Israel has waived normally issued construction permits to ensure that temporary premises for a US embassy in Jerusalem will be opened in May.
The decision disregarded normal procedures and will add to Palestinian fury and international concern over the diplomatic relocation from Tel Aviv.
Finance Minister Moshe Kahlon announced the move.
"We will not allow needless bureaucracy to hold up the transfer of the American embassy to Jerusalem, Israel's eternal capital," he said in a statement.
"This is a strategic diplomatic move for the state of Israel and the planning agencies under me will do whatever is necessary to accommodate the schedule being demanded."
The planning permit waiver for the embassy will last for three years, the ministry statement said.
US President Donald Trump in December shocked the world by recognising Jerusalem as Israel's capital and announcing that America's embassy would be moved there.
The relocation was welcomed by Israel, with Prime Minister Benjamin Netanyahu calling it a "historic decision", but it drew much criticism from the international community and angered Palestinians, who regard Jerusalem as the capital of their own future state.
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Israel's Jews and Arab minority further apart than ever, poll says
Israel says more states eyeing Jerusalem embassy move
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Israel has said the embassy will be opened on May 14, the 70th anniversary of the country's founding and the fleeing and expulsion of more than 700,000 Palestinians.
A US official said it would be located at a provisional site in Jerusalem that now houses a US consular section.
Building a permanent embassy could take several years.
Jerusalem Mayor Nir Barkat had voiced concern about the timeline, telling Israel Radio on March 9: "I hope their (Americans') schedule will be kept."
The interim embassy will be based in the Jerusalem neighbourhood of Arnona and will contain office space for the ambassador and a small staff, said the US embassy in Tel Aviv.
"By the end of next year, we intend to open a new embassy Jerusalem annex on the Arnona compound that will provide the Ambassador and his team with expanded interim office space," said a US official at the embassy, adding that a search for the construction site of a permanent embassy had begun.
Most countries do not recognise either side's sovereignty in Jerusalem and have embassies to Israel in the Tel Aviv area.
Mr Netanyahu has described Jerusalem as "the capital of the Jewish people for 3,000 years", and President Trump said the embassy move was "a long overdue step to advance the peace process".
In early March Israeli officials said they were on the cusp of persuading more countries to move their embassies to Jerusalem.
Palestinian leaders said Washington's decision meant it was no longer an honest broker in efforts to revive peace talks, which collapsed in 2014.
And last week the Palestinian president Mahmoud Abbas called the US ambassador to Israel a "son of a dog" in an angry rant against the Trump administration, signalling new trouble ahead for an expected US peace proposal.
In his speech, Mr Abbas criticised the US recognition of Jerusalem as Israel's capital, the American plan to move its embassy to the city and the cut-off of hundreds of millions of dollars in aid to the UN agency for Palestinian refugees.
In March a poll carried out by Haifa University sociologist Sammy Smooha has found that relations between Jewish Israelis and citizens of the Arab minority are plummeting, with each side losing faith in coexistence and becoming less tolerant of the other.
Poacher
Director: Richie Mehta
Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya
Rating: 3/5
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
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.”
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
COMPANY PROFILE
Company name: Nomad Homes
Started: 2020
Founders: Helen Chen, Damien Drap, and Dan Piehler
Based: UAE and Europe
Industry: PropTech
Funds raised so far: $44m
Investors: Acrew Capital, 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood and several undisclosed hedge funds
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Dengue fever symptoms
High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
Switching sides
Mahika Gaur is the latest Dubai-raised athlete to attain top honours with another country.
Velimir Stjepanovic (Serbia, swimming)
Born in Abu Dhabi and raised in Dubai, he finished sixth in the final of the 2012 Olympic Games in London in the 200m butterfly final.
Jonny Macdonald (Scotland, rugby union)
Brought up in Abu Dhabi and represented the region in international rugby. When the Arabian Gulf team was broken up into its constituent nations, he opted to play for Scotland instead, and went to the Hong Kong Sevens.
Sophie Shams (England, rugby union)
The daughter of an English mother and Emirati father, Shams excelled at rugby in Dubai, then after attending university in the UK played for England at sevens.
