Palestinian labourers build a house in a Jewish settlement near Jerusalem.
Palestinian labourers build a house in a Jewish settlement near Jerusalem.
Palestinian labourers build a house in a Jewish settlement near Jerusalem.
Palestinian labourers build a house in a Jewish settlement near Jerusalem.

Mitchell to attempt settlement deal


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TEL AVIV // George Mitchell, the top US envoy to the Middle East, will begin a series of meetings with senior Israeli officials today in an effort to finalise a deal on a temporary freeze of Jewish settlement expansion in occupied Palestinian territory.

Mr Mitchell, who was due to arrive in Israel last night, is expected to meet Ehud Barak, Israel's defence minister, today and Benjamin Netanyahu, the country's prime minister, tomorrow. Mr Mitchell's stay in the region will also include visits to the Palestinian territories, Jordan, Lebanon and Egypt. The US emissary is trying to push Israel to commit to a construction lull in the occupied West Bank. According to press reports, the halt may last for nine months, a compromise between Israel's insistence on only six months and the US demand to execute it for at least one year. Israel is also demanding that the freeze only affect housing units while allowing work on such public buildings as schools, health clinics and synagogues .

The pact is also unlikely to include East Jerusalem, where Mr Netanyahu has held firm that Israel will continue allowing Jewish construction to carry on. Washington is racing to clinch a settlements agreement before the UN General Assembly in September, when Barack Obama, the US president, may present a long-awaited Middle East peace plan. Mr Obama is aiming to arrange for a meeting between Mr Netanyahu and Mahmoud Abbas, the president of the western-backed Palestinian Authority, on the sidelines of the UN General Assembly, as a way to kick start peace negotiations that have stalled since Israel's onslaught on the Gaza Strip in December and January. The two have not met since Mr Netanyahu became prime minister in March.

However, whether such a meeting would take place appears uncertain. Mr Abbas refuses to convene with Mr Netanyahu until Israel institutes a total freeze on settlements in territory Palestinians want as part of their future state. Mr Abbas is believed to have been especially angered by Israel's announcement last week that it has approved the building of 455 new apartments for Jewish settlers in the West Bank. Analysts have said that the approvals were probably an attempt by Mr Netanyahu to soften opposition to a temporary settlement freeze within his right-wing Likud Party and from the hardline parties in his governing coalition.

Such a freeze still appears to be a hard sell for Mr Netanyahu, who was hoping to cushion the agreement with gestures from Arab countries towards normalising ties with Israel. On Thursday, the Israeli leader expressed disappointment with the gestures Washington was able to extract from Arab states, telling Miguel Moratinos, the Spanish foreign minister, who was visiting Israel, that so far it was not more than a "slim normalisation package" that included a number of gestures from some Gulf countries. He especially cited Saudi Arabia's refusal to make any overtures towards Israel.

Mr Mitchell's visit to Israel coincides with Mr Netanyahu's visit today to Cairo, where he is due to meet Hosni Mubarak, the Egyptian president, for the second time since coming to power. Although the two leaders are likely to discuss the peace process and a possible prisoner exchange between Israel and Hamas, the visit may also signal Mr Mubarak's support for an Israeli-US compromise on the settlements. Israeli media also reported that Mr Netanyahu will ask the Egyptian president to press Mr Abbas to attend the planned tripartite meeting in New York this month.

Even if a suspension is implemented, experts say it will probably not significantly halt the growth of Jewish settlements. According to Amos Harel, a commentator for Haaretz, a liberal Israeli newspaper, construction will mostly be stopped in the large settlement blocs that Israel intends to keep under any future agreement with the Palestinians. Harel said enforcing the freeze would be much more difficult on the eastern side of the separation barrier and along the West Bank, where the more extremist settlers have for years been creating wildcat outposts without state authorisation, many of them on private Palestinian land.

Mr Netanyahu's commitment to a construction lull is also questionable as he seeks to cater to the interests of the settlers and their supporters, who helped him return to the premiership for the second time after February's national elections. On Thursday, Mr Netanyahu, speaking at Likud's Tel Aviv headquarters, appeared to direct his speech at the members of the Right who have accused him of caving in to the US demands when he said: "We have proved time and again that we are willing to make concessions for peace, but we won't delude ourselves: we are not willing to be suckers."

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

WISH
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The%20specs
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The specs: 2018 Genesis G70

Price, base / as tested: Dh155,000 / Dh205,000

Engine: 3.3-litre, turbocharged V6

Gearbox: Eight-speed automatic

Power: 370hp @ 6,000rpm

Torque: 510Nm @ 1,300rpm

Fuel economy, combined: 10.6L / 100km

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Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

UAE currency: the story behind the money in your pockets
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Credits

Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5

Two products to make at home

Toilet cleaner

1 cup baking soda 

1 cup castile soap

10-20 drops of lemon essential oil (or another oil of your choice) 

Method:

1. Mix the baking soda and castile soap until you get a nice consistency.

2. Add the essential oil to the mix.

Air Freshener

100ml water 

5 drops of the essential oil of your choice (note: lavender is a nice one for this) 

Method:

1. Add water and oil to spray bottle to store.

2. Shake well before use. 

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance