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Israel's continuing war in Gaza has revived the international push to recognise Palestine as a separate state.
The Palestinian territories are currently occupied by Israel, which controls most of the occupied West Bank, including East Jerusalem, and is currently fighting a war against Hamas in Gaza.
While many countries have long-recognised Palestinian statehood, most in line with their support for a two-state solution to the Israeli-Palestinian conflict, others including the US do not.
However, that balance now appears to be shifting.
On Wednesday, Spain, Norway and Ireland said they will officially recognise Palestine's statehood, effective from May 28.
Norway's Prime Minister Jonas Gahr Store said the move was the “only alternative” to war that offers a political solution “for Israelis and Palestinians alike”.
“Two states, living side by side, in peace and security,” he said.
He reiterated the popular notion that a Palestine state is a “prerequisite” for peace in the region.
Here is a breakdown of which countries recognise Palestinian statehood.
When was a Palestinian state first recognised?
In 1988, Palestinian leader Yasser Arafat unilaterally declared a state of Palestine, with himself as President, nearly 25 years after the establishment of the Palestinian Liberation Organisation, which he chaired.
Mr Arafat adopted the Palestinian Declaration of Independence, which was written by Palestinian poet Mahmoud Darwish.
The declaration's significance lies in its definition of the borders of Palestine according to the British Mandate – which includes the whole of Israel, the West Bank and the Gaza Strip.
That same year, 83 countries recognised Palestine's statehood.
These included most of the Arab world, including the UAE, Bahrain, Egypt, Jordan, Kuwait and Saudi Arabia.
The Soviet Union, China, India and Turkey were among the other major countries to recognise Palestine that year.
However, the US and most western countries refused to recognise Palestine.
Which European countries recognise Palestine?
Spain, Norway and Ireland are the latest European countries to recognise Palestinian statehood.
European countries have historically been allies of Israel and were early to recognise the foundation of the Israeli state.
Current EU members Bulgaria, Hungary, Poland, Romania, Czechia and Slovakia (as Czechoslovakia) recognised a Palestinian state in 1988, when they were part of the Soviet bloc. Cyprus also recognised Palestine that year.
Sweden was the first country to recognise a Palestinian state from within the EU in 2014.
Malta and Slovenia are seen as potential candidates to follow Spain, Norway and Ireland in recognising Palestine.
How many UN states recognise Palestine and Israel?
Statehood for Palestine at the UN would be a step up from its current status as a “non-member observer state”, which means it is currently only partially recognised as a state.
Most of the UN's member states have recognised Palestine as a full state.
This year, 143 out of the UN's 193 members voted in favour of Palestine's bid for full membership of the UN.
Israel is also only partially recognised by the states of the UN, but with a larger majority: more than 160 UN member states recognise Israel, giving it enough support to become a full member.
Which permanent members of the UN Security Council recognise Palestine?
The UNSC is split on recognising Palestinian statehood. China and Russia do, but the US, UK, and France do not.
Which G20 and G7 countries recognise Palestine?
Ten countries of the G20 recognise a Palestinian state. They are Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey.
The remaining nine countries, as well as the EU, do not. These include all seven members of the G7: Canada, France, Germany, Italy, Japan, the UK, and US.
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Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
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.”
