Israel's foreign minister, Tzipi Livni, speaks to the media after her meeting with Israel's president, Shimon Peres, in Jerusalem on Oct 26 2008.
Israel's foreign minister, Tzipi Livni, speaks to the media after her meeting with Israel's president, Shimon Peres, in Jerusalem on Oct 26 2008.

Livni's coalition bid ends in failure



TEL AVIV // Israel is gearing up for elections. Tzipi Livni, Israel's foreign minister and the designated successor to Ehud Olmert, the scandal-hit departing prime minister, called for an early national election today after she failed to patch together a new governing coalition. Ms Livni made the recommendation to Shimon Peres, Israel's president, three days after a key partner in the coalition talks - the ultra-Orthodox Shas Party - announced it would not join her Kadima Party in a new government. Ms Livni's decision will most likely lead Israel towards elections in January or February, more than a year ahead of schedule. "I told the president that under the current circumstances, elections need to take place without delay as fast as possible," Ms Livni told journalists after meeting with Mr Peres today. She said she halted the coalition talks because of "impossible demands made by future partners on economic, diplomatic and political issues". New elections, the first since March 2006, will decide not only who will become Israel's new leader, but also the fate of talks with the Palestinians, which are already faltering. That is mainly because analysts expect Benjamin Netanyahu, the head of the right-wing Likud Party and a former Israeli prime minister, to emerge victorious. Mr Netanyahu, who opposes Israel's making wide-ranging territorial concessions, may resist continuing the US-backed talks that were kick-started at the Annapolis summit last November. Ms Livni is Israel's chief negotiator in those talks. With her coalition-building efforts defeated, Ms Livni - who just last month won the leadership of Israel's ruling Kadima Party by a paper-thin margin - appeared to have lost some of her lustre. In a column in the Haaretz daily newspaper titled "Is she a loser?", Aluf Ben wrote that "Livni took it upon herself to create a coalition, and didn't succeed. Her clean and winning image, which was cracked a bit after her narrow victory over Shaul Mofaz in the primaries, has suffered another unpleasant blow." Indeed, the woman slated to become Israel's first female prime minister since Golda Meir in the 1970s will have to work much harder now to earn that title. Ms Livni began negotiations with other parliamentary parties in late September after taking over the helm of Kadima from Mr Olmert, the veteran politician who resigned as he faces possible criminal indictment in a corruption investigation. In ensuing days, she sealed a clear pact only with the Labor Party, the second-biggest in parliament after Kadima. But Ehud Barak, the Labor leader and defence minister, had pushed Ms Livni to draw more partners because he worried that a coalition with a narrow parliamentary majority would not last and lead to elections in which Mr Netanyahu would win. A week ago, Ms Livni obtained a two-week extension to continue the talks. But her bid suffered a huge setback on Friday. Shas, whose 12 seats were needed by Ms Livni to achieve a comfortable majority in the 120-member parliament, said it would not join her coalition. Shas, whose voters are typically from poor and large families, has demanded that Ms Livni's government provide it with some 1.5 billion shekels (Dh1.4bn) in funds for child allowances. The party, which opposes a division of Jerusalem, has also insisted Israel keep the issue of the holy city off the negotiation table in talks with the Palestinians. Following Shas's announcement, Ms Livni failed to garner the support of another ultra-Orthodox party, Yehadut Hatorah, and make up for the loss of Shas. Israel's president is now likely to set in motion a process that will lead to elections. Observers said Mr Netanyahu gained the most from Ms Livni's failure. Mr Netanyahu - whose Likud Party is looking for a comeback after losing seats in the 2006 election - worked actively and quietly in recent weeks to seal secret agreements with Shas, Labor and other parties, they said. "As of today, Bibi is the winner and the favourite for a victory in the election," commentator Yossi Verter wrote in Haaretz, referring to Mr Netanyahu's nickname. Still, Mr Netanyahu is not the only winner. Mr Olmert, desperate to leave a legacy as a peacemaker before he departs politics, will now have a few more months to pursue the talks he launched with the Palestinians almost a year ago as well as to restart postponed negotiations with Syria. But yesterday, Mr Olmert was reminded of the hurdles he or any other Israeli leader would face in trying to reach a settlement with the Palestinians on the Israeli-occupied West Bank. Israeli police arrested at least four extremist Jewish settlers who took part in a rampage on the outskirts of the West Bank city of Hebron after Israeli troops dismantled an illegal settlement outpost. Police and the military said that the settlers attacked and threatened their forces, vandalised a nearby Muslim cemetery and slashed the tyres of Palestinian cars. The attack drew a sharp rebuke from Mr Olmert, partly because of settlers' remarks broadcast by Israel Army Radio earlier that included promoting revenge attacks against soldiers. "We will not show any tolerance concerning such comments and concerning such actions," Mr Olmert told his cabinet during its weekly session. Still, with the threat of more violence should there be further attempts to evacuate settlements, Israel's newly launched election season has likely not seen the last of such clashes. vbekker@thenational.ae

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

ENGLAND SQUAD

Team: 15 Mike Brown, 14 Anthony Watson, 13 Ben Te'o, 12 Owen Farrell, 11 Jonny May, 10 George Ford, 9 Ben Youngs, 1 Mako Vunipola, 2 Dylan Hartley, 3 Dan Cole, 4 Joe Launchbury, 5 Maro Itoje, 6 Courtney Lawes, 7 Chris Robshaw, 8 Sam Simmonds

Replacements 16 Jamie George, 17 Alec Hepburn, 18 Harry Williams, 19 George Kruis, 20 Sam Underhill, 21 Danny Care, 22 Jonathan Joseph, 23 Jack Nowell

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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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

India team for Sri Lanka series

Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.

T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Pathaan
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MATCH INFO

Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')

Fulham 0

Red cards: Tim Ream (Fulham)

Man of the Match: Gabriel Jesus (Manchester City)

THE TWIN BIO

Their favourite city: Dubai

Their favourite food: Khaleeji

Their favourite past-time : walking on the beach

Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

UAE's role in anti-extremism recognised

General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.

He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.

"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.

He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.

HOW TO WATCH

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Mountain%20Boy
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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A