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A delegation of ministers from Arab and Islamic countries urged the UK to play a “balanced role” in the Israel-Gaza conflict during a meeting with British Foreign Secretary David Cameron on Wednesday.
The delegation was formed at the Islamic-Arab Summit in Riyadh to meet the five permanent members of the UN Security Council in efforts to end the Israel-Gaza war.
The committee of nine ministers and diplomats was led by Saudi Foreign Minister Prince Faisal bin Farhan. It welcomed the four-day humanitarian truce between Israel and Hamas, according to a statement from the kingdom after the meeting.
After holding talks with Mr Cameron, the delegation said it was urging the international community to build on this to reach a “complete and sustainable ceasefire as soon as possible”.
It also addressed the need to revive the peace process in the hope of establishing a “sovereign, independent” Palestinian state in line with 1967 borders and with East Jerusalem as its capital, and discussed the securing of safe passages for humanitarian aid into Gaza.
UK Prime Minister Rishi Sunak has expressed unwavering support for Israel's "right" to defend itself from Hamas, but stressed it must do so within international law. Lord Cameron reaffirmed the UK's support for a two-state solution after his surprise appointment last week and said he would work for a political solution to the crisis.
“The agreement reached last night is an important opportunity to get the hostages out and more aid into Gaza to help the Palestinian people," he said on Wednesday. “We discussed how to use this step forward to think about the future and how we can build a peaceful future which provides security for Israel but also peace and stability for the Palestinian people.”
The visiting committee called on the UK to “reject all forms of selectivity” by holding Israel accountable for its actions according to international law, and not to “overlook the ugly crimes” committed by “occupation forces and settler militias” in the Palestinian territories.
Upon leaving Westminster, the delegation went straight to Paris to meet French President Emmanuel Macron at the Elysée Palace.
This will conclude three days of intense diplomatic efforts, involving meetings with Russian Foreign Minister Sergey Lavrov in Moscow and Chinese Vice President Han Zheng earlier this week.
'Momentum for diplomacy'
The meeting with Lord Cameron is part of a “momentum for diplomacy” that experts speaking at foreign affairs think tank Chatham House see as driven by Arab states.
But it is fraught with challenges – not least because of Israel’s internal confusion over the future of Gaza. “When thinking of a diplomatic path forward, we do need to look at the appetite for that in Israel,” said Dr Elham Fakhro, associate fellow at Chatham House.
Though the Arab world’s message is “clear”, the challenges are varied and touch on existing normalisation agreements with Israel, experts on the panel said.
Foremost among these is Egypt, which has had “extremely solid” relations with Israel since the Camp David Accords, according to Mirette Mabrouk, senior fellow and founding director of the Egypt programme at the Middle East Institute. The 40-year agreement has been an “essential” security guarantor for Israel.
Yet the relationship has soured as the risk of Israel pushing Palestinians out of Gaza and into Egypt's Sinai Peninsula grows. Israeli officials have expressed intent to do so.
Egypt considers an influx of Palestinian refugees to be a security risk and a red line. Ignoring Egyptian concerns, US and European diplomats have urged Cairo to take in Palestinian refugees in exchange for debt relief from its economic crisis.
The move by western countries on behalf of Israel has threatened to “push Egypt beyond its limits", Ms Mabrouk said. “When a country that has had the worst economic crisis in 50 years is promised debt relief and consistently says no, you should pay attention,” she said.
Among the Gulf states, Saudi Arabia has “gone the furthest” in its willingness to put pressure on Israel, said Dr Fakhro.
Latest from Israel-Gaza conflict - in pictures
Understanding what Israel wants from the war is another obstacle in the path to peace, she said. “There are some unknowns. What is Israel trying to accomplish beyond its general goal of eliminating Hamas? What is Israel willing to do when there is a ceasefire eventually?” Dr Fakhro said.
An emboldened far right in Israel has called for the establishment of a wide buffer zone that would push Palestinians to southern Gaza. Talk of bringing the Palestinian Authority back to Gaza has been met with direct opposition from Israeli officials.
The US has opposed an Israel occupation of Gaza after the war. But Arab states will be reluctant to "clean up the mess" after an Israeli withdrawal.
Egypt or other Arab states' involvement in post-conflict Gaza could place them in the role of “occupier”.
“The agreement on this subject is fairly homogeneous and is the same as most of the Arab states,” Ms Mabrouk said of Egypt.
Nonetheless, ideas and proposals for how Arab states, the US and Israel can work together to contribute to peace and reconstruction are circulating in Washington, Dr Fakhro said.
“The hope is that yes, in the day after [the war], you have a momentum for diplomacy and there is a way forward,” she said.
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
KILLING OF QASSEM SULEIMANI
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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.”
Tips from the expert
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- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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