The Abraham Accord agreed on by the UAE, Israel and the US is "a big turn for optimism in the Middle East and throughout the world", White House senior adviser Jared Kushner said on Tuesday.
Speaking to The National in Abu Dhabi after he led the visit of a US-Israeli delegation to Abu Dhabi, which arrived on the first commercial flight between the UAE and Israel on Monday, Mr Kushner said the biggest part of this "historic breakthrough" is that it has inspired people "to see that peace is possible".
The agreement was announced after a joint call on August 13 between Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu.
As part of the accord, Israel will halt annexation of Palestinian territories in exchange for establishing diplomatic ties with the UAE.
“What we had through this agreement was two leaders breaking a barrier that many in this region thought would never be breakable,” Mr Kushner said before he left the UAE capital to continue his tour of the region, with stops in Bahrain and Saudi Arabia.
Mr Kushner said that it was not just in the Middle East that countries not thinking of normalising relations with Israel were now “thinking of forming a relationship and doing things they wouldn’t have thought to do a couple of weeks ago”.
“There’s a lot of envy in the region that the United Arab Emirates took this step and will now have access to Israeli agriculture, technology, security, business.. The opportunity in tourism. And so a lot of people would like to follow that now.”
Mr Kushner stressed the significance of the accord globally.
”We find that in all of our other files in the US, people aspire for peace and they see how well received it was and they see how much the world wants peace. And so people are feeling like, anything's possible,” he said.
He also said the accord was testament to Mr Trump’s leadership.
“He'll negotiate, but he'll do the right thing and he'll get results that nobody else has been able to get.”
The UAE remains committed to the collective Arab position that calls for establishing an independent Palestinian state with occupied East Jerusalem as its capital.
Mr Kushner said that Washington has approached the Palestinian-Israeli conflict “with a very rational set of solutions and prescriptions”, which includes a two-state solution.
“President Trump’s vision is a two-state solution … that properly recognises Israel's security threats and how to mitigate them. But then also deals with the fact that you can't just draw a line and then expect people to get along. You have to also empower the Palestinian people both through their culture, their institutions and then also through their economy,” he said.
But Mr Kushner stressed the need to look at a wider possibility for regional peace.
“I think that if you did one element without the others, I don't think it would be successful in the long term. But if you can work together on the whole package, I think it's a recipe for the Palestinian people to really thrive, have self-determination, have the state of their own. Live securely, live in peace, you know, get along with the Israelis, integrate into the region, and have tremendous economic opportunity."
Mr Kushner said it was “easy to misunderstand” Mr Trump’s commitment to the Middle East amid speculation over America’s level of engagement in the region. However, the president has “been abundantly clear” about the main priorities for the US and for his administration. A top priority being tackling Iran’s destabilising behaviour.
“If you look at where Iran is today, everywhere they are, it's a horror show. Right there in Yemen, Yemen's destabilised, they were playing around in Syria, they were playing in Iraq, which was destabilised. They have a strong foothold in Lebanon, and you have what's happening to the government there,” Mr Kushner said.
Those countries that were working to lessen Iran’s influence were “starting to get off their back feet and thrive a little bit”, he said.
Part of the effort to rein in Iran is America’s diplomatic push to renew a UN arms embargo on Tehran which expires next month.
“It's a very clear pathway to snapping back the resolutions because Iran clearly has been doing all types of nefarious things that are destabilising the region, at least an intent, and that's something that we have been pursuing very vigorously. I don't think the world becomes a safer place if Iran now has access to more advanced weaponry.”
Making sure ISIS did not make a resurgence is another top priority for Mr Trump, according to Mr Kushner. Another is countering extremism and extremist ideology.
“While the GCC [countries] has been fractured on certain issues, we have seen all of them coming together under President Trump's leadership to cut off the funding for a lot of the terror groups and that's reduced dramatically because President Trump said: ‘Look, I don't want people in the grey, you're either in the black or you're in the white’.”
“I would argue that his track record in the last three and a half years in the Middle East is the best that you've seen from American leadership over the last quarter century and, and that's been very deliberate, it's been very strategic. He's rebuilt alliances.”
“When you're a partner with America, there's no greater partner in the world,” he said.
As for the priorities of the American administration in a second term, should Mr Trump win in November’s elections, he will be in a position to make “the right deal” with Iran over its nuclear ambitions that will help stabilise the region.
“So Iran is basically broke right now, they're out of foreign currency. The sanctions through the maximum pressure campaign have been very effective. And I believe that one way or the other after the election, they're going to have to make a deal”, Mr Kushner said.
The recent visit of Iraq’s Prime Minister Mustafa Al Kadhimi to Washington last month has also set the stage for further co-operation with the Trump administration in the future, Mr Kushner said. “Iraq is heading in a very good place ... we’ve been working very closely with him [Al Kadhimi] to figure out what's the right mix of American troops in Iraq to keep long term stability and to not allow Iran's militias to destabilise Iraq.”
Mr Kushner said he predicts that during a second term in office for Mr Trump that there would be “a lot more peace with Israel” and a normalisation of ties with most countries.
After the election, assuming he wins, “the table has been set” for Mr Trump to make a breakthrough with North Korea. ”China will be a very, very big issue for the president. Obviously, right now, we're all recovering post-pandemic, but I think that we're gonna have to have some very serious discussions” about what relations with Beijing can look like.
“President Trump has shown in his first three and a half years, he has not gotten into any wars. In fact, he's worked to end wars, reduced tension. He's built relations with, you know, all different kinds of leaders, the western democracies, but then also the more [authoritarian] type of leaders. And he gets along with all of them. And I think that they trust him, they fear him, and they know that he means what he says and he says what he means and they respect him.”
Mr Kushner said the Abraham Accord was a “breakthrough” to be celebrated, but insisted "President Trump doesn't rest on his laurels".
"He [President Trump] believes that he's really spent the last three and a half years setting the table, and that the amount of opportunity that he can harvest for America and for the world to make it safer and more prosperous in the second term is going to be extraordinary”.
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Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
UAE currency: the story behind the money in your pockets
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Company%20profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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.”
Read more about the coronavirus
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Traces%20of%20Enayat
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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
Pros%20and%20cons%20of%20BNPL
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Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Company%20profile
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MATCH INFO
Chelsea 3 (Abraham 11', 17', 74')
Luton Town 1 (Clark 30')
Man of the match Abraham (Chelsea)
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000