aimed at convincing the country to institute the moratorium. The offer includes the US transfer of 20 F-35 warplanes worth US$3 billion (Dh11bn) to Israel.
Aside from the disagreement over East Jerusalem's inclusion in the freeze, the deal has also stalled because the US has been reluctant to supply the list of guarantees in writing, as Mr Netanyahu has demanded.
On Friday, though, the US State Department said it was prepared to provide some commitments in writing, but did not provide further details. Over the weekend, a prominent US figure condemned Washington's offer to Israel as overly generous.
Daniel Kurtzer, a former US ambassador to Israel and Egypt, blasted the proposal as a "very bad idea" that rewards Israel for its "bad behaviour" of expanding settlements.
Mr Kurtzer, in a piece published by The Washington Post, wrote of the pending agreement: "If it goes forward, it will be the first direct benefit that the United States has provided Israel for settlement activities that we have opposed for more than 40 years."
Amid the disputes surrounding the peace talks, an Israeli court decision yesterday is also likely to spur tensions between Israel and the Palestinians.
The ruling by an Israeli court-martial handed down suspended three-month prison sentences and demotions to two former soldiers who forced a nine-year-old Palestinian boy to look for suspected booby-traps during the onslaught that Israel launched in Gaza in December 2008.
The sentence, which meant that the ex-conscripts are free but face a minimum three-month jail term if they commit another crime, appeared light as legal experts have previously said the soldiers could face up to three years in jail.
Israeli-Palestinian legislators reacted angrily to the decision. "The message here is that the lives of Arabs are considered inferior," said Ahmad Tibi, a legislator in Israel's parliament. "It's no wonder that hundreds of Palestinian children have been killed by the Israeli army without punishment or even condemnation."
foreign.desk@thenational.ae
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
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Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
Pataal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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Starfield
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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.”
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Quick%20facts
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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