ISTANBUL // Drawing on its influence in the Middle East and new role as a non-permanent member of the UN Security Council, Turkey says it is working on a two-stage plan to end the bloodshed in Gaza and reach a new co-operation agreement among Palestinian groups in Gaza and the West Bank.
In addition, Turkey is ready to send soldiers to Gaza if an international peace force for Gaza is created, Cemil Cicek, the deputy prime minister, said yesterday. "If it serves peace", Turkey would be ready to participate in such a force, Mr Cicek told reporters in Ankara after a cabinet meeting.
"We will think well about diplomatic steps, we will discuss them, we will negotiate," Recep Tayyip Erdogan, the prime minister, said in a speech on Sunday. Referring to Turkey's two-year membership of the UN Security Council that started with the new year, Mr Erdogan said Turkey would fulfil its obligations whatever they may be. "We started in the Middle East."
Turkey, a Muslim nation with a secular structure, is one of the few countries in the region that have good relations with both the Palestinians and with Israel. Ankara has become more involved in Middle Eastern matters in recent years, facilitating indirect talks between Israel and Syria and participating in an international peace force in Lebanon.
But some analysts said it may be hard for the Turks to play a mediating role, especially as Mr Erdogan and leading ministers of his government have firmly blamed Israel for the violence in Gaza.
"Israel has created a humanitarian tragedy by using disproportionate force," the prime minister said in his speech on Sunday. "The children killed by these bombs will haunt" Israel, he said. Earlier, he called the Israeli attack on Gaza "merciless" and also a "sign of disrespect" against Turkey, because Ehud Olmert, Israel's prime minister, visited Ankara only days before the bombardment started, but left his hosts in the dark about the planned attack. Mehmet Ali Sahin, the justice minister, called Israel "the biggest provocateur of global terror in the world".
In recent days Mr Erdogan visited Syria, Jordan, Egypt and Saudi Arabia to win regional support for a two-stage plan his government is working on. The first step is to broker an immediate ceasefire in Gaza, Mr Erdogan said. The second step of the Turkish peace plan consists of efforts to overcome the divisions between Hamas and the Fatah movement of Mahmoud Abbas, the Palestinian president.
Mr Erdogan held talks with Mr Abbas last week. His government has also been talking to Hamas officials, Mr Erdogan confirmed. In addition, the prime minister has held talks with west European politicians who are trying to defuse the crisis, including Nicolas Sarkozy, the French president, and Mirek Topolanek, the Czech prime minister, whose country holds the rotating EU presidency. Meanwhile, Ali Babacan, Turkey's foreign minister, spoke to Condoleezza Rice, the US secretary of state, and David Miliband, Britain's foreign secretary, the CNN-Turk television news channel reported.
Walid al Moallem, the Syrian foreign minister, arrived in Ankara yesterday for talks with Mr Babacan and Abdullah Gul, the Turkish president. Mr Erdogan, Mr Gul and Mr Babacan were to hold a meeting on Turkey's options in the Gaza crisis later in the day.
The government's diplomatic initiative comes as public outrage about the Israeli attack in Gaza and a perceived lack of will by the West to stop Israel is growing throughout Turkey. Mr Erdogan's speech on Sunday was interrupted by shouts of "Down with Israel". Tens of thousands of people condemned Israel in demonstrations in several Turkish cities over the weekend. Riot police protected the Israeli consulate in Istanbul from angry protesters.
But while reflecting the emotions of many of his fellow citizens by lashing out at Israel, Mr Erdogan may have hurt his own diplomatic efforts to defuse the crisis in Gaza.
Turkey will not find it easy to play the role of an impartial mediator after the harsh public statements by Mr Erdogan against Israel, said Cengiz Candar, a veteran political analyst and columnist. "The reactions by the prime minister at the start of the operation have weakened a very important trump card in his hand," Mr Candar told the NTV television news channel.
Ortun Orhan, a Middle East analyst at the Centre for Eurasian Strategic Studies, or Asam, a think tank in Ankara, also said Mr Erdogan should make sure that his statements do not go beyond a certain threshold, even if there is worldwide condemnation of Israel. "One has to be careful with the dose of criticism," Mr Orhan said. So far however, Mr Erdogan had stayed within acceptable limits, he said.
According to Mr Orhan, Turkey's chances to play a mediating role in the Gaza conflict have grown, especially because Egypt, the traditional mediator in that kind of situation, has lost credibility in the eyes of Hamas.
tseibert@thenational.ae
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.”
OPINIONS ON PALESTINE & ISRAEL
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
WRESTLING HIGHLIGHTS
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
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MEYDAN%20RACECARD
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