Palestinians carry a large national flag during a rally marking the 74h anniversary of what the Palestinians call the "Nakba," or "catastrophe" referring to their uprooting in the war over Israel's 1948 creation, in the occupied West Bank city of Ramallah. (AP Photo / Majdi Mohammed)
Palestinians carry a large national flag during a rally marking the 74h anniversary of what the Palestinians call the "Nakba," or "catastrophe" referring to their uprooting in the war over Israel's 1948 creation, in the occupied West Bank city of Ramallah. (AP Photo / Majdi Mohammed)
Palestinians carry a large national flag during a rally marking the 74h anniversary of what the Palestinians call the "Nakba," or "catastrophe" referring to their uprooting in the war over Israel's 1948 creation, in the occupied West Bank city of Ramallah. (AP Photo / Majdi Mohammed)
Palestinians carry a large national flag during a rally marking the 74h anniversary of what the Palestinians call the "Nakba," or "catastrophe" referring to their uprooting in the war over Israel's 19

British MP says UK must recognise Palestine as state if there is to be any hope for peace


Layla Maghribi
  • English
  • Arabic

The UK needs to recognise Palestine as a state if there is to be any chance of a resolution to the protracted conflict, a senior politician has said.

“I think it’s going to be a very long haul,” Conservative MP David Jones at the cross-party Abandoning Palestine conference on Wednesday.

“The position of governments of all stripes, frankly for some time, has been not to recognise Palestine until, as they put it, the time is right.”

Mr Jones said he thought it was “very hard” to see “when the time is going to be absolutely right” but that the UK had “an obligation to do our very best to resolve the problem of Palestine”.

“We’ve got a government that, like its predecessors, is committed to what it calls a two-state solution. That means serving the interests of both Israelis and Palestinians equitably. In order to do that you need fairness, and it seems to me quite impossible to see how Palestinians can negotiate successfully as the State of Palestine, if Palestinians are not themselves recognised as a state.”

Mr Jones is the chairman of the all-party parliamentary groups for the UAE, Jordan and Libya and of the Council for Arab-British Understanding.

David Jones has been the Conservative Member of Parliament for Clwyd West since 2005. He has a long-standing interest in Middle Eastern Affairs and is chairman of the Council for Arab -British Understanding (CAABU) and also chairs the All-Party Parliamentary Groups for Jordan, Libya and the United Arab Emirates, in which capacities he has made several visits to the region. Wikimedia Commons
David Jones has been the Conservative Member of Parliament for Clwyd West since 2005. He has a long-standing interest in Middle Eastern Affairs and is chairman of the Council for Arab -British Understanding (CAABU) and also chairs the All-Party Parliamentary Groups for Jordan, Libya and the United Arab Emirates, in which capacities he has made several visits to the region. Wikimedia Commons

He said he had repeatedly “pressed” in Parliament for the need to recognise the occupied territories as an independent state and that he was “out of step” with his party over reports by Amnesty International and the former UN special rapporteur in which Israel was called an apartheid state.

“The conditions that we have in Palestine are deeply worrying. It does seem to me that civil rights and human rights are being routinely violated,” the MP said.

“They’re reluctant to address the issue of apartheid, even though it’s an issue that has been raised by an organisation of which the UK was a founding member and which is the ultimate guarantor of security and civilised standards in this world.”

Mr Jones said he was concerned that resolving the Palestine problem had become less of a priority for global leaders than before.

“I think that those of us who are interested in pursuing equity for the Palestinian people need to be very much aware of the fact that it is slipping down the international agenda. I think the parliamentarians have a responsibility to keep putting it back up the agenda at Westminster.”

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 
The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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.”

The biog

Name: Sari Al Zubaidi

Occupation: co-founder of Cafe di Rosati

Age: 42

Marital status: single

Favourite drink: drip coffee V60

Favourite destination: Bali, Indonesia 

Favourite book: 100 Years of Solitude 

Updated: May 19, 2022, 3:03 PM