Amid the boisterous enthusiasm of September 1993, a few warning voices could be heard, just barely.
Most of the world was welcoming the spectacle of Yasser Arafat and Yitzhak Rabin, respectively chairman of the Palestine Liberation Organisation and prime minister of Israel, shaking hands. A form of mutual recognition in the Oslo Accords the two men signed at the White House, 20 years ago last Friday, seemed to mean that an enduring two-state solution was in reach.
To be sure, agreement on a long list of contentious details had been deferred until the end of a five-year confidence-building period. But optimism is humanity’s default position, and many saw the Oslo deal as a genuine way forward.
Few people think that now. Two decades on, the views of critics such as Palestinian scholar Edward Said still reverberate. Denouncing "the degrading spectacle of Yasser Arafat thanking everyone for the suspension of most of his people's rights", Mr Said wrote that autumn that the Accords were merely "an instrument of Palestinian surrender".
By many measures, the situation today vindicates that view: Palestine’s economy is still anaemic, Israeli settlements keep expanding, a sinister wall divides Palestinians and serves Israelis while Palestinian leaders remain hopelessly divided. A Palestinian state is still a sadly remote abstraction.
It didn’t have to be this way. Ultimately, the Middle East’s most intractable issue must be settled at a negotiating table, not on a battlefield, and Oslo was by any measure a long step towards a two-state solution.
Through most of the years since that day in Washington, however, Israel’s government has worked with determined unity to stall Palestinian institution-building and to accelerate the change in demographic “facts on the ground”. Palestinian leadership has been irresolute and divided.
A few liberal Israelis persist in objecting to each new settlement and decrying each military abuse of Palestinian civilians. But these matters are no longer much of a political issue; Israeli society seems to be broadly intent on simply getting on with the task of swallowing and digesting the best parts of the West Bank.
As we have argued before in this space, the worldwide “boycott, divestment and sanctions” (BDS) campaign is becoming increasingly potent, as much of the world turns against Israel’s relentless behaviour.
But BDS is not enough. Unless Hamas and Fatah and other factions can come together as one political instrument, to speak with one voice for all their people, then there will be no new occasions for the kind of exultant optimism that bubbled up in 1993.
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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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.”