Israeli Prime Minister Benjamin Netanyahu on Sunday tweeted his "deep appreciation for the work of Ambassador Mansour who represents Israel in Panama". Ariel Schalit / Reuters
Israeli Prime Minister Benjamin Netanyahu on Sunday tweeted his "deep appreciation for the work of Ambassador Mansour who represents Israel in Panama". Ariel Schalit / Reuters
Israeli Prime Minister Benjamin Netanyahu on Sunday tweeted his "deep appreciation for the work of Ambassador Mansour who represents Israel in Panama". Ariel Schalit / Reuters
Israeli Prime Minister Benjamin Netanyahu on Sunday tweeted his "deep appreciation for the work of Ambassador Mansour who represents Israel in Panama". Ariel Schalit / Reuters

Israeli Druze diplomat suffered discrimination at Ben Gurion Airport


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An Israeli diplomat from the country's Druze minority has accused security agents at Tel Aviv airport of discriminating against him and his family as they travelled on official business.

Israel's ambassador to Panama, Reda Mansour, from the mainly Druze town of Isfiya near Haifa, was flying to the Central American country on Saturday when he was stopped and interrogated by security officers at Ben Gurion Airport.

"When they learnt that we came from Isfiya, they asked to see our passports," Mr Mansour wrote on Facebook after the incident.

Israeli Arabs and Druze often talk of harsh treatment by the airport's security staff, but it is rare for a senior official to speak out on the subject.

After detailing the encounter, Mr Mansour spoke of humiliation and concluded: "Go to hell. I feel like vomiting."

The veteran diplomat said his village was home to a memorial for Druze soldiers killed fighting under the Israeli flag.

"I advise that you take your security guards and those in charge of their training to visit this cemetery and teach them about self-sacrifice and respect," he said.

Unlike Arab citizens of Israel who may volunteer to serve, the Druze are subject to compulsory service in the military or police, alongside Jewish Israelis.

Israeli Prime Minister Benjamin Netanyahu on Sunday tweeted his "deep appreciation for the work of Ambassador Mansour, who represents Israel in Panama".

Without mentioning the incident, Mr Netanyahu praised Israel's Druze community as "dear to our hearts".

Thousands from the country's 130,000 Druze citizens took to the streets last August to denounced a law declaring Israel the nation state of the Jewish people, saying it made them second-class citizens.

Mr Netanyahu strongly backed the law.

As responses on social media poured in, many of them hostile to Mr Mansour, Israel's Airports Authority on Sunday said the security guard "did his job".

"Security checks at Ben Gurion Airport are carried out regardless of religion, race or gender," it said.

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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