The PLO office in Washington could face closure
The PLO office in Washington could face closure

Palestinians to meet in Cairo to discuss reconciliation



Leading Palestinian political factions will meet in Cairo on Monday to push ahead with reconciliation efforts, despite fundamental disputes ahead of a key December 1 deadline.
The talks come as Palestinians face rising tensions with the United States over the threatened closure of their office in Washington, but this is seen as unlikely to affect the outcome. 
Tensions between the two largest Palestinian groups – Fatah and Hamas – have reemerged since they signed a reconciliation deal last month, but delegates hope the meeting of 13 factions could push the bid ahead. The fate of Hamas's vast armed wing, however, remains unclear.
Fatah, led by Palestinian president Mahmoud Abbas, has been at loggerheads with Hamas since the Islamist movement seized control of Gaza in 2007. 
But on October 12, the two parties signed a deal under which Hamas will hand back civilian power to Mr Abbas's internationally recognised Palestinian Authority government, based in the Israeli-occupied West Bank, by December 1. 
In a crucial first step, Hamas stuck to a November 1 deadline to hand over the border crossings between Gaza and its neighbours Egypt and Israel.
But since that date, progress has appeared to stall, with Palestinian prime minister Rami Hamdallah suggesting the PA needed full security control of Gaza before further steps could be taken. Hamas rejected that, accusing Mr Hamdallah of seeking to change the terms of the agreement.
The Fatah-dominated Palestinian government has also refused to remove crippling measures targeting Gaza – including reducing electricity.
Palestinians and international powers hope an implemented reconciliation deal could help to ease the suffering of Gaza's two million residents, who suffer from high rates of poverty and unemployment.
The Cairo talks come amid a rise in US-Palestinian tensions over a threatened closure of the office in Washington of the Palestine Liberation Organisation, which the international community recognises as representing all Palestinians.
The threatened closure was apparently over a Palestinian suggestion of taking the issue of Israeli settlements on occupied land to the International Criminal Court.
But Palestinian political analyst George Giacaman said: "I don't think the tensions between the PA and Washington will affect the reconciliation process. "The problems that the PA is facing regarding Gaza are of a different nature: how will they cope with the financial and humanitarian situation in Gaza, how will they control the groups that Hamas struggled to control until now?"
Tomorrow's meeting brings together 13 factions, and analysts expect them all to back reconciliation. Wasel Abu Yousef, a senior PLO official, said the talks could last until Thursday. "I think this meeting will be a huge step towards the removal of all the obstacles to reconciliation," he said.
The topics to be discussed are well known – societal reconciliation, security, forming a potential unity government, elections and whether Hamas could eventually join the PLO.
The most controversial issue remains security – and the future of Hamas's military wing.
Bassem Naim, a top Hamas official, said it was impossible for them to consider giving up their weapons.
He said that in the West Bank, where Mr Abbas's government is meant to have partial self rule, the Israeli army in reality operates with impunity – including in areas nominally under full Palestinian control.
"No Palestinian here can accept this model as a model for the security we are looking for," he said. He also said the party would not consider recognising Israel at this time.
For the Israelis and the Americans, however, such a situation would be unacceptable.
Both have said they would reject any government including Hamas unless the Islamists gave up their weapons.

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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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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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