The US has lashed out at the Palestinian political and civilian leadership, sanctioning officials in what appears to be a response to international moves towards recognition of a Palestinian state.
Palestinian officials told The National the sanctions against the Palestinian Authority and the Palestine Liberation Organisation (PLO) were a form of punishment for seeking an end to Israel’s occupation and the establishment of a Palestinian state.
The US move came as special envoy Steve Witkoff was visiting Israel and meeting Prime Minister Benjamin Netanyahu, whose refusal to end the Gaza war has left his country increasingly isolated on the international stage.
Only hours before the decision was announced, US President Donald Trump said it would be “very hard” to strike a trade deal with Canada after it said it was ready to recognise the state of Palestine.
Washington accused the PA and PLO of “continuing to support terrorism”, supporting international legal cases against Israel and “undermining prospects for peace”, the US State Department said on Thursday.
The State Department did not immediately release a list of the officials named in the sanctions, who will be denied US visas.
“It is in our national security interests to impose consequences and hold the PLO and PA accountable for not complying with their commitments and undermining the prospects for peace,” it added.
The State Department accused both organisations of “taking actions to internationalise its conflict with Israel”, which it said was in breach of commitments they made under the PLO Commitments Compliance Act of 1989 and the Middle East Peace Commitments Act of 2002.
The sanctions come after western nations including Canada, France and the UK said they would endorse a Palestinian state at September's UN General Assembly. The US has called the decision to recognise Palestinian statehood “reckless” and said it would benefit Hamas.
More than 60,200 Palestinians have been killed since Israel launched its war against Hamas in Gaza, making it by far the deadliest episode of the decades-long conflict. Hunger grips the enclave and recent images of starving children have fuelled international backlash and forced Israel to allow more humanitarian aid into the besieged enclave.
US punishment
A senior Palestinian official called the US decision a “punishment” for trying to have Palestine recognised as a state.
“It’s clear that the US wants to give the impression and send a message to the Israelis that it stands with them,” Ahmad Majdalani, former minister and member of the executive committee of the PLO, told The National.
“What’s unusual and new in this announcement is that the US is accusing the Palestinian Authority of 'internationalising the conflict' – meaning that the PA has turned to the United Nations” and its member countries to recognise Palestine, he added.
“If the PA doesn’t turn to the United Nations, then who should it turn to? And does that warrant punishment?”
A Palestinian political source said the US decision is Washington’s way of lashing out after finding itself increasingly isolated alongside Israel in opposing international recognition of Palestine.
“This represents blatant US bias and a continuation of Israeli aggression against the Palestinian people under US sponsorship,” Fatah spokesman Iyad Abu Zneit told The National.
“The US and Israel have found themselves isolated together after this tsunami of international recognitions, promises and acknowledgements of the Palestinian state. So the US resorted to these sanctions as an outlet for its anger and as another show of bias to reaffirm that it always and unconditionally supports Israel – politically, diplomatically, legally, militarily and economically.”
He added that Fatah rejects the sanctions and affirms that the PA is “defending its rights in light of Israel’s continued refusal to grant Palestinians their rights, the intensifying settlement activity in the West Bank and attempts to destroy the two-state solution”.
“These sanctions come within the framework of supporting Israel, refusing to engage with the Palestinian political entity, and attempting to undermine the Palestinian Authority – ultimately burying the two-state solution once and for all,” he added.
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Living in...
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.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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.”
Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
