Palestinian militants uniting to plan attacks



RAMALLAH // The military wing of Hamas has announced that Palestinian militant groups have agreed to forge a common front to co-ordinate "more effective attacks" against Israel. The statement was made late on Thursday as the Palestinian and Israeli delegations in Washington wound up their first round of direct talks in 20 months.

The decision by Mahmoud Abbas, the Palestinian president, to agree to direct talks has been opposed by every Palestinian political faction except Mr Abbas' own Fatah movement. The military wings of 12 Palestinian factions agreed on Monday to a "set of principles in working against the Israeli occupation", according to Abu Obeida, the spokesman for Hamas' Izzedine al Qassam Brigades. "We declare that the actions of resistance have gone into a new and advanced stage of co-operation in the field at the highest levels in preparation for more effective attacks against the enemy," Mr Obeida was quoted by Reuters as saying on Thursday.

The Qassam Brigades claimed responsibility for two attacks on Israeli settlers in recent days. One just outside Hebron killed four people and another just outside Ramallah wounded two, one seriously. The shootings were clearly timed to coincide with the direct negotiations in Washington, but nevertheless surprised observers in view of Hamas' stated position that the negotiations were already doomed from the outset.

Mkhaimar Abusada, a Gaza-based political analyst, said the shootings were meant to send two emphatic messages: that Hamas would not be ignored and that it was still capable of operating in the West Bank, where members of the Islamist group over the past few years have been targeted in a lengthy security crackdown by the Palestinian Authority. But Mr Abusada also said he had thought Hamas was not interested in any serious escalation at the moment.

Indeed, before Mr Abbas agreed to go to the peace negotiations, Hamas leaders were keen to emphasize that their focus for the time being was on improving living conditions in Gaza and not provoking Israel. In the wake of the West Bank settler shootings, police stations across the Gaza Strip were evacuated, while members of Hamas' military wing as well as political leaders went underground in anticipation of possible retaliation from the Israel military.

Hamas will be wary of being seen to provoke any repeat of the devastating month-long Israeli war on the Gaza trip that began in December 2008. In addition, the two settler shootings and Thursday's announcement were also evidence of a "real fear" among Palestinian factions that Mr Abbas was not strong enough to resist concerted international pressure to sign a peace deal in due time that would "compromise Palestinian constants", said Mr Abusada.

"All Palestinian factions, not just Hamas, feel that if Abbas could not resist American pressure to go to direct negotiations even though none of his pre-conditions on settlement construction and terms of reference were met, he will not be able to withstand pressure to sign an agreement that falls far short on [the] three main issues - Jerusalem, refugees and borders." @Email:okarmi@thenational.ae

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

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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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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
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Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5