Palestinian protesters hold hands and rest on the ground before the Israeli border police start with their evacuation operations from a ' tent city outpost' called Bab al-Shams (Gate of the Sun). EPA/ Abir Sultan
Palestinian protesters hold hands and rest on the ground before the Israeli border police start with their evacuation operations from a ' tent city outpost' called Bab al-Shams (Gate of the Sun). EPA/ Abir Sultan
Palestinian protesters hold hands and rest on the ground before the Israeli border police start with their evacuation operations from a ' tent city outpost' called Bab al-Shams (Gate of the Sun). EPA/ Abir Sultan
Palestinian protesters hold hands and rest on the ground before the Israeli border police start with their evacuation operations from a ' tent city outpost' called Bab al-Shams (Gate of the Sun). EPA/

Israeli police force Palestinian protesters from E-1 site in West Bank


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JERUSALEM // Palestinian protesters who pitched tents at a strategic West Bank site to protest plans to build a Jewish housing project there were evicted early today.

Palestinian activists erected tents in the area known as E-1 on Friday saying they wanted to "establish facts on the ground" to stop Israeli construction in the West Bank. The Palestinian activists were borrowing a phrase and a tactic, usually associated with Jewish settlers, who believe establishing communities means the territory will remain theirs once structures are built.

Micky Rosenfeld, the Israeli police spokesman, said police evicted about a hundred protesters from the site early in the morning after a court decision authorising their removal. He did not know which court had allowed the eviction.

Haaretz reported that the eviction was carried out despite a temporary High Court injunction preventing it.

Mr Rosenfeld said no arrests were made during the half hour operation and that no injuries were sustained on either side. He said the tents were not dismantled and that a decision on that would be made later in the day.

Benjamin Netanyahu, the Israeli prime minister, on Saturday evening ordered roads closed leading to the area and had the military declare a closed military zone and shut off access. Mr Netanyahu's office said that the state was petitioning the Supreme Court to rescind an earlier injunction blocking the evacuation.

Israel announced it is moving forward with the E-1 settlement after the UN recognised a de facto state of Palestine in the West Bank, Gaza and east Jerusalem in November.

Palestinians say E-1 would be a major blow to their statehood aspirations as it blocks east Jerusalem from its West Bank hinterland. Palestinians are demanding these areas, along with Gaza, for their future state.

Activists said they want to build a village called Bab Al Shams at the site.

The construction plans drew unusually sharp criticism from some of Israel's staunchest allies including the US who strongly oppose the E-1 project.

Israeli officials have said actual construction on the project may be years away if it ever gets off the ground, while Israeli critics have questioned whether Israeli Prime Minister Benjamin Netanyahu actually intends to develop E-1, or is pandering to hard-liners ahead of Israel's Jan. 22 election.

In a separate incident Saturday, the Israeli military said soldiers shot at a Palestinian who "tried to infiltrate Israel" from the West Bank. The military said soldiers called on the man to stop, then fired warning shots in the air, and finally fired at his legs when he refused to stop.

Palestinian police said he later died of his wounds.

It was the second shooting death on the borders with the Palestinian territories in two days. On Friday, Palestinian officials in the Gaza Strip said a man was shot and killed near the coastal territory's border fence. The Israeli military said he was part of a group that rushed the fence to damage it.

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Cardiff City Stadium, kick-off 11.45pm

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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.”