US Secretary of State Antony Blinken vowed on Sunday to oppose Israeli settlements or annexation in the West Bank, but promised to judge Benjamin Netanyahu's incoming government by actions and not personalities.
Mr Netanyahu is expected to return to power after sealing a coalition deal with the extreme-right movements including Religious Zionism, which will be given a post in charge of settlements in the occupied West Bank.
Speaking to J Street, a progressive pro-Israel US advocacy group, Mr Blinken offered congratulations to the veteran Israeli leader, who has clashed with previous Democratic administrations in Washington.
"We will gauge the government by the policies it pursues rather than individual personalities," Mr Blinken said.
But he said President Joe Biden's administration would work "relentlessly" to preserve a "horizon of hope," however dim, for the creation of a Palestinian state.
"We will also continue to unequivocally oppose any acts that undermine the prospects of a two-state solution including but not limited to settlement expansion, moves toward annexation of the West Bank, disruption to the historic status quo of holy sites, demolitions and evictions, and incitement to violence," Mr Blinken said.
Mr Blinken said that the Biden administration will insist on "core democratic principles including respect to the rights of LGBTQ people and the equal administration of justice for all citizens of Israel".
The far-right groups in Mr Netanyahu's coalition will include Noam, whose leader Avi Maoz is staunchly opposed to LGBTQ rights.
Mr Netanyahu quickly said that Jerusalem's Pride march will continue, contradicting Mr Maoz, who has vowed to cancel it.
Religious Zionism's leader Itamar Ben-Gvir, who is expected to have a key role, is a staunch advocate of Jewish settlements and used to hang in his living room a portrait of Baruch Goldstein, who massacred 29 Palestinian worshippers at a Hebron mosque in 1994.
The November 1 election was Israel's fifth in less than four years and came after the collapse of a motley coalition that tried to keep out the scandal-plagued Netanyahu.
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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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