Members of the Palestinian security forces patrol outside the Fatah congress in the West Bank town of Bethlehem yesterday.
Members of the Palestinian security forces patrol outside the Fatah congress in the West Bank town of Bethlehem yesterday.

Fatah's voting deadline extended



RAMALLAH // Organisers at Fatah's Sixth General Conference yesterday yet again extended the voting deadline for leadership positions in order to ensure the inclusion of ballots cast by delegates from Gaza. Voting for seats on the ruling Central Committee and the Revolutionary Council was supposed to have ended by midnight on Sunday, but was extended first until four in the afternoon yesterday and then until the evening, after Gaza delegates, barred by Hamas from physically attending the conference in Bethlehem, said dozens had been unable to vote.

The Gaza delegates are supposed to cast their votes by phone. Results are not expected until this morning. It all amounts to an anxious wait for the hundreds of delegates who have nominated themselves to either of the two main bodies in Fatah. A staggering 650 candidates are contesting 80 seats on the Revolutionary Council, while there were 104 nominations for 18 seats on the Central Committee, which will be extended from 21 to 23 seats.

Four people will be appointed to Fatah's ruling body by the new members of the Central Committee, while Mahmoud Abbas, the Fatah leader, and head of the Palestine Liberation Organisation and the Palestinian Authority, was re-elected unopposed as committee chairman. Of the 16 sitting and active members of the Central Committee, only eight have run for re-election, though one current member of the committee, Tayeb Abdel Rahim, the head of Mr Abbas's office in Ramallah, is touted as a likely appointee.

The incumbents include Ahmed Qureia, the head of the Palestinian negotiating team and a former prime minister, Nabil Sha'ath, another former minister, Abbas Zaki, the PA ambassador to Lebanon and other figures from the PA establishment. Among the new candidates projected to take up positions in the Central Committee are Marwan Barghouti, the imprisoned West Bank Fatah leader, Jibril Rajoub, a former West Bank security chief and Sultan Abu al Aineh, a Fatah leader from Lebanon.

Mohammad Dahlan, the erstwhile security chief in the Gaza Strip whose forces were ousted by Hamas in June 2007, is also believed to stand a good chance of election to the ruling body. Mr Dahlan retains the support of a significant number of Gazan Fatah members as well as from a faction within the wider movement that believes the movement must be ready to confront Hamas again. The different faces are likely to impact first and foremost on Fatah itself, though less on relations with Hamas and policy toward Israel.

Indeed, consensus within the movement has converged around the political programme espoused by Mr Abbas that, vis-à-vis Israel, the political process will continue to be the "strategic choice". That political platform considers resistance to the Israeli occupation, armed or otherwise, a legitimate option, but one that must be put on the back burner for now. As for policy on Hamas, much will depend on the fortunes of Mr Dahlan and his supporters.

But even with a strong showing, and although some in Fatah remain belligerent in their stance toward their main domestic rival, there is little opportunity for direct confrontation with Hamas, at least in Gaza. In the West Bank, arrests of Hamas supporters continue and it is not clear if the conference will change anything on that front, or indeed whether the crackdown can be further intensified.

The main change from the conference is likely to be felt within Fatah, where for years members have complained of financial irregularities and corruption as well as more general mismanagement. With possibly significant representation for younger leaders in Fatah, the conference could potentially invigorate efforts to improve the movement's financial performance and refocus its political efforts on the Palestinian grassroots.

In the short run at least, that should strengthen Mr Abbas, since it will keep dissent within the movement to a minimum and enable him to defuse internal rows more easily. However, this also depends on the extent to which sitting leaders, who have consistently resisted attempts at change, continue to be represented in the Central Committee. Furthermore, as the conference itself has shown, divisions and acrimony run deep in Fatah. And while electing new leaders will go some way to defuse differences, they are likely to surface again sooner or later absent any political achievements with Israel or Hamas.

okarmi@thenational.ae

The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

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While you're here

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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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. 

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