Prime Minister Rishi Sunak writes a message of goodwill to the people of Israel whilst visiting a Jewish school in northern London. Getty Images
Prime Minister Rishi Sunak writes a message of goodwill to the people of Israel whilst visiting a Jewish school in northern London. Getty Images
Prime Minister Rishi Sunak writes a message of goodwill to the people of Israel whilst visiting a Jewish school in northern London. Getty Images
Prime Minister Rishi Sunak writes a message of goodwill to the people of Israel whilst visiting a Jewish school in northern London. Getty Images

Sunak says he stands by Israel after 'existential strike' by Hamas


Thomas Harding
  • English
  • Arabic

Live updates: Follow the latest news on Israel-Gaza

Rishi Sunak told the British Parliament on Monday that he was standing by Israel as it responded to Hamas attacks from Gaza, which represented an "existential strike" on the country's security.

The UK Prime Minister has been unequivocal in assuring the Israeli government of British support since No 10's first response to the attacks. Addressing MPs for the first time since Hamas launched the assault, Mr Sunak set out the three pillars of his policy to address the crisis.

Rishi Sunak speaking in the House of Commons about Hamas's attacks on Israel on Monday. PA
Rishi Sunak speaking in the House of Commons about Hamas's attacks on Israel on Monday. PA

"One reason why this attack is so shocking is that it is a fundamental challenge to any idea of co-existence, which is an essential precursor to peace and stability in the region," he said.

"Israel was founded not just as a homeland for the Jewish people, but as a guarantor of their security to ensure that what happened to the Jewish people in the Holocaust could never happen again. Through its strength and resilience, Israel gradually achieved some of that longing for security.

"This atrocity was an existential strike at the very idea of Israel."

The depth of Mr Sunak's reaction led officials to say that there are "no grey areas" in Britain's response, with the UK standing firmly behind Israel to prevent further threats to its security and whatever military operation may come next.

However, officials stressed London is not giving Israel a carte blanche. Mr Sunak said the government calls on Israel to ensure its operation "protects civilians from harm".

“This must be done in line with international humanitarian law, but also recognising that they face a vicious enemy that embeds itself behind civilians," he said.

“As a friend, we will continue to call on Israel to take every possible precaution to avoid harming civilians."

Mr Sunak also spoke to Palestinian President Mahmoud Abbas on Monday to reiterate his support for a two-state solution to the conflict.

"The Prime Minister and President Abbas agreed that the international community must intensify efforts to break the cycle of violence in Israel and the Occupied Palestinian Territories," No 10 said in a statement.

Mr Sunak said the government would increase British aid to Palestinians by £10 million ($12.2 million).

Mr Sunak announced a three-point strategy in which the government will support Israel while using diplomacy to prevent the war from spreading through the Middle East and to ward off a major humanitarian crisis in Gaza.

He told Parliament that British naval and other units redeployed to the Mediterranean would be used to prevent Iran shipping arms to its allied militias – not only Hamas, but Lebanon's Hezbollah too.

"Last week I deployed surveillance aircraft and assets to the Mediterranean," he said.

“They are already engaged with ensuring that arms shipments do not find their way to people like Hezbollah, and Iran does not see this as as opportunity to escalate the conflict.”

Defence Secretary Grant Shapps was due to call his Israeli counterpart Yoav Gallant on Monday, and Ministry of Defence officials said he would emphasise that any military operation must be conducted according to international law.

Mr Sunak was contemplating his next political moves following modest success at the Conservative Party conference, when worried aides approached him with word of the Hamas incursion.

The Hamas rocket attack on Israel early on October 7 was followed by a land assault that resulted in hundreds of civilian deaths, including children.

Mr Sunak made his position very clear. His support for Israel was “unequivocal”, and for Hamas there was “unequivocal condemnation”.

The Conservative Party is a long-term backer of Israel. “This is one of the big differences between Labour and the Conservatives in that we have actually been long-time friends of Israel,” said a Conservative official, who is Jewish.

“We understand the difference between Palestine and Hamas, and that Hamas is a terror group that wants to wipe Israel out and wipe all Jews out. We understand that Hamas is totally different from Palestinians.”

The pro-Israel stance of the party is something long-acknowledged, with the Conservative Friends of Israel group exercising strong influence.

Britain's Prime Minister Rishi Sunak shakes hands with Jordan's King Abdullah II in Downing Street on Sunday. AFP
Britain's Prime Minister Rishi Sunak shakes hands with Jordan's King Abdullah II in Downing Street on Sunday. AFP

There is an incredibly strong connection between CFI and [Israeli Prime Minister Benjamin] Netanyahu,” one party veteran said.

“The group is also a massive electoral asset to the Tories via their fundraising activities, but many Conservatives mistake the CFI’s view for that of the view of Jewish people in the UK.”

This was on display when former prime minister Liz Truss announced that Britain would move its embassy from Tel Aviv to Jerusalem, a decision that Mr Sunak quietly reversed.

But not all members of the Conservative Party approve of its pro-Israel stance. Crispin Blunt, a frequent critic of Israel and co-director of the International Centre of Justice for Palestinians, issued the group’s intention to prosecute the British government for “aiding and abetting war crimes in Gaza”.

While Mr Blunt is in a minority, the condemnation of Israel could soon prove difficult to ignore if an invasion of Gaza leads to a catastrophic humanitarian crisis.

The CFI is understood to heavily favour the Abraham Accords, which normalised relations between Israel and some Arab countries – including the UAE – and this could influence its future support for Mr Netanyahu’s actions if the group considers Israel's response to have gone too far, the veteran official said.

“This could water down [Mr Sunak's] response, but he’s not going to do it through casualties in Gaza, but more likely because he's looking to do a trade deal with GCC and understands the danger of Jordan’s instability.

Mr Sunak will also draw on the US's unqualified backing of Israel’s actions, as well as the fact that Labour leader Keir Starmer has positioned his party firmly behind Israel.

Mr Starmer, who could become prime minister next year, may also see the crisis as an opportunity to prove that his party has moved further away from the allegations of anti-Semitism it was subjected to under the leadership of his predecessor, Jeremy Corbyn.

Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

 

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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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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Updated: October 17, 2023, 10:08 AM