UNITED NATIONS/RAMALLAH // The Palestinian Authority risks retaliation from Israel and the United States if it goes ahead with a planned vote in the United Nations General Assembly by the end of the month to have Palestine become a UN observer state.
Such a designation would give Palestine the right to control its airspace and territorial waters and to press charges against Israelis before the International Criminal Court.
As 132 nations having already recognised Palestine as a sovereign state, with some having exchanged ambassadors with Palestine, a simple majority vote of 97 countries is certain in the 193-nation Assembly, where the United States does not have veto power as it does with matters before the UN Security Council.
Israel and the United States appear determined to punish Palestine if it goes ahead with the vote.
Israeli officials say the Palestinians stand to lose US$100 million (Dh367m) a month in tax revenue. "If the Palestinians continue to advance their unilateral move they should not expect bilateral cooperation," Israel's finance minister, Yuval Steinitz, told a town-hall meeting in Beersheba, Israel on Saturday. "We will not collect their taxes for them and we will not transfer their tax revenues."
The US Congress has threatened to cut off $500m in security and economic aid to Palestine if it becomes an observer state. Congress cut off funding last year to Unesco, the UN's cultural agency, when it accepted Palestine as a member.
The Palestinians would have to look for alternative funding, either from Europe, oil-rich Gulf nations or elsewhere if it calls the vote and the Israeli and American threats are realised.
Mohammed Shtayeh, a senior Fatah official, told reporters in Ramallah yesterday that the Palestine Liberation Organisation, which Fatah controls and which is leading the UN effort, would not back down from pressure exerted by the US and Israel.
"The train has left the station," Mr Shtayeh said. "We will ask members of the General Assembly to vote on a resolution no later than the 29th of November."
Arab states, Mr Shtayeh said, were prepared to provide the West Bank's Palestinian Authority (PA), which suffers from a deepening financial crisis, $100m a month in emergency support in case of punitive measures imposed by other countries.
Mr Shtayeh said the "most important thing we intend to achieve" with the UN bid is a two-state solution. It would also create "new terms of reference" for any future peace negotiations with Israel that would replace any previous ones - such as the road map introduced by the United States in 2002 - with "international law" and the backing of the UN.
"We consider this a peaceful means through a multilateral forum," Mr Shtayeh said. "No one can claim the UN is an umbrella for war."
Susan Rice, the US ambassador to the UN, has denounced the proposed vote as a "unilateral action" that would undermine the chances to revive Israeli-Palestinian negotiations aimed at achieving US and Israeli recognition of a Palestinian state.
But the PA president, Mahmoud Abbas, believes that becoming a UN non-member state would spur a resumption of talks with Israel.
Mr Abbas would not oppose future peace talks with Israel as long as they were no longer "humiliating", Mr Shtayeh said.
Israel had to commit to a full freeze on settlement construction and agree to use the boundaries that prevailed before the 1967 Arab-Israeli war as a basis for negotiating the contours of a Palestinian state, he said.
As an observer state in the UN, Palestine could participate in Assembly debates, but could not vote, sponsor resolutions or field candidates for Assembly committees. But more importantly, the observer status would allow Palestine to accede to treaties and join specialised UN agencies, such as the International Civil Aviation Organization, the Law of the Sea Treaty, the Nuclear Non-Proliferation Treaty and the International Criminal Court, officials said.
If Palestine joins the Law of the Sea Treaty it would gain control of its national waters off Gaza, a highly contentious move as those waters are currently under an Israeli naval blockade. The Palestinians could then theoretically challenge the Israeli blockade at the International Court of Justice as well as dispute Israel's claim on a gasfield off Gaza.
Even more troubling for Israel and the US would be Palestine joining the International Criminal Court. Liechtenstein's UN ambassador, Christian Wenaweser, president of ICC Assembly of State Parties, said in an interview a Palestine observer state could join the ICC and ask the court to investigate any alleged war crimes Israel committed on Palestinian territory after July 2002, including Israel's 2008-2009 Operation Cast Lead war against Gaza that killed 1,400 Palestinians.
Faced with the American and Israeli threats, the Palestinians, however, could still back down, diplomats say. Last year, Palestinian leaders withdrew a bid to become a full UN member after the US said it would veto the move in the UN Security Council.
hnaylor@thenational.ae
Infiniti QX80 specs
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
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.”
UAE currency: the story behind the money in your pockets
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
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AUSTRALIA SQUAD
Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
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Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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”.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I