Nancy Pelosi, the speaker of the US House of Representatives, told The National on Thursday that she supports a $735 million sale of precision-guided bombs to Israel despite attempts by high-profile members of Congress to halt the deal.
“I support the arms sale,” Ms Pelosi said. “But I appreciate the informed debate that our members are having on the subject.”
Her endorsement came the same day that Bernie Sanders, an independent senator from Vermont who votes with the Democrats, introduced a Senate bill seeking to halt the sale of weapons while the conflict rages between Israel and Hamas.
“At a moment when US-made bombs are devastating Gaza and killing women and children, we cannot simply let another huge arms sale go through without even a congressional debate,” Mr Sanders said in a statement introducing the bill.
Though Mr Sanders’s bill is unlikely to pass the Senate, he will likely have the option to force a vote on the issue, marking the first time Congress has had to consider blocking an arms sale to Israel, which has previously enjoyed unconditional bipartisan support on Capitol Hill.
“I believe that the United States must help lead the way to a peaceful and prosperous future for both Israelis and Palestinians,” Mr Sanders said.
“We need to take a hard look at whether the sale of these weapons is actually helping do that or whether it is simply fuelling the conflict.”
Congresswoman Alexandria Ocasio-Cortez of New York this week introduced a similar bill in the House.
“For decades, the US has sold billions of dollars in weaponry to Israel without ever requiring them to respect basic Palestinian rights,” Ms Ocasio-Cortez said when introducing the bill.
“In so doing, we have directly contributed to the death, displacement and disenfranchisement of millions.”
Democratic leaders in the US Congress are trying to clamp down on a growing movement in their ranks to restrict arms sales and put conditions on military aid to Israel.
The pro-Israel old guard in the House has started to lose traction as a new generation of Democrats willing to criticise the crucial US ally rises through the ranks and vocally pro-Palestinian members continue to win elections.
The violence in Gaza has also proved to be a major test for President Joe Biden and his handling of an international crisis as well as his relationship with Israeli Prime Minister Benjamin Netanyahu.
US efforts continued on Thursday to push for a ceasefire. Vice President Kamala Harris held a call with Jordan’s King Abdullah II, while Secretary of State Antony Blinken and National Security Adviser Jake Sullivan spoke with their Israeli counterparts, Gaby Ashkenzi and Meir Ben Shabbat.
On Wednesday, Mr Biden told Israeli Prime Minister Benjamin Netanyahu that he expected "a significant de-escalation today on the path to a ceasefire", after drawing criticism domestically for his staunchly pro-Israel response to the crisis.
While the request marked Mr Biden’s toughest public statement yet, Mr Netanyahu seemed to brush it aside, saying he was “determined to continue this operation until its aim is met” as fighting continued into Thursday.
The two leaders have had tense moments over the years, and their current differences over Gaza create a challenge Mr Biden had hoped to avoid as he tries to focus on domestic issues.
On Thursday, US sources told The National they were cautiously optimistic that a ceasefire was imminent. Negotiations are focused on the exact timing of the cessation of hostilities.
The Biden administration insists it is working frantically behind the scenes to force a reduction in violence, but at the UN, the US has repeatedly blocked proposed statements calling for a ceasefire. Regional envoy Hady Amr remains in the region and is speaking with both parties.
Mr Biden spoke with Egyptian President Abdel Fattah Al Sisi by phone on Thursday, as Cairo seeks to help broker an end to hostilities.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE currency: the story behind the money in your pockets
