Obama to call on UN to support independent Palestine


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The US president Barack Obama is exhorting the world to unite around the Israeli-Palestinian peace process, challenging the United Nations to support an agreement that would create an independent Palestine and a secure Israel in a year's time. In a speech to the annual session of the UN General Assembly later today, Mr Obama will call on world leaders to cast aside decades of division over the conflict, overcome cynicism and prove their support for a settlement to be reached by the two sides that his administration is now pushing against long odds.

Without a deal, he will say, "more blood will be shed" and "this Holy Land will remain a symbol of our differences, instead of our common humanity," according to portions of the text released by the White House in advance of the speech. "If an agreement is not reached, Palestinians will never know the pride and dignity that comes with their own state," he says. "Israelis will never know the certainty and security that comes with sovereign and stable neighbours who are committed to coexistence."

The excerpts released by the White House dealt only with the Israeli-Palestinian conflict and made no mention of other foreign policy initiatives that Mr Obama is expected to champion in his full remarks. The emphasis underscored the urgency of overcoming hurdles that he has met less than a month after relaunching direct negotiations between the parties. The Palestinian president Mahmoud Abbas is threatening to walk out of the talks if Israel does not extend a slowdown on construction of Jewish settlements in the West Bank that is set to expire next week. The Israeli prime minister Benjamin Netanyahu has said he will not extend that partial freeze.

The looming expiration appears to have stalled the negotiations, which got under way in early September in Washington between Mr Abbas and Mr Netanyahu then moved to a second round in Egypt and in Jerusalem last week. That second round ended inconclusively with little visible progress and without an expected announcement of a third session. The secretary of state Hillary Clinton and the administration's special Middle East peace envoy George Mitchell have been meeting with officials from both sides and other interested parties this week in New York to press the agenda forward but seem to have made little headway.

* AP

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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Indoor cricket in a nutshell

Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

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