The leader of Israel’s largest Arab party has said that he is willing to side with the main challenger to Israeli Prime Minister Benjamin Netanyahu in order to remove him from office.
Ayman Odeh, leader of the Arab Joint List coalition of Arab and left-wing parties, is open to siding with the centre-left Blue and White Party led by former Israeli military general Benny Gantz and former Finance Minister Yair Lapid in the early election scheduled for April 9.
He said that he would only support the centrist party and give it the boost of the Arab vote if it provided concessions to Israel’s sizeable Arab minority. If those demands were met, he and his party would wield the power to bring down Israel’s political stalwart, who remains embroiled in corruption allegations and is set to be indicted by the country’s attorney general.
“We hope to influence decision-making and we do not want to permit the creation of another extremist government led by Netanyahu that constantly incites against us,” he told Israeli reporters.
Mr Netanyahu has received much criticism for his rhetoric towards the Arab minority in the build-up to elections in the country in a bid to win right-wing and far-right votes in order to solidify his hold on power. He is trying to win his fifth term in office.
In 2015, he warned Jewish voters that Arabs were heading to the polls in their “droves”, a move viewed as a scare tactic to boost his position at the polls. He went on to form a coalition and win that election.
This year, he has embarked on a similar path. One of his top ministers, Miri Regev, last week said in an interview that Mr Gantz would have to turn to the Arab vote in order to defeat the incumbent prime minister. That sparked the ire of one Israeli television presented who wrote on Instagram that “the Arabs are human beings”.
In a surprising move, Mr Netanyahu addressed her statement in an Instagram response. “Dear Rotem Sela, I read what you wrote. First of all, an important correction: Israel is not a state for all its citizens. According to a basic law we passed, Israel is the nation-state of the Jewish people — and the Jewish people only,” he wrote.
He was referring to the divisive law passed in July 2018 that states Israel to be the “national home of the Jewish people,” but leaving out minorities such as Arabs and the Druze who make up at least one-fifth of the country’s population of 8 million people.
Continuing, he claimed that Arab citizens have “equal rights”. He said the decision was between a right-wing government and a “left-wing government...with the support of the Arab parties” that will “undermine the security of the state and the citizens”.
Mr Odeh laid out a series of priorities and demands that would need to be met by Mr Gantz and Mr Lapid if he were to back them.
“We would be willing to recommend Gantz and Lapid to [Israeli President Reuven] Rivlin to stop the formation of a right-wing government, but they need to show us they are willing to negotiate peace with the [Ramallah-based] Palestinian leadership, support equality for all citizens including Arabs, increase budgets to the local authorities in Arab villages and cancel the nation-state law,” he said.
He added that neither Mr Gantz nor Mr Lapid had reached out to him.
At the last election in 2015, the Arab coalition refused to back Isaac Herzog, Mr Netanyahu’s challenger in that vote.
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
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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4.35pm: Tilal Al Khalediah
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COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.