Palestinian President Mahmoud Abbas has withdrawn from all agreements with Israel. AFP
Palestinian President Mahmoud Abbas has withdrawn from all agreements with Israel. AFP
Palestinian President Mahmoud Abbas has withdrawn from all agreements with Israel. AFP
Palestinian President Mahmoud Abbas has withdrawn from all agreements with Israel. AFP

Palestinians consider their options as annexation looms


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As Israel moves towards annexing more than 30 per cent of the occupied West Bank next week, Palestinians fear they are entering an era where hope for a two-state solution and independence may vanish for good.

Palestinian President Mahmoud Abbas announced on May 19 that he would withdraw from all agreements with Israel in response to the plan.

And leaders of the Palestinian Authority, which has limited self-rule over the territory, said they would dissolve the body if Israel proceeded.

“The implementation of the annexation plans in the occupied Palestinian territories is an illegal step that will entail that Israel assume all responsibilities for the occupied land, according to the Fourth Geneva Convention as the occupying power," Mr Abbas said on Wednesday.

Israeli Prime Minister Benjamin Netanyahu has repeatedly pledged to annex West Bank settlement areas on July 1.

After swallowing occupied East Jerusalem, Israel aimed to take the Jordan Valley and the scattered settlements nearby.

The Israeli design was tied to the US Middle East peace plan released in January, which designated land in the occupied West Bank as part of Israel.

The annexation will end any hope for a Palestinian state and will leave Palestinians with nothing but isolated pockets of land and a form of apartheid, analysts said.

The Palestinians would be left with no choice but to consider their most serious response to Israel's policy: dissolving the authority.

“We have informed all countries, including the US and Israel, that if Israel moves forwards with annexation, Israel will have to bear its full responsibilities as the occupying power,” said senior Palestinian official, Hussein Al Sheikh.

“We are not agents for the Israeli occupation. We will never accept to play this role under any circumstances.

“The existence of the Palestinian Authority is one of the outcomes of the Oslo Agreement which is now dissolving.

"We will never agree the PA to be reduced to providing services. We don’t want to do this but Netanyahu is leaving us no choice.”

A financial crisis within the PA increased the likelihood that it would be dissolved.

The economic problems were caused by the coronavirus pandemic, which has devastated an already weak Palestinian economy, and a standoff between the authority and Israel on tax revenue.

Last month, the PA rejected revenue Israel collected on its behalf, after Israel made the transfer of money a condition of security co-ordination with the Palestinian body.

This has left the PA with of one of its most severe financial crises since its inception. Tax revenue represents 63 per cent of its budget.

As a result, the it was unable to pay its 180,000 employees their salaries in May and the Ministry of Social Affairs could not pay out monthly benefits for the poor.

The PA was expected to introduce drastic austerity measures in the weeks ahead.

After threatening to dissolve the authority, PA officials reportedly told the Israeli military liaison office that in the event of annexation, Defence Minister Benny Gantz was responsible for the salaries of Palestinians employees.

Tareq Baconi, the International Crisis Group's analyst for the Palestinian-Israeli conflict, told The National  that the official Palestinian response to annexation was deterrence.

"Pre-emptively ending security co-ordination and revoking agreements with Israel are both an attempt to show Israel what the cost of annexation might be, and to attempt to influence the Israeli leadership not to proceed with these steps," Mr Baconi said.

In recent years, the calls from Palestinians for a single binational state as opposed to the conventional two-state solution have increased.

But the PA’s leaders said on many occasions that they wanted to stick to a two-state solution because it was "more realistic" and "the solution that’s consistent with international resolutions".

While Palestinian officials talked of dissolving the PA, Israel continued to prepare for annexation.

On June 18, the Israeli army placed concrete blocks on roads that lead from occupied West Bank villages to the Jordan Valley.

All Palestinian factions condemned the Israeli plans and agreed to a campaign of non-violent resistance across the West Bank.

Protesters will have to strike a balance between taking to the street and avoiding a sharp increase in the number of coronavirus cases in the West Bank and East Jerusalem.

Palestinians have also appealed to the international community for support.

Last week, there were calls from politicians across Europe for punitive measures against Israel and a recognition of the state of Palestine.

Ahmed Majdalani, a member of the Palestine Liberation Organisation’s executive committee, called on the international community and "specifically all countries that have economic relations with the occupation" to cut business ties with Israel.

Mr Majdalani said countries should "withdraw all investments in response to its violation of international law, especially in the ongoing process of annexation of the Palestinian territories".

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Norway v Spain, Saturday, 10.45pm, UAE

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Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

The British in India: Three Centuries of Ambition and Experience

by David Gilmour

Allen Lane

Rooney's club record

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253

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MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

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.”

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

 

 

Results

Stage Two:

1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45

2. Jasper Philipsen (BEL) Alpecin-Fenix

3. Pascal Ackermann (GER) UAE Team Emirates

4. Olav Kooij (NED) Jumbo-Visma

5. Arnaud Demare (FRA) Groupama-FDJ

General Classification:

1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03

2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04

3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06

4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10

5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12

Oppenheimer
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Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5