Jordan's King Abdullah II and Palestinian President Mahmoud Abbas wave during a reception ceremony in the West Bank city of Ramallah, August 7, 2017. REUTERS
Jordan's King Abdullah II and Palestinian President Mahmoud Abbas wave during a reception ceremony in the West Bank city of Ramallah, August 7, 2017. REUTERS
Jordan's King Abdullah II and Palestinian President Mahmoud Abbas wave during a reception ceremony in the West Bank city of Ramallah, August 7, 2017. REUTERS
Jordan's King Abdullah II and Palestinian President Mahmoud Abbas wave during a reception ceremony in the West Bank city of Ramallah, August 7, 2017. REUTERS

Jordan's King Abdullah supports Palestinian rights at meeting with Abbas


Khaled Yacoub Oweis
  • English
  • Arabic

Jordan’s King Abdullah II reaffirmed his support for Palestinian rights at a meeting with President Mahmoud Abbas on Sunday, days after he discussed the issue with incoming US president Joe Biden.

The two men are hoping for a shift in American policy under Mr Biden to revive prospects for a two-state solution they regard as having been compromised by Mr Trump’s plan for Middle East peace.

The plan, unveiled in January, ignored Palestinian claims to East Jerusalem and other land, and the illegality of Israeli settlements in territory occupied since the 1967 war.

A Jordanian military helicopter took Mr Abbas from Ramallah to meet the king at his palace resort in Aqaba on the Red Sea, before the Palestinian leader travels to Cairo to meet Egyptian President Abdel Fattah El Sisi on Monday.

Official Jordanian media said King Abdullah told Mr Abbas that Jordan stood “with all of its capacity and abilities” behind realising a “sovereign and viable” Palestinian state on land Israel occupied in 1967, with East Jerusalem as its capital.

“The king affirmed the existing legal and historic status of Jerusalem, emphasising the kingdom’s rejection of all unilateral arrangements that aim at changing the identity of the city and its holy places,” the Petra government news agency said.

The Trump peace plan left the old heart of East Jerusalem under Israeli occupation.

This includes Al Aqsa Mosque, one of the holiest sites in Islam, and other religious sites under Jordanian custody.

A large part of the kingdom’s 10 million population is of Palestinian origin, with relatives in the occupied West Bank and Gaza, and in Israel.

Excluding East Jerusalem from the narrow path to Palestinian statehood that Mr Trump offered has been followed by US moves privately seen by Jordanian officials as provocative.

The latest was 10 days ago when US Secretary of State Mike Pompeo became the first American foreign minister to visit an Israeli settlement in the occupied West Bank.

A joint statement after the meeting in Aqaba said King Abdullah and Mr Abbas “affirmed the need to stop Israeli unilateral moves that compromise the chances for peace and intensify the conflict, such as settlements and annexation of any Palestinian land”.

The Royal Palace said the meeting was attended by Jordanian and Palestinian intelligence chiefs Ahmad Husni and Majid Faraj.

The Palestinian Authority this month resumed security co-operation with Israel, after halting it to protest against Israeli plans to annex Palestinian territory.

The meeting was the first between King Abdullah and Mr Abbas since Washington brokered landmark accords in August between Israel, the UAE and Bahrain.

The Palestinian Authority opposed the deals while Jordan said they could revive Palestinian-Israeli peace talks.

Last week the king spoke with Mr Biden by phone, becoming the first Arab head of state to do so since the Democrat was elected.

A statement by Mr Biden's office said he looked forward "to working closely with King Abdullah on the many interests shared by our countries".

They include counter-terrorism and “addressing other regional security challenges, and supporting a two-state solution to the Israeli-Palestinian conflict".

Jordanian Prof Hassan Al Momani said it appeared that Mr Abbas wanted to hear from the king his views about the “new reality” in Washington and how to deal with the Biden administration, having hoped for the Democrats winning the November 3 elections.

Prof Al Momani, who teaches international studies at the University of Jordan, told The National  that Mr Abbas's strategic position could improve with a "return to the traditional US narrative regarding the Palestinian issue".

But he said Washington had wider interests in the Middle East, which Mr Abbas might not regard as to his advantage.

“There are steps taken by Trump that Biden will aim to further, such as the establishment of relations between Israel and Gulf states,” Prof Al Momani said.

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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.”

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GOLF’S RAHMBO

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ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi