Israel hits back over refugee campaign



TEL AVIV // Levana Zamir, a 74-year-old Jew born in Egypt, bitterly recalls her experiences on the day in May 1948 when David Ben-Gurion, Israel's first prime minister, declared the country's independence.

Her Cairo home was ransacked by Egyptian soldiers, her uncle jailed and her father's printing business confiscated by the government before her family resolved to leave for Israel.

Gad Mimon-Abikasis, a 69-year-old Jew, says he slipped out of his native Morocco in the middle of a night in 1955, at age 12, with his parents after years of beatings by Arabs on his way to school and death threats warning his father against opening his store.

Their testimonies, posted on the social networking site Facebook, are part of a new Israeli government campaign to draw international attention to the hundreds of thousands of Jews it claims became refugees around the time of Israel's 1948 establishment, following persecution in their native Arab countries.

The campaign includes a two-week-old Facebook page called "I am a Refugee"; orders by Israel's foreign ministry to its diplomats worldwide to raise the issue whenever possible; and invitations for pro-Israel politicians from countries such as the US and Canada to attend a Jerusalem conference called "Justice for Jewish Refugees from Arab countries".

Palestinian leaders have condemned the new push as a bid to counterbalance claims for compensation by Palestinian refugees who were expelled or fled their homes during the war that created Israel.

"The two issues are totally separate - Israel is just trying to undermine the problem of the Palestinian refugees and their rights," said Saeb Erekat, a senior Palestinian peace negotiator.

Moreover, leading Israeli experts question whether Jewish emigrants from Arab countries should be considered refugees, saying that far from being expelled by their respective Arab authorities most were Zionists who wanted to leave.

They also say the campaign is timed to draw international sympathy for Israel amid growing criticism abroad of its hostile approach to the Palestinians.

Furthermore, they add, Israel also fears that it may have to pay high compensation to Palestinian refugees - a key issue of peace negotiations - should talks restart following November's election in the US. Washington mediates between Israelis and Palestinians and a newly-appointed president - whether the incumbent, Barack Obama, or his Republican challenger, Mitt Romney - may apply more pressure on both sides to return to talks.

"Israel needs to prepare its weapons to fight because the Palestinian refugee issue is a core part of the conflict," said Yehouda Shenhav, a professor at Tel Aviv University who wrote a book about the so-called Arab Jews.

Israel says that more than 850,000 Jews emigrated from Arab countries, including Iraq, Egypt, Lebanon and Syria, following its 1948 establishment, and that most had been expelled by their governments.

According to the Jerusalem Centre for Public Affairs, a pro-Israel research institute, the value of the Jewish property confiscated by Arab governments during these expulsions is estimated to be more than US$6 billion (Dh22bn), at least 50 per cent higher than the value of property lost by Palestinian refugees.

Experts say the figures are exaggerated and that the number of Arab Jewish emigrants was about the same as that of Palestinian refugees - estimated to have been about 700,000 during the 1948 war.

They add that much of the emigration was spurred by Zionist activities within countries such as Iraq aimed at encouraging - often through manipulation - the Jews to move to the nascent Jewish state.

Mr Shenhav says one example of such encouragement was the Zionist movement's exaggeration of a 1941 attack in Iraq that left some 250 people, mostly Jews, dead or injured. Zionist activists spread news of the killings often by labelling it a massacre and a holocaust. Their aim was to spread fear among Iraqi Jews to prompt them to leave, he said.

Indeed, according to Mr Shenhav, much of the persecution against Jews in Arab countries began after - and not before - Zionist activists began operating underground in those states, angering the authorities.

He said that for decades, Israel kept a low profile on the issue of lost properties of Arab Jews to avoid facing demands that it grant restitution to Palestinian refugees. However, following the 1993 Israeli-Palestinian Oslo Accords, in which core disputes such as the Palestinian refugees were addressed, Israel initiated an on-again, off-again campaign to draw attention to the so-called Jewish refugees.

The Facebook page includes a video speech by Benjamin Netanyahu, the right-wing Israeli prime minister, saying "it's about time that the Jewish refugee issue be put back on the map" and charging that the refugee issue in the peace process is "only about the Palestinians".

Aside from videotaped interviews with elderly Arab Jews, there are also black-and-white photographs such as one from 1956 with the caption "Jewish exiles from Egypt", showing people lining up at Alexandria's port to undergo a "humiliating" physical search.

Ironically, Iran - viewed by Israel as its enemy - is not included in the campaign because there are currently some 25,000 Jews living in that country, down from around 80,000 at the time of the 1979 Iranian Revolution, but still the most of any Middle East country other than Israel.

The community in Iran does not feel persecuted by the authorities, Israeli experts said. Aside from Iran, some 3,000 Jews still live in Morocco, 1,000 in Tunisia and tiny communities of several dozen in countries such as Egypt and Yemen.

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

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.”

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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Company name: Revibe
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Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

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Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

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