A new page in Israeli history opens Sunday as Prime Minister Benjamin Netanyahu becomes the first sitting premier to face criminal charges, accused of a string of corruption allegations he denies.
After more than 500 days of electoral deadlock in which he fought for his political survival Netanyahu is to take his seat in the Jerusalem District Court for a new battle - to stay out of prison and avoid a stain on his legacy.
The 70-year-old is used to setting precedents: he is the first Israeli prime minister born after the foundation of the state in 1948 and the longest-serving in its history.
But the impending trial is a deeply-unwanted first.
He will appear in court Sunday at the start of a corruption trial that is likely to take months or even years.
Here is a look at the accusations against the veteran premier, who denies all charges:
Attorney General Avichai Mandelblit in January indicted Mr Netanyahu for fraud and breach of trust in what are known as cases 1000 and 2000 and for bribery, fraud and breach of trust in case 4000.
Case 1000 involves allegations Mr Netanyahu and his family received gifts including luxury cigars, champagne and jewellery from wealthy individuals, estimated to be worth more than 700,000 shekels ($200,000, 185,000 euros), in exchange for financial or personal favours.
According to police, Hollywood producer Arnon Milchan was responsible for some 478,000 shekels-worth of gifts, while the remainder came from Australian billionaire James Packer.
Mr Netanyahu is suspected in return to have sought to help Milchan receive tax benefits that some reports said could have been worth millions of dollars and assisted him with obtaining a US visa.
Mr Netanyahu argues there is no problem with receiving gifts from friends and denies having acted inappropriately in exchange.
A second investigation, known as Case 2000, concerns allegations Netanyahu sought a deal with the owner of the Yediot Aharonot newspaper that would have seen it give him more favourable coverage.
In exchange, Mr Netanyahu allegedly raised the possibility of pushing for legislation to limit the circulation of Israel Hayom, a free newspaper that is the main rival to Yediot.
Police based their investigation on recordings of meetings between Mr Netanyahu and Yediot's publisher Arnon Moses.
Ari Harow, a former Netanyahu chief of staff, agreed to testify in exchange for leniency.
Mr Netanyahu says he acted against the legislation concerning Israel Hayom.
The third investigation, known as Case 4000, is considered the most serious and also relates to alleged attempts to seek positive media coverage through favours.
Mr Netanyahu is alleged to have negotiated with Shaul Elovitch, the controlling shareholder of Israeli telecommunications giant Bezeq, to get positive coverage on his Walla! news site in exchange for policies benefiting Bezeq.
Shlomo Filber, a Netanyahu ally for more than 20 years and a former communications ministry director general, has become a state witness.
He is accused of mediating between Mr Netanyahu and Mr Elovitch and promoting regulatory changes worth millions of dollars to Bezeq.
Mr Netanyahu dismisses the allegations, saying he received nothing from Mr Elovitch and that Walla's coverage of him has been negative.
He says experts were in support of arrangements for Bezeq.
Mr Mandelblit described a long list of Walla coverage decisions allegedly taken on behalf of Mr Netanyahu.
They included downplaying stories Mr Netanyahu viewed as harmful to him or his family and publishing negative coverage of opponents.
In one case, Mr Netanyahu allegedly pushed for a story about the wife of a political rival having worked in a non-kosher restaurant.
Another allegedly saw the Netanyahus order the publication of a story about his wife Sara attending a Mariah Carey concert and her meeting with the singer.
In alleged communications regarding such coverage, Mr Netanyahu was referred to as "the big one".
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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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Final: England v South Africa, Saturday, 1pm
THE CARD
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2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
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4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)
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RACE CARD
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m
10pm: Handicap (TB) Dh92,500 (D) 1,400m
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
