An Israeli Arab lawmaker resigned on Saturday and branded the parliament "racist" after it passed a controversial new law which declares Israel the nation state of the Jewish people.
The new legislation speaks of Israel as the historic homeland of the Jews and says they have a "unique" right to self-determination there. It also revokes the longstanding status of Arabic as an official language alongside Hebrew. The law makes no mention of equality and Israel's democratic character, implying the country's Jewish identity takes precedence.
Zouheir Bahloul, of the opposition Zionist Union party, said he could not face telling his grandson that he remained part of the same chamber which passed the law.
"I am resigning from the Knesset," he said on Reshet TV, in reference to Israel's parliament.
"The nation state law officially, constitutionally, removes the Arab population from the path of equality in Israel," he said in Hebrew.
"Should I sit on the fence? Should I give legitimacy to this destructive, racist, extremist parliament?"
Mr Bahloul said that his resignation would officially take effect when parliament returns from its summer recess in September, but he pledged not to reconsider in the meantime.
"I faithfully promise that I shall not go back," he said.
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Prime Minister Benjamin Netanyahu on Sunday defended the law, saying it did not harm minority rights despite it lacking references to equality and democracy.
Mr Netanyahu said other laws are already on the books guaranteeing equality for non-Jews and defining Israel as democratic.
"However, we have never determined the national rights of the Jewish people in its land in a basic law – until now, when we passed the nation state law," Mr Netanyahu said at a weekly cabinet meeting.
The law was passed in the middle of the night on July 19 and is part of Israel's so-called basic laws, a de facto constitution.
It has been subject to harsh criticism in parliament and elsewhere. Arab members of parliament have branded the legislation "racist" and ripped up copies of the bill in the Knesset chamber.
Hundreds of Israeli writers and artists have signed a petition calling on Netanyahu to "stop your government and coalition members from scourging minorities" and repeal the law.
Arab citizens make up some 17.5 per cent of Israel's more than eight million population.
Leaders of Israel's 130,000-strong Druze Arab community, which unlike Muslims and Christians is subject to the military draft, have filed a challenge to the law with the country's Supreme Court.
On Friday, Prime Minister Benjamin Netanyahu held talks with Israeli Druze spiritual leader Sheikh Muafak Tarif and a retired Druze general.
Also present at the meeting was Communications Minister Ayoob Kara, a member of Netanyahu's right-wing Likud party. He voted in favour of the law and has since reportedly received death threats.
"There is nothing in this law that infringes on your rights as equal citizens of the state of Israel, and there is nothing in it that harms the special status of the Druze community in Israel," Mr Netanyahu later said on Sunday.
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
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.”
Killing of Qassem Suleimani
