Bashar Assad, Syria's president, meets with George Mitchell , Washington's Middle East envoy, in Damascus yesterday.
Bashar Assad, Syria's president, meets with George Mitchell , Washington's Middle East envoy, in Damascus yesterday.
Bashar Assad, Syria's president, meets with George Mitchell , Washington's Middle East envoy, in Damascus yesterday.
Bashar Assad, Syria's president, meets with George Mitchell , Washington's Middle East envoy, in Damascus yesterday.

Middle East peace is within our reach, says Clinton


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  • Arabic

DAMASCUS // The US secretary of state, Hillary Clinton, wrapped up a trip to the Middle East yesterday saying peace between Israelis and Palestinians was achievable and needed to be reinforced with support from Arab states. Mrs Clinton held meetings yesterday with King Abdullah of Jordan in Amman and with the Palestinian Authority presiden,t Mahmoud Abbas, in Ramallah before flying back to the US. Her Middle East envoy, George Mitchell, travelled to Syria and Lebanon to brief leaders on the two days of peace talks that Mrs Clinton supervised between Mr Abbas and the Israeli prime minister, Benjamin Netanyahu. "Peace is once again within our reach," Mrs Clinton said before leaving Jordan. She and Mr Mitchell have been trying to resolve a dispute over Israeli settlement construction in the West Bank that could derail the talks. Mr Mitchell reported progress on the issue. A 10-month moratorium on settlement construction expires at the end of this month. Mr Abbas, who dined with Mrs Clinton at Mr Netanyahu's home yesterday, has threatened to abandon the talks if construction resumes. Nonetheless, Mr Abbas said yesterday he sees no alternative to continuing the talks. Israel is under increasing pressure to extend the ban. The US has been encouraging Israel to continue the moratorium. Egypt has also urged Mr Netanyahu to keep the ban for three more months. The European Union joined the others yesterday in urging an extension. In a declaration adopted by foreign ministers, the EU "recalls that settlements are illegal under international law and calls for an extension of the moratorium decided by Israel." Meanwhile, Arab League ministers meeting in Cairo yesterday called on the Palestinians to resolve their divisions to strengthen their hand in the talks.

Mr Mitchell predicted in Damascus yesterday that a comprehensive Middle East peace "will travel the full distance from hope to reality". Negotiations between the Israelis and the Palestinian Authority (PA), which began a fortnight ago, continued this week but they have not been accompanied by renewed discussions between Israel and Damascus.

"We have every expectation that comprehensive peace will travel the full distance from hope to reality," Mr Mitchell said. "We are well aware of the challenges and difficulties. Still, as difficult as the task may be, the alternative for all concerned is far worse." The last mediated dialogue between Syria and Israel collapsed in 2009, while the most recent direct negotiations broke down a decade ago.

Washington has said it is seeking a comprehensive Middle East peace, one that involves not just the Palestinians but also Israel's Arab neighbours. A deal with Syria is critical if there is to be a lasting settlement. Mr Mitchell held talks with the Syrian president, Bashar Assad, and the country's foreign minister, Walid Muallem, yesterday. The US team arrived in Syria having been in Jerusalem on Wednesday for the second round of face-to-face talks between Israeli prime minister Benjamin Netanyahu and Mahmoud Abbas, the president of the Palestinian Authority.

Mrs Clinton, speaking to reporters, she said that talks were making progress. "They are serious about this effort. They are committed and they have begun to grapple with the hard but necessary questions," she said in reference to Mr Netanyahu and Mr Abbas. "I am convinced that this is the time and these are the leaders who can achieve the result that we all seek, two states for two people living in peace and security."

Mrs Clinton also stressed the need for widening the peace talks to include Syria and Lebanon. "We believe that it is not only important to pursue the Palestinian- Israeli negotiations but a comprehensive regional peace consistent with the heart of the Arab Israeli peace initiative." Mr Mitchell's visit to Damascus comes three days after Claude Cousseran, a French presidential envoy, was in the Syrian capital also working to restart negotiations between Syria and Israel.

Mr Assad told the French representative that Syria remained committed to peace but that it was "hard to imagine" a deal being struck. Israel has occupied part of Syria's Golan Heights since seizing them 1967. It subsequently annexed the territory and, to date, has refused to return the entire area. Lebanon similarly remains technically at war with Israel over occupied land. Recent efforts to revive talks between Damascus and Tel Aviv have failed to get past the first hurdle. Syria has insisted Israel must commit to withdrawing from the entire Golan Heights before discussions can resume. Israel has said talks can begin only without pre-conditions.

Israel has also called for Syria to end its alliance with Iran and Hizbollah and Hamas.

psands@thenational.ae

* Suha Maayeh reported from Amman

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

STAR%20WARS%20JEDI%3A%20SURVIVOR
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Respawn%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Electronic%20Arts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Playstation%205%2C%20Xbox%20Series%20X%20and%20S%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

UAE currency: the story behind the money in your pockets
Scoreline

Real Madrid 1
Ronaldo (53')

Atletico Madrid 1
Griezmann (57')

Sunday's fixtures
  • Bournemouth v Southampton, 5.30pm
  • Manchester City v West Ham United, 8pm

Fighting with My Family

Director: Stephen Merchant 

Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell        

Four stars

hall of shame

SUNDERLAND 2002-03

No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.

SUNDERLAND 2005-06

Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.

HUDDERSFIELD 2018-19

Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.

ASTON VILLA 2015-16

Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.

FULHAM 2018-19

Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.

LA LIGA: Sporting Gijon, 13 points in 1997-98.

BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66

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.”

if you go

The flights

Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav. 

The tour

While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).

 

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Story of 2017-18 so far and schedule to come

Roll of Honour

Who has won what so far in the West Asia rugby season?

 

Western Clubs Champions League

Winners: Abu Dhabi Harlequins

Runners up: Bahrain

 

Dubai Rugby Sevens

Winners: Dubai Exiles

Runners up: Jebel Ali Dragons

 

West Asia Premiership

Winners: Jebel Ali Dragons

Runners up: Abu Dhabi Harlequins

 

UAE Premiership Cup

Winners: Abu Dhabi Harlequins

Runners up: Dubai Exiles

 

Fixtures

Friday

West Asia Cup final

5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles

 

West Asia Trophy final

3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles

 

Friday, April 13

UAE Premiership final

5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.