Britain’s foreign secretary Arthur Balfour wrote a letter on November 2, 1917 to Lord Rothschild setting forth Britain's support for the establishment of a Jewish state in Palestine. Photo12 / UIG via Getty Images
Britain’s foreign secretary Arthur Balfour wrote a letter on November 2, 1917 to Lord Rothschild setting forth Britain's support for the establishment of a Jewish state in Palestine. Photo12 / UIG via Getty Images
Britain’s foreign secretary Arthur Balfour wrote a letter on November 2, 1917 to Lord Rothschild setting forth Britain's support for the establishment of a Jewish state in Palestine. Photo12 / UIG via Getty Images
Britain’s foreign secretary Arthur Balfour wrote a letter on November 2, 1917 to Lord Rothschild setting forth Britain's support for the establishment of a Jewish state in Palestine. Photo12 / UIG via

UK transport officials ban Balfour Declaration poster campaign


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Posters that highlight the suffering of Palestinians in a campaign to mark the centenary of the Balfour Declaration has been banned from the London metro network for breaching rules on political messaging.

The poster campaign “Palestine…. Make it Right” features images of rubble, grieving families and refugee camps following the forced expulsion of Palestinians after the creation of the Jewish state in 1948.

The images were due to be posted on the underground network in the run-up to the November 2 centenary of the declaration which formed the basis for Israel. Israeli and Palestinian groups have planned a series of events to mark the occasion.

Transport for London (TfL) ruled that the posters cannot be displayed as they would breach its guidelines on advertising on the capital’s public transport network. Its guidelines state that advertisements would not be allowed if it related to a “political cause”.

The campaign was organised by the Palestinian’s diplomatic mission in the UK, which criticised the ruling by transport officials.

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“Despite TfL’s attempt to suppress Palestinian voices and censor the Palestinian narrative, such a historical wrong cannot be ignored forever,” the mission said in a statement.

The Balfour declaration led to the creation of Israel but the poster campaign highlights the second section of the 67-word letter from then foreign minister Arthur Balfour to Lord Rothschild, a leader of the British Jewish community. The section says that “nothing shall be done which may prejudice the civil and religious rights of existing non-Jewish communities in Palestine”.

One Palestinian group has written to London’s mayor Sadiq Khan to protest the protest ban. “This ban only acts to censor the Palestinian narrative,” according to the letter posted online by the London-based Palestinian Return Centre.

Pro-Palestinian campaigners have used the anniversary to continue their campaign for an apology from the UK government.

Palestinian president Mahmoud Abbas called for an apology at the United Nations in 2016, but Theresa May, the British premier, has rebuffed the demand and described the declaration as one of the most important letters in history.

She has invited Israeli counterpart Benjamin Netanyahu to attend events in London to mark the declaration.

WORLD CUP FINAL

England v South Africa

Yokohama International Stadium, Tokyo

Saturday, kick-off 1pm (UAE)

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Rawat Al Reef, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)

5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m; Winner: Noof KB, Richard Mullen, Ernst Oertel

6pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Seven Skies, Bernardo Pinheiro, Qaiss Aboud

6.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Jabalini, Szczepan Mazur, Ibrahim Al Hadhrami

7pm: UAE Arabian Derby – Prestige (PA) Dh150,000 (T) 2,200m; Winner: Dergham Athbah, Richard Mullen, Mohamed Daggash

7.30pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle

8pm: Abu Dhabi Championship – Group 3 (TB) Dh380,000 (T) 2,200m; Winner: Irish Freedom, Antonio Fresu, Satish Seemar

Race card

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m

ZIMBABWE V UAE, ODI SERIES

All matches at the Harare Sports Club:

1st ODI, Wednesday - Zimbabwe won by 7 wickets

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

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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.”