Live updates: Follow the latest news on Israel-Gaza
The US and its allies in the Middle East have been focused on establishing “responsible leadership” in Gaza “that could lead to the West Bank and Gaza forming a sovereign state”, the top foreign affairs senator has told The National.
Senate foreign relations committee chairman Ben Cardin this week met Qatar's Prime Minister, the Jordanian ambassador to Washington and will soon meet Israeli officials, he said, for conversations “looking at what happens after the war is over in regards to a path forward”.
“There needs to be responsible leadership for the people of Gaza that can protect their security and respects Israel's security and provides an economic future,” Mr Cardin explained.
“That seems to be the common thread I hear from all the leaders in the region, and that could lead to the West Bank and Gaza forming a sovereign state living in peace with Israel.”
He told The National at a press round-table: “We are seeing through this tragedy, that unless we want to see a repeat of this in the future, we need to have a more permanent way of solving the Palestinian issue.”
But he cautioned that “it's going to take some time”.
“The connection between the West Bank and Gaza is not easy. Security is not easy. The ability to effectively operate a government is not easy,” he added, emphasising that Hamas must be “neutralised”.
President Joe Biden's administration has continued Washington's legacy of funding Israel's military and defending its policies towards Palestinians.
That has included billions of dollars in funding and twice circumventing congressional authorisations to provide more in military sales, as Israel continues its campaign in Gaza, which officials say has killed more than 27,000 Palestinians.
Since the war began, the Biden administration and its allies in Congress have adopted rhetoric vaguely endorsing “political horizons for the Palestinians”.
Gaza protest in Washington – in pictures
Mr Cardin himself has been one of the Democratic Party's most ardent advocates of the US-Israel relationship over his career.
But despite rejections from Israeli Prime Minister Benjamin Netanyahu, a more concrete resolve on Palestinian statehood has in recent days appeared to gain momentum in the West.
US outlets, citing unnamed administration officials, have reported that Secretary of State Antony Blinken asked his department to review policy options on possible US and international recognition of a Palestinian state after the war in Gaza.
And in the UK, Foreign Secretary David Cameron has called for the establishment of a diplomatic campaign by “all the friends of a Palestinian state”.
“We with allies will look at the issue of recognising a Palestinian state including at the United Nations,” Lord Cameron said this week.
“This could be one of the things that helps to make this process irreversible.”
All of this hinges on an end to Israel's Gaza siege and a return of hostages taken by Hamas during its deadly October 7 attack.
During his visit to Washington this week, Mr Cardin met Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani and they “had a chance to go over the current hostage offers”.
News circulated this week that a hostage framework had been achieved, including the freeing of Palestinian detainees held by Israel, at a rate of three detainees for each hostage, a temporary repositioning of Israeli troops away from high-population areas of Gaza and a significant increase in humanitarian aid flowing into the enclave.
Sheikh Mohammed has said in his meetings in Washington that hostage negotiations are “in a much better place than where we were few weeks ago”.
“We've seen a lot of starts that were not successful. We hope this one will be because it will not only lead to a large number of hostages being released, but also a pathway forward,” Mr Cardin said.
The US is “thoroughly involved” in efforts together with Egypt, Qatar and Israel to put together a proposal to forward to Hamas and kick off a deal to release the hostages including a humanitarian pause, US Assistant Secretary of State for Near East Affairs Barbara Leaf told reporters.
Displaced Gaza children describe living in a school – video
DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20turbocharged%204-cyl%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E300bhp%20(GT)%20330bhp%20(Modena)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh299%2C000%20(GT)%2C%20Dh369%2C000%20(Modena)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
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.”