NEW YORK // Human rights protesters took to the streets in New York last week to continue their campaign against an Israeli billionaire who is suspected of building settlements in the occupied West Bank.
Adalah-NY, a Jewish-Palestinian umbrella group of activists, vowed to maintain pressure on Lev Leviev, a real estate and diamond mogul who is one of the richest men in Israel, over his suspected activities in the West Bank and to prevent him from opening more Leviev diamond jewellery stores in Dubai.
"There is growing awareness around the world about Leviev's blatant human rights abuses," said Daniel Lang-Levitsky, a spokesman for Jews Against the Occupation, which is part of Adalah-NY.
Unicef, the United Nations children's agency, announced last month it would not accept any financial contributions from Leviev companies after finding "at least reasonable grounds for suspecting" they were building settlements in defiance of international law.
Mr Leviev is the chairman of Africa Israel Investments, a global conglomerate.
One of its units is Danya Cebus, which activists say is helping to construct the settlement of Zufim on land taken from the Palestinian village of Jayyous in the northern West Bank.
There is one Leviev store at the Mina Al Salam hotel in Dubai; plans to open more shops appear to be on hold while the Arab League's Central Boycott Office in Damascus considers its position.
About 20 people gathered on a rainy afternoon outside the Leviev store on Madison Avenue on Wednesday for the latest in a string of protests that started last year. Wednesday was the fourth anniversary of the International Court of Justice's ruling that Israel's separation barrier illegally annexed Palestinian land.
Just inside the store, protected by a New York police cordon, a burly security guard in a suit stood behind a window display of diamonds and a printed list of Leviev store locations - London, New York, Moscow and Dubai.
The protesters chanted such slogans as "you sparkle, you shine, but settlements are still a crime" and "you're glitzy, you're glam, you're stealing Palestinian land". Many people walking past, including glamorous Upper East Side ladies, looked bemused but many took a leaflet.
"Our movement is providing a model for other campaigns in the boycott movement," said Riham Barghouti, a spokesman for Adalah-NY, who is from Ramallah and works as a teacher in Brooklyn.
"Our main message to supporters either here or in the United Arab Emirates is that in spite of the difficulties, it is possible to get together and protest against human rights violations."
Mr Leviev's public relations staff would not comment. In an interview with Ha'aretz, an Israeli newspaper, this year, the usually media-shy Mr Leviev said he would build in the Palestinian territories as long as he had permission from Israel.
He said "groups that are funded by business competitors" were behind the protests but offered no evidence.
The Adalah-NY grassroots campaign - including protests, letters to the media and internet activism - is sharply focused against Mr Leviev and his business activities in the West Bank but also supports striking miners at his companies in Namibia and rent-controlled tenants at properties owned by the businessman in New York.
Although Adalah-NY is a small group, it said its effect was illustrated by Unicef's rejection of further financial contributions from Mr Leviev.
Abraham Foxman, national director of the Anti-Defamation League, which fights anti-Semitism, defends Mr Leviev.
"The decision not to accept assistance from Mr Leviev smacks of selective political discrimination," Mr Foxman said. "This decision only gives legitimacy to those who would seek to promote a boycott of the state of Israel and its supporters."
The debate was taken up by Richard Silverstein, who runs the liberal Tikun Olam website.
"I've been following Adalah's energetic, months-long campaign against Russo-Israeli diamond baron Lev Leviev with great interest. Not so much because I agree with Adalah's politics regarding the I-P [Israel-Palestine] conflict but because I find Leviev's political, commercial and religious interests to be so odious," he wrote. "Through an imaginative, tenacious campaign they have nipped at Leviev's heels all over the globe where he maintains commercial interests."
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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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Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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