Israeli Prime Minister Benjamin Netanyahu said on Monday that Arab countries viewed Israel as an "indispensable ally" fighting Iran and ISIS because of the country's strategic role in battling them.
That evaluation, he told Brazil's Globo TV during a visit to Rio de Janeiro, has caused "a revolution in relations with the Arab world".
In October, Mr Netanyahu visited Oman's Sultan Qaboos bin Said in a rare visit and then Chadian President Idriss Deby who he told of plans to visit further Arab states soon.
On his visit to Oman, he took a private jet and flew over Saudi Arabian airspace, despite commercial Israeli flights not being permitted to do the same. Only two Arab states have normalised diplomatic relations with Israel: Egypt and Jordan. But public opinion in those countries remains staunchly anti-Israel and Mr Netanyahu rarely pays public visits to them.
The comments came as Israel has stepped up air strikes on Iranian positions in neighbouring Syria, and as Israel digested an abrupt decision by President Donald Trump to withdraw US troops from the conflict.
Mr Netanyahu has repeatedly warned that Iran is trying to develop nuclear weapons to destroy his country. Iran has maintained that it's nuclear development — significantly curtailed in line with the Joint Comprehensive Plan of Action signed with international powers in 2015 — was for peaceful energy production.
Israel, Mr Netanyahu said, had shown itself to be active in battling "radical Islam, violent Islam — either the one led by radical Shiites led by Iran, or the one led by the radical Sunnis led by Daesh (ISIS) and Al-Qaeda." Daesh is an oft-used Arabic acronym for ISIS.
"Unfortunately we have not made any advance with the Palestinians. Half of them are already under the gun of Iran and of radical Islam," Mr Netanyahu added.
Asked if he could ever contemplate sitting down with an Iranian leader to talk peace, Netanyahu replied: "If Iran remains committed to our destruction the answer is no."
The only way, he said, would be "if Iran undergoes a total transformation."
Mr Netanyahu was in Brazil to attend Tuesday's inauguration of the Latin American country's new, pro-Israel president, Jair Bolsonaro.
On the sidelines of the ceremony, Mr Netanyahu was to hold talks with US Secretary of State Mike Pompeo, who is also among the visiting dignitaries.
They were expected to discuss the US troop pullout from Syria and Iranian activities in the Middle East.
The Israeli leader is currently mired in domestic troubles, with several cases for alleged corruption hanging over him. He said on Monday that he would not resign if prosecutors moved to indict him on corruption charges ahead of an early election called for April.
Mr Netanyahu said he would not step down in the event of being summoned for a hearing by the prosecutor general before the elections, a necessary step ahead of being formally charged.
The prime minister will not be required to resign if charged in any of the three cases of alleged corruption, but he would likely face intense political pressure to do so.
"I have no intention to resign, firstly because there will be nothing (to come from the probes), secondly because the law does not oblige me to do so," Mr Netanyahu said in Rio, referring to the hearing process.
"That would be a serious breach of Israeli democracy," he added.
The attorney general's decision on any indictments is expected in the coming months and analysts say Mr Netanyahu's decision to call early elections was a deft manoeuvre to fight any charges with a fresh mandate.
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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Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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4.35pm: Tilal Al Khalediah
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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