Latest updates on President Joe Biden's visit to the Middle East here
Israeli and American flags lined the streets of Jerusalem on Wednesday before US President Joe Biden’s arrival in the region.
The president has said the trip to Israel, the occupied West Bank and Saudi Arabia is to “advance important American interests”.
Writing in The Washington Post on Saturday, he said he hoped to “deepen and expand” relations between Israel and Saudi Arabia.
On the streets of Jerusalem on Wednesday, his imminent arrival was met with a mix of ambivalence and hope.
At Mahane Yehuda Market, a warren of narrow streets and vibrant food stands nestled on a hilltop, shoppers busily prepared for the day.
“I'm not sure that something radical is going to happen,” said Arie Stavisky. “It's a good thing that he's here.”
The Jerusalem resident, who works in sales, said he hoped the US president would follow through on his pledge to help strengthen ties between Israel and Saudi Arabia.
“[Saudi Arabia] needs us because they know we can help and they need us because we are against the Iranians,” Mr Stavisky told The National. “It's not a matter of falling in love or getting married. OK, it's a matter of interest. That's it, and I think it's going to work.”
Louis Weinrauch shared the hope for stronger ties with Saudi Arabia. “It's very important to join another country, a big country, a strong country,” he said.
But while there is cautious optimism that Mr Biden will help to forge stronger ties between the two countries, there is a feeling that dysfunction within Israeli politics will make any significant progress or achievement difficult.
Israel has had four elections in the past four years and is heading for a fifth in November.
The lack of continuity — and that current Prime Minister Yair Lapid took office only a week ago to serve as a caretaker — mean plans for the future may be put on hold.
“You don't know who's going to be the next one,” said Mr Stavisky. “And by us, things are very flexible. You know, what [happens] in Israel in a day is like a month in America. So we don't know what's going on.”
In addition to meeting Israeli leaders, Mr Biden will meet the Palestinian leadership in Ramallah.
He has worked to improve relations with the Palestinian Authority after Donald Trump's four years as president.
But while some in Jerusalem welcome the move, there is little hope that relations between Israel and the Palestinians will improve any time soon or that new peace talks are on the horizon.
“I think we need to solve relations between Israelis and Palestinians and none of us are ready for it,” said Gal Herschenboim, a graphic designer. "Maybe it'll be the next generation or two generations. I think it's not going to happen in our time, which is sad.”
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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 specs
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Transmission: eight-speed automatic
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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ASSASSIN'S%20CREED%20MIRAGE
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Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Zayed Sustainability Prize
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
