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The US imposed sanctions on four Israeli settlers on Thursday after President Joe Biden issued an executive order against those who undermine “peace, stability and security” in the occupied West Bank, following a surge in violence against Palestinians.
Mr Biden has previously spoken out against Israeli settler violence in the territory and vowed to hold them accountable.
"Such actions constitute a serious threat to the peace, security and stability of the West Bank and Gaza, Israel and the broader Middle East region and undermine the foreign policy and national security objectives of the United States," Mr Biden said in a letter to Congress.
The new executive order gives the Treasury and State departments the authority to freeze US assets of those under sanctions, prohibit US citizens and companies from conducting business with them and bar them entry to the US.
"Today’s actions seek to promote peace and security for Israelis and Palestinians alike," National Security Adviser Jake Sullivan said in a statement.
One of the settlers sanctioned is accused of initiating and leading a riot that resulted in the death of a Palestinian civilian.
Two others were involved in assaulting Palestinian farmers and Israeli activists. The fourth settler regularly led groups from the Meitarim Farm outpost that assaulted Palestinian and Bedouin civilians and threatened them, Washington said.
State Department spokesman Matthew Miller told reporters that US officials have had "very frank" discussions with their Israeli counterparts and have asked Israel to take action against extremist settlers. He also said Washington could take additional action in the future.
"We will not hesitate to use the sanctions authorities if it's appropriate to do so," Mr Miller told reporters.
Meanwhile, Israel criticised the US sanctions.
"Israel acts against all lawbreakers everywhere, so there is no room for exceptional measures in this regard," Prime Minister Benjamin Netanyahu's office said in a statement.
Speaking to reporters before the announcement was made, senior administration officials said Mr Biden's executive order was “non-discriminatory” and applied to Israelis, Palestinians and other foreign citizens.
Since the outbreak of the war, violence has surged in the West Bank, resulting in the deaths of hundreds Palestinian civilians.
Since October 7, 362 Palestinians have been killed in the West Bank, according to UN figures.
That included an Israeli strike in Jenin last month that resulted in the deaths of seven Palestinians, as well as a raid at the Ibn Sina Hospital.
The new order comes as Mr Biden was set to visit Michigan on Thursday as part of his presidential re-election campaign, but he was expected to face opposition from the state's Arab-American community over his handling of the conflict in the region.
Thursday's executive order also follows actions taken by the State Department to impose visa restrictions on extremist Israeli settlers in December.
It was also a rare move from the US President, who has consistently backed Mr Netanyahu's war efforts against Hamas. But the White House has faced mounting pressure as Israel's assault on Gaza has left at least 27,000 Palestinians dead, more than 66,000 wounded and most of the population displaced.
A senior US senator said before the announcement he was "pleased" with the latest measure.
"There's got to be a strong message against the extreme activities taken by some settlers on the West Bank, jeopardising the lives of Palestinians as well as peace in the region," said Ben Cardin, chairman of the Senate foreign relations committee.
"So I strongly support this strong action being taken against those that are involved in settler violence."
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Vinicius Junior (71') Mariano (90 2')
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
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