The expansion approved on Wednesday would create the largest Israeli settlement inside a Palestinian neighbourhood of the city, NGOs say. AFP PHOTO / HAZEM BADER
The expansion approved on Wednesday would create the largest Israeli settlement inside a Palestinian neighbourhood of the city, NGOs say. AFP PHOTO / HAZEM BADER
The expansion approved on Wednesday would create the largest Israeli settlement inside a Palestinian neighbourhood of the city, NGOs say. AFP PHOTO / HAZEM BADER
The expansion approved on Wednesday would create the largest Israeli settlement inside a Palestinian neighbourhood of the city, NGOs say. AFP PHOTO / HAZEM BADER

Israel approves major expansion of east Jerusalem settlement


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Israeli authorities on Wednesday approved a major expansion of an east Jerusalem settlement, signing off on plans to add 176 homes, the city's deputy mayor said.

The latest approvals come after Israel last week advanced plans for more than 2,600 settlement homes in various areas of the occupied West Bank.

The expansion approved on Wednesday would create the largest Israeli settlement inside a Palestinian neighbourhood of the city, NGOs say.

It will allow the Nof Zion settlement to add 176 housing units to the 91 existing homes.

The settlement is located in the annexed east Jerusalem Palestinian neighbourhood of Jabel Mukaber. The expansion was approved by a Jerusalem planning committee, Deputy Mayor Meir Turjeman told AFP.

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However, the property remains the subject of an ongoing ownership dispute between two different firms and the court case must be resolved before construction can move ahead, a spokeswoman for the Peace Now settlement watchdog told AFP.

The approvals were granted but made conditional upon the case being resolved.

Peace Now and other NGOs say the approvals would make Nof Zion the largest Israeli settlement inside any Palestinian neighbourhood of east Jerusalem and possibly also of the West Bank.

Most settlements, particularly in the West Bank, are located outside of Palestinian residential areas. They are typically far larger than Nof Zion.

Jerusalem's status is ultrasensitive and central to the Israeli-Palestinian conflict.

Israel occupied the West Bank and east Jerusalem in the Six-Day War of 1967. It later annexed east Jerusalem in a move never recognised by the international community.

It sees the entire city as its indivisible capital, while the Palestinians want the eastern sector as the capital of their future state.

'Actions on the ground'

Jerusalem Mayor Nir Barkat said in a statement earlier this week announcing the expected approval of the permits that "we are continuing to build and to strengthen Jerusalem".

"We are reunifying Jerusalem with actions on the ground," he said.

Palestinians and human rights groups however strongly criticised the plans, saying they would further diminish hopes for an independent Palestinian state with east Jerusalem as its capital.

Palestinian cartographer Khalil Tufakji spoke of the "sensitivity" of the area of the project and its "strategic location" south of Jerusalem's Old City.

Senior Palestine Liberation Organisation official Hanan Ashrawi said this week that the new Nof Zion units were part of Israel's plan "to impose a de facto one-state solution".

"Without Jerusalem as the capital of Palestine, there will be no Palestinian state, and without a Palestinian state, there will be no peace or stability in the region," she said.

Government officials have pledged a major boost in settlement home approvals this year, with US President Donald Trump so far much less critical of such plans than his predecessor Barack Obama.

Israeli officials say around 12,000 housing units will be given various stages of approval this year, four times the number in 2016.

Prime Minister Benjamin Netanyahu heads what is seen as the most right-wing government in Israel's history, and settlement advocates wield heavy influence in his ruling coalition.

Settlement building in the West Bank, including east Jerusalem, is considered illegal under international law.

It is seen as a major obstacle to peace as the settlements are built on land the Palestinians regard as part of their future state.

Prominent members of Netanyahu's coalition openly oppose the idea of a Palestinian state and advocate annexing most of the West Bank.

Netanyahu recently said he plans no uprooting of settlements, blaming Palestinian "incitement" and attacks against Israelis, among other issues, for the lack of progress in peace efforts.

A member of his Likud party meanwhile said the ministerial committee for legislation would be giving initial approval on Sunday to a bill that annexes West Bank settlement blocs south and east of Jerusalem.

"The government will approve the Greater Jerusalem Law that will strengthen the eternal capital Jerusalem -- demographically and geographically," Yoav Kisch wrote on Twitter.

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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

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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.”

The Beach Bum

Director: Harmony Korine

Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg

Two stars

TCL INFO

Teams:
Punjabi Legends 
Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17

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'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars