The UAE Minister of State for Foreign Affairs, Dr Anwar Gargash, reaffirmed his country’s support for a two-state solution to the Palestinian-Israeli conflict, rejecting proposed annexation, but also favoured keeping open communications with Israel.
Dr Gargash told a video conference at the American Jewish Committee’s global forum on Tuesday that the UAE position was very much “part and parcel” within the Arab consensus.
“The UAE supports a two-state solution, supports negotiations and is against annexation,” Dr Gargash said.
His comments come two weeks before an expected announcement by the Israeli government that it will annex occupied land in the West Bank and the Jordan Valley.
But Dr Gargash advocated for open lines of communication with Israel, despite policy disagreements.
“Sixty and 70 years have shown that the full break-up has increased the animosity [with Israel], in my opinion,” he said, referring to the drawn-out Arab boycott of Israel since 1948.
“Not having these lines has only radicalised the region and what was possible to achieve in 1948 became very difficult to achieve in 1967.
"And what was possible to achieve in 1967 became very difficult in the eighties.”
In 1948 and 1967, the Arab world fought major wars with Israel and it was not until 1977, under former Egyptian president Anwar Sadat, that negotiations started.
“Egypt achieved many of its goals through negotiations," Dr Gargash said. "We see negotiations and having lines of communications open will yield better results for us and for Israel ...
"We want to see a region that’s more stable, that can resolve its issues over the negotiating table."
Dr Gargash told moderator Jason Isaacson that the UAE was not a “trailblazer” in opening communications with Israel, naming several regional countries that have done so in the past four decades.
“If you let us look at the regional scene, the reality is you have major countries that have normal relations with Israel, such as Turkey, Egypt and Jordan," Dr Gargash said.
He said Qatar was one of the region's first in trying to normalise relations with Israel.
He blamed radicalisation in the region for the instability and regression.
Dr Gargash spoke about the establishment of the UAE’s first synagogue and the country’s history in interfaith tolerance.
“Jason, I grew up in a small port which is now the city of Dubai," he said.
"Since I was a kid we had a church, a Hindu temple ... this is the country we come from.”
Dr Gargash also stressed the need for American engagement in the Middle East, regardless of who wins the election on November 3.
“We have always looked for America as our main and most important strategic ally," he said. "We want to see an America engaged in the region.
“Engagement doesn’t mean we want America to fight our wars, or to be involved in different altercations. American engagement is more than military, it is trade, investment and soft power.”
Dr Gargash also stressed the need for engagement with Iran.
“We don’t want to see any war with Iran right on our borders,” he said.
Dr Gargash hoped that Tehran would agree to enter into negotiations and address regional concerns about its missile programme and proxies.
In the longer run, Dr Gargash advocated a new regional structure that would involve Iran.
“We need a process that creates a zone of stability and prosperity that Iran can be part of," he said. "Right now it is difficult."
There are increasing concerns from Arab countries on Israeli annexation.
On Tuesday, King Abdullah II of Jordan warned in a conference call with regional leaders that any Israeli attempt to annex lands in the West Bank was unacceptable and undermined the prospects of peace and stability in the region.
King Abdullah “stressed the importance of establishing an independent, sovereign and viable Palestinian state on the 4 June 1967 lines, with East Jerusalem as its capital", a statement read.
US Senate majority leader Mitch McConnell was on the call.
On Friday, Yousef Al Otaiba, the UAE ambassador to the US, made his first direct address to the Israeli public in an opinion piece in the high-circulation Yedioth Ahronoth newspaper.
In it, Mr Al Otaiba, also a Minister of State, warned that a planned annexation of the occupied West Bank and Jordan Valley would be a major impediment to Israel’s hope of establishing ties with the Arab world and to Jordan’s stability.
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
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.”
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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.
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Benefits of first-time home buyers' scheme
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
Crops that could be introduced to the UAE
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013