FILE - In this July 24, 2017 file photo, White House senior adviser Jared Kushner speaks to reporters outside the White House in Washington. The White House says President Donald Trump will be sending three senior officials to the Middle East in coming days to discuss prospects for resuming the Israeli-Palestinian peace process.  (AP Photo/Pablo Martinez Monsivais, File)
A US delegation led by White House senior adviser Jared Kushner is expected to meet Palestinian officials in Ramallah on August 24, 2017, towards the end of a trip to push forward the Middle East peacShow more

US Middle East peace delegation to arrive next week



A US delegation led by Donald Trump’s adviser and son-in-law Jared Kushner will arrive in the Middle East next week and will be meeting Palestinian president Mahmoud Abbas on Thursday following stops in key Gulf states and Jordan.

The Palestinian ambassador to Washington, Husam Zomlot, said the US delegation, which will include Jason Greenblatt, Mr Trump's envoy for the Israeli-Palestinian peace process, and deputy national security adviser Dina Powell, would arrive in Ramallah on August 24 after visits to Saudi Arabia, the UAE, Qatar and Jordan.

“The focus of the entire trip is the peace process,” Mr Zomlot told a press briefing. “They want to garner Arab political and financial support for the Palestinians before coming to Ramallah.”

While Washington has not released the delegation's itinerary, Mr Zomlot said they "will meet the Palestinian president and the Palestinian team on the 24th at 7pm in the presidential compound in Ramallah. They will be coming to us from Jordan and Egypt will be the last stop.”

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For the Palestinian side the visit is a “paramount, and crucial cornerstone in our efforts”, the ambassador said. “For the last three months we have done the talking, the microphone was with us, we explained in detail where we see things going, and now it’s time to listen.”

Mr Zomlot said his government is looking “to hear the Trump administration publicly endorse a vision for a solution”.

The Palestinian side is adamant that the “that only final solution is the two states based on 1967 borders”, he said.

“We want crystal clarity from the US before we start journey, on where we are going and how we will get there,” Mr Zomlot said .

He emphasised that a road map that tackled the issue of settlement expansion, the situation in Gaza, and a final destination was a priority for the Palestinian side.

“If we don’t succeed this time, all the options are Armaggedonist,” the ambassador warned. He signalled that the Palestinian authority could go back to the United Nations seeking international legitimacy, or resort to the option of popular resistance.

Mr Zomlot expressed hope in Donald Trump’s approach to the negotiations and what he called the US president's “dismay for the word process”. He also emphasised the Arab Peace Initiative was the only framework that could obtain regional backing.

The initiative was launched by the late King Abdullah of Saudi Arabia and adopted at the Arab League summit in Beirut in 2002. It offers Israel recognition from 57 Arab and Muslim states in return for full withdrawal from Arab territories occupied since June 1967.

INFO
MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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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.”

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Emiratisation at work

Emiratisation was introduced in the UAE more than 10 years ago

It aims to boost the number of citizens in the workforce particularly in the private sector.

Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers

The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension

President Sheikh Khalifa has described Emiratisation as “a true measure for success”.

During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development

More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics

The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens

UAE citizens will be given priority in managerial positions in the government sphere

The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens

Company Profile

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Juventus 2 (Bonucci 36, Ronaldo 90+6)

Genoa 1 (Kouame 40)