• Israeli artillery in action as the escalation continues between the Israeli army and Hamas at the Gaza Border. EPA
    Israeli artillery in action as the escalation continues between the Israeli army and Hamas at the Gaza Border. EPA
  • Mourners attend the funeral of Palestinian Rashid Abu Ara, 16, who was killed during clashes with Israeli troops in village of Aqaba near Nablus, north of the West Bank. AFP
    Mourners attend the funeral of Palestinian Rashid Abu Ara, 16, who was killed during clashes with Israeli troops in village of Aqaba near Nablus, north of the West Bank. AFP
  • A heavily damaged house in a residential area in the city of Yehud, in central Israel. AFP
    A heavily damaged house in a residential area in the city of Yehud, in central Israel. AFP
  • Parents of Palestinian man Abdulsalam Al-Ghazali, who was killed amid a flare-up of Israeli-Palestinian violence, react during their son funeral in Gaza City. Reuters
    Parents of Palestinian man Abdulsalam Al-Ghazali, who was killed amid a flare-up of Israeli-Palestinian violence, react during their son funeral in Gaza City. Reuters
  • Residents look at a car that was hit in an Israeli air strike, on the main road in Gaza City. Three people who were in the vehicle died. AP
    Residents look at a car that was hit in an Israeli air strike, on the main road in Gaza City. Three people who were in the vehicle died. AP
  • Palestinians mourn the death of relatives outside a hospital in Beit Lahia following a series of Israeli air strikes on the Hamas-controlled Gaza Strip. AFP
    Palestinians mourn the death of relatives outside a hospital in Beit Lahia following a series of Israeli air strikes on the Hamas-controlled Gaza Strip. AFP
  • Israeli Arabs treat a sheep that was wounded by a rocket fired from the Gaza Strip, where nearby a father and his daughter were killed, in the village of Dahmash near the Israeli city of Lod. AP
    Israeli Arabs treat a sheep that was wounded by a rocket fired from the Gaza Strip, where nearby a father and his daughter were killed, in the village of Dahmash near the Israeli city of Lod. AP
  • An injured man receives treatment at the scene after a rocket launched from the Gaza strip struck in Giv'atayim, Israel. Getty
    An injured man receives treatment at the scene after a rocket launched from the Gaza strip struck in Giv'atayim, Israel. Getty
  • A man looks at the damage in the aftermath of overnight Israeli air strikes on Gaza. EPA
    A man looks at the damage in the aftermath of overnight Israeli air strikes on Gaza. EPA
  • A Jewish man at a burnt-out synagogue after overnight riots between Arab and Jewish residents in Lod, Israel. EPA
    A Jewish man at a burnt-out synagogue after overnight riots between Arab and Jewish residents in Lod, Israel. EPA
  • Relatives of Palestinian Rashid Abu Arra, 16, who was killed during clashes with Israeli troops in the village of Aqqaba near Nablus at the hospital morgue in Tubas in the occupied West Bank. AFP
    Relatives of Palestinian Rashid Abu Arra, 16, who was killed during clashes with Israeli troops in the village of Aqqaba near Nablus at the hospital morgue in Tubas in the occupied West Bank. AFP
  • Rubble from the Hanadi tower after an Israeli air strike on Gaza City. EPA
    Rubble from the Hanadi tower after an Israeli air strike on Gaza City. EPA
  • Israeli security forces pass burnt-out vehicles in Holon near Tel Aviv. AFP
    Israeli security forces pass burnt-out vehicles in Holon near Tel Aviv. AFP
  • A huge crater in Gaza City caused by the Israeli air strikes. AFP
    A huge crater in Gaza City caused by the Israeli air strikes. AFP
  • A broken mannequin near a tower building in Gaza City that was hit by Israeli air strikes during the flare-up of Israeli-Palestinian violence. Reuters
    A broken mannequin near a tower building in Gaza City that was hit by Israeli air strikes during the flare-up of Israeli-Palestinian violence. Reuters
  • Fires at sunrise in Khan Yunish after an Israeli air strike on targets in the southern Gaza strip. AFP
    Fires at sunrise in Khan Yunish after an Israeli air strike on targets in the southern Gaza strip. AFP
  • Palestinian rescuers move an elderly woman from a building in Gaza City after Israeli air strikes in the area. AP Photo
    Palestinian rescuers move an elderly woman from a building in Gaza City after Israeli air strikes in the area. AP Photo
  • Palestinians evacuate after their tower building was hit by Israeli air strikes, in Gaza City. Reuters
    Palestinians evacuate after their tower building was hit by Israeli air strikes, in Gaza City. Reuters
  • The remains of a rocket, destroyed by Israel's Iron Dome aerial defence system, which was fired by the Palestinian Islamist group Hamas from the Gaza strip. AFP
    The remains of a rocket, destroyed by Israel's Iron Dome aerial defence system, which was fired by the Palestinian Islamist group Hamas from the Gaza strip. AFP
  • An Iron Dome aerial defence system battery is seen in the foreground as fire rages at Ashkelon's refinery, which was hit by Hamas rockets the previous day, in the southern Israeli city. AFP
    An Iron Dome aerial defence system battery is seen in the foreground as fire rages at Ashkelon's refinery, which was hit by Hamas rockets the previous day, in the southern Israeli city. AFP
  • Palestinians stand next to the remains of a tower building which was destroyed in Israeli air strikes, in Gaza City. Reuters
    Palestinians stand next to the remains of a tower building which was destroyed in Israeli air strikes, in Gaza City. Reuters
  • A Palestinian man holds an injured girl awaiting medical care at al-Shifa hospital, after an Israeli air strike in Gaza city. AFP
    A Palestinian man holds an injured girl awaiting medical care at al-Shifa hospital, after an Israeli air strike in Gaza city. AFP
  • People take shelter in the basement of a building in the Israeli city of Tel Aviv as alarm sirens wailed after 3:00 a.m. after rockets were launched towards Israel from the Gaza Strip. AFP
    People take shelter in the basement of a building in the Israeli city of Tel Aviv as alarm sirens wailed after 3:00 a.m. after rockets were launched towards Israel from the Gaza Strip. AFP
  • Israeli border police vehicles drive past an extinguished burnt vehicle in Lod near Tel Aviv, after rockets were launched towards Israel from the Gaza Strip controlled by the Palestinian Hamas movement. AFP
    Israeli border police vehicles drive past an extinguished burnt vehicle in Lod near Tel Aviv, after rockets were launched towards Israel from the Gaza Strip controlled by the Palestinian Hamas movement. AFP
  • An Israeli police officer gestures to a Palestinian woman and her daughter, frightened by clashes outside of the Damascus Gate to the Old City of Jerusalem. AP Photo
    An Israeli police officer gestures to a Palestinian woman and her daughter, frightened by clashes outside of the Damascus Gate to the Old City of Jerusalem. AP Photo
  • Israeli firefighters walk by a car with a fallen tree on it after it was hit by a rocket fired from Gaza towards Holon, Israel. Reuters
    Israeli firefighters walk by a car with a fallen tree on it after it was hit by a rocket fired from Gaza towards Holon, Israel. Reuters
  • Palestinians inspect a destroyed Hanadi tower after Israeli airstrike in Gaza City. EPA
    Palestinians inspect a destroyed Hanadi tower after Israeli airstrike in Gaza City. EPA
  • Arab Israelis gesture and wave Palestinian flags during the funeral of Mousa Hassouna in the central Israeli city of Lod near Tel Aviv. Hassouna was killed during clashes with Israeli security following an anti-Israel demonstration over tensions in Jerusalem. AFP
    Arab Israelis gesture and wave Palestinian flags during the funeral of Mousa Hassouna in the central Israeli city of Lod near Tel Aviv. Hassouna was killed during clashes with Israeli security following an anti-Israel demonstration over tensions in Jerusalem. AFP
  • Rescuers rush to help among the rubble in front of Al Sharouk tower, that collapsed after being hit by an Israeli air strike, in Gaza city on Wednesday. AFP
    Rescuers rush to help among the rubble in front of Al Sharouk tower, that collapsed after being hit by an Israeli air strike, in Gaza city on Wednesday. AFP
  • Palestinians view the smouldering remains of Al Sharouk tower, which collapsed after being hit by an Israeli air strike. AFP
    Palestinians view the smouldering remains of Al Sharouk tower, which collapsed after being hit by an Israeli air strike. AFP
  • Smoke and flames rise from Al Sharouk tower, as it collapses after being hit by an Israeli air strike in Gaza City. AFP
    Smoke and flames rise from Al Sharouk tower, as it collapses after being hit by an Israeli air strike in Gaza City. AFP
  • Al Sharouk tower block collapses after being hit by an Israeli air strike. AFP
    Al Sharouk tower block collapses after being hit by an Israeli air strike. AFP
  • A man peers out to survey destroyed buildings in Gaza city, following Israeli air strikes. AFP
    A man peers out to survey destroyed buildings in Gaza city, following Israeli air strikes. AFP
  • A plume of black smoke rises into the air in Khan Yunis, in the southern Gaza Strip, following an Israeli air strike on the area, which is controlled by the militant Hamas movement. AFP
    A plume of black smoke rises into the air in Khan Yunis, in the southern Gaza Strip, following an Israeli air strike on the area, which is controlled by the militant Hamas movement. AFP
  • Parts of a broken mannequin lie scattered near a building that was hit by Israeli air strikes in Gaza city. Reuters
    Parts of a broken mannequin lie scattered near a building that was hit by Israeli air strikes in Gaza city. Reuters
  • A Palestinian woman mourns her son Rasheed Abu Arra, who was killed during confrontations with Israeli forces, at his funeral in the village of Aqaba, near the West Bank town of Tubas. AP Photo
    A Palestinian woman mourns her son Rasheed Abu Arra, who was killed during confrontations with Israeli forces, at his funeral in the village of Aqaba, near the West Bank town of Tubas. AP Photo
  • Women mourn at the funeral of Palestinian Rasheed Abu Arra, who was killed during confrontations with Israeli forces, in the town of Aqaba, near Tubas, in the West Bank. Reuters
    Women mourn at the funeral of Palestinian Rasheed Abu Arra, who was killed during confrontations with Israeli forces, in the town of Aqaba, near Tubas, in the West Bank. Reuters
  • Israel's Iron Dome air defence system intercepts a rocket launched from the Gaza Strip, above the southern Israeli city of Ashdod. AFP
    Israel's Iron Dome air defence system intercepts a rocket launched from the Gaza Strip, above the southern Israeli city of Ashdod. AFP

Biden administration ignored warnings about potential crisis in Jerusalem for weeks


Joyce Karam
  • English
  • Arabic

At least two Arab governments warned the Biden administration for weeks that a crisis was building in Jerusalem and urged Washington to act immediately to prevent any further escalation.

Those warnings were not heeded until late last week, two senior diplomatic sources in Washington told The National.

The situation in Jerusalem continued to deteriorate, becoming a deadly exchange of missiles between Israel and Hamas.

US President Joe Biden's administration, like many of its predecessors, came into office with a list of foreign policy priorities that excluded the Palestinian-Israeli conflict.

Reversing Trump-era decisions on refugee aid and re-engaging with the Palestinian Authority has so far been the farthest the new team has gone to address the conflict.

In March, an Israeli court ruled to expel six Palestinian families from the Sheikh Jarrah neighbourhood in Jerusalem.

The decision, which came after settlement expansion in the occupied territories, was enough to alarm neighbouring Arab capitals.

Since April, Arab governments sent unambiguous messages to Washington on the need to act quickly, to pressure Israel and to try to reduce tension.

“We told them we are walking into an explosion if nothing is done,” one diplomat said.

Those messages intensified in the past two weeks, but were not met with any formal response from the State Department or the White House, the two sources said.

The State Department did not immediately respond to a request for comment.

On Friday, May 7, the administration said it was “deeply concerned about the potential eviction of Palestinian families in the Sheikh Jarrah and Silwan neighbourhoods of Jerusalem".

By then, the situation in East Jerusalem had reached boiling point, with protests at the Haram Al Sharif and Israeli security forces firing tear gas and rubber bullets inside Al Aqsa Mosque.

This week, the violence reached new heights as Hamas fired hundreds of rockets into Israel and the Israeli Army carried out air strikes on Gaza.

“The administration needs to step up and play a more active role in this space,” said Lucy Kurtzer-Ellenbogen, director of the Israeli-Palestinian conflict programme at the US Institute of Peace.

"It set out with the goal of relegating this conflict to a back-bench focus, resetting the table where it can, but otherwise no bold approaches."

With 28 Palestinians and two Israelis killed so far, Ms Kurtzer-Ellenbogen told The National that it was time for the US to move beyond statements.

“Statements will no longer make a difference," she said. "Action, or credible threat of action, is the only thing that could have some impact on both sides.

"What is ideally needed is a strong co-ordinating role by the US to have all relevant players exercise their leverage where they have it.”

The US is now hoping for a ceasefire between Hamas and Israel before the Muslim holiday of Eid on Thursday.

But with Israeli Prime Minister Benjamin Netanyahu facing a government crisis and Hamas banking on military escalation, Arab diplomats are not hopeful for any quick resolution.

Dennis Ross, a former US envoy for peace, advised the Biden administration to work closely with Egypt and Jordan in trying to restore calm.

"The Biden administration is being reminded that active diplomacy is often needed to manage conflicts, not just settle them," Mr Ross, a senior fellow at the Washington Institute for Near East Policy, told The National.

While the Biden team was quick to appoint envoys to Yemen, Libya and the Horn of Africa, no such position was assigned for Israel and Palestine.

Mr Ross now sees limited options for the White House.

“Its options are to try to work with the Israelis on how best to restore calm and avoid an escalatory cycle; deal with the Palestinian Authority to try to get it to lower the temperature; and to work closely with Egypt, given the role it can play with Hamas and Israel, and Jordan, given the role of the Waqf and its ability to talk to [President] Mahmoud Abbas and the PA,” he said.

US Secretary of State Antony Blinken and National Security Adviser Jake Sullivan hosted Jordanian Foreign Minister Ayman Al Safadi in Washington on Monday.

The biog

DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister

If you go

The Flights

Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.

The trip

Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

THE%20HOLDOVERS
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LAST 16 DRAW

Borussia Dortmund v PSG

Real Madrid v Manchester City

Atalanta v Valencia

Atletico Madrid v Liverpool

Chelsea v Bayern Munich

Lyon v Juventus

Tottenham v Leipzig

Napoli v Barcelona

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Name: Colm McLoughlin

Country: Galway, Ireland

Job: Executive vice chairman and chief executive of Dubai Duty Free

Favourite golf course: Dubai Creek Golf and Yacht Club

Favourite part of Dubai: Palm Jumeirah

 

Results

4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).

4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.

5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.

5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.

6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.

6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.

7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
DUNE%3A%20PART%20TWO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Denis%20Villeneuve%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Timothee%20Chamalet%2C%20Zendaya%2C%20Austin%20Butler%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

'Young girls thinking of big ideas'

Words come easy for aspiring writer Afra Al Muhairb. The business side of books, on the other hand, is entirely foreign to the 16-year-old Emirati. So, she followed her father’s advice and enroled in the Abu Dhabi Education Council’s summer entrepreneurship course at Abu Dhabi University hoping to pick up a few new skills.

“Most of us have this dream of opening a business,” said Afra, referring to her peers are “young girls thinking of big ideas.”

In the three-week class, pupils are challenged to come up with a business and develop an operational and marketing plan to support their idea. But, the learning goes far beyond sales and branding, said teacher Sonia Elhaj.

“It’s not only about starting up a business, it’s all the meta skills that goes with it -- building self confidence, communication,” said Ms Elhaj. “It’s a way to coach them and to harness ideas and to allow them to be creative. They are really hungry to do this and be heard. They are so happy to be actually doing something, to be engaged in creating something new, not only sitting and listening and getting new information and new knowledge. Now they are applying that knowledge.”

Afra’s team decided to focus their business idea on a restaurant modelled after the Leaning Tower of Pisa. Each level would have a different international cuisine and all the meat would be halal. The pupils thought of this after discussing a common problem they face when travelling abroad.

“Sometimes we find the struggle of finding halal food, so we just eat fish and cheese, so it’s hard for us to spend 20 days with fish and cheese,” said Afra. “So we made this tower so every person who comes – from Africa, from America – they will find the right food to eat.”

rpennington@thenational.ae

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

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.”

UAE%20SQUAD
%3Cp%3E%0DJemma%20Eley%2C%20Maria%20Michailidou%2C%20Molly%20Fuller%2C%20Chloe%20Andrews%20(of%20Dubai%20College)%2C%20Eliza%20Petricola%2C%20Holly%20Guerin%2C%20Yasmin%20Craig%2C%20Caitlin%20Gowdy%20(Dubai%20English%20Speaking%20College)%2C%20Claire%20Janssen%2C%20Cristiana%20Morall%20(Jumeirah%20English%20Speaking%20School)%2C%20Tessa%20Mies%20(Jebel%20Ali%20School)%2C%20Mila%20Morgan%20(Cranleigh%20Abu%20Dhabi).%3C%2Fp%3E%0A
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers