US rejects Arab bloc's ceasefire proposal


James Reinl
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NEW YORK // Arab diplomats stepped up pressure on UN Security Council members to adopt a draft resolution calling for a ceasefire in Gaza yesterday as envoys from Israel arrived in Cairo for negotiations involving the Palestinian Authority and Hamas. Speaking to reporters before meeting western leaders, the Arab League's secretary general, Amr Moussa, demanded council members live up to their responsibilities and agree to the Arab bloc's draft resolution.

The US has objected to the document, which demands an "immediate and permanent ceasefire in the Gaza Strip", the lifting of Israel's border blockade and the establishment of an international force to monitor the truce. Fervent diplomatic activity at UN headquarters involving Condoleezza Rice, the US secretary of state, was expected to result in western permanent council members presenting an alternative draft resolution.

While Arab leaders are demanding an end to the 14-day offensive into Palestinian territory, the US is emphasising Israeli demands for an end to Hamas rocket attacks on its southern towns and cities. Speaking with reporters after closed-door meetings yesterday morning, Ms Rice said diplomats were "making progress" but that there was "still work to do" before a consensus emerged between Arab and western diplomats. During a flurry of negotiations in the basement of UN headquarters, Sheikh Abdullah bin Zayed, the UAE Foreign Minister, told The National that the chances of reaching an accord "look good". Insiders have argued that diplomatic wrangling in midtown Manhattan is buying time for the Israelis to achieve their military goals in Gaza, while the Palestinian death toll climbed above 700, according to the territory's health ministry. Israeli air and ground strikes resulted in fresh casualties and pushed the estimated number of wounded above 3,000, as the coastal strip's 1.5 million people sunk deeper into a humanitarian crisis. At least 11 Israelis have been killed, including eight soldiers. As negotiations were taking place in New York, Israeli representatives arrived in Cairo for Egyptian-brokered talks on a ceasefire proposal that will also involve delegates from the Palestinian Authority and Hamas. Amos Gilad, a senior Israeli defence ministry official, and Shalom Turjeman, a top aide to Israel's prime minister, Ehud Olmert, arrived to discuss what Egypt's official news agency described as "the basic details on how to implement" a truce. Speaking outside the Security Council chamber, Egypt's foreign minister, Ahmed Aboul Gheit, said there would be no face-to-face meeting between officials from Israel's government and Hamas, whose arrival date in Cairo remains uncertain. Mr Aboul Gheit said Egypt would ask Israel and Hamas for a temporary truce "that would lead to a consolidated permanent ceasefire" before proceeding to further negotiations with the EU and the Palestinian Authority. Ms Rice has applauded the Egyptian-French ceasefire proposal and said she had talked with both the Israelis and Arab envoys about "the importance of moving that initiative forward". The plan, initiated by Egypt's president, Hosni Mubarak, and his French counterpart, Nicolas Sarkozy, covers an Israeli withdrawal from Gaza, international monitors, the lifting of border blockades and the prevention of future Hamas arms supplies. Israel's government has said it views the proposal positively but stopped short of acceptance. The Jewish state says it began bombarding Gaza with aircraft and missile attacks on Dec 27 in response to Hamas rocket attacks. Israel insists that any ceasefire agreement must ensure Hamas is unable to rearm, claiming that weapons are smuggled into Gaza through a network of hundreds of tunnels along the Egyptian border. An official from Hamas, which took control of Gaza from the Palestinian Authority in June 2007, said it had not decided whether to accept or reject the Egyptian plan, but added that the grassroots Islamic group felt the proposal favoured Israel. Delegates were under greater pressure to reach an agreement after the main aid provider in the territory, the UN Relief and Works Agency (UNRWA) suspended food delivery operations yesterday after Israeli strikes killed two of its drivers. In a statement from his spokesman, the UN secretary general, Ban Ki-moon, condemned the Israeli attacks that have now caused the deaths of four UNRWA workers, together with shelling near a UN-run school that killed 40 people earlier this week. "The secretary general calls once again for an immediate ceasefire in order to facilitate full and unhindered humanitarian access, and to allow aid workers to work in safety to reach persons in need," the statement said. "The inability of the UN to provide assistance in this worsening humanitarian crisis is unacceptable." jreinl@thenational.ae * With additional reporting by Reuters and the Associated Press

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
%3Cp%3EFrom%20September%2018-25%2C%20Abu%20Dhabi%0D.%20The%20two%20finalists%20advance%20to%20the%20main%20event%20in%20South%20Africa%20in%20February%202023%0D%3Cbr%3E%20%0D%3Cbr%3EGroup%20A%3A%20United%20States%2C%20Ireland%2C%20Scotland%2C%20Bangladesh%0D%3Cbr%3EGroup%20B%3A%20UAE%2C%20Thailand%2C%20Zimbabwe%2C%20Papua%20New%20Guinea%0D%3Cbr%3E%20%0D%3Cbr%3EUAE%20group%20fixtures%3A%0D%3Cbr%3ESept%2018%2C%203pm%2C%20Zayed%20Cricket%20Stadium%20%E2%80%93%20UAE%20v%20Thailand%0D%3Cbr%3ESept%2019%2C%203pm%2C%20Tolerance%20Oval%20-%20PNG%20v%20UAE%0D%3Cbr%3ESept%2021%2C%207pm%2C%20Tolerance%20Oval%20%E2%80%93%20UAE%20v%20Zimbabwe%0D%3Cbr%3E%20%0D%3Cbr%3EUAE%20squad%3A%20Chaya%20Mughal%20(captain)%2C%20Esha%20Oza%2C%20Kavisha%20Kumari%2C%20Rinitha%20Rajith%2C%20Rithika%20Rajith%2C%20Khushi%20Sharma%2C%20Theertha%20Satish%2C%20Lavanya%20Keny%2C%20Priyanjali%20Jain%2C%20Suraksha%20Kotte%2C%20Natasha%20Cherriath%2C%20Indhuja%20Nandakumar%2C%20Vaishnave%20Mahesh%2C%20Siya%20Gokhale%2C%20Samaira%20Dharnidharka%0D%3C%2Fp%3E%0A
'Laal Kaptaan'

Director: Navdeep Singh

Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

Rating: 2/5

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

Florida: The critical Sunshine State

Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991. 

Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.

In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.

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.”