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After months of frustrated diplomacy, President Joe Biden on Wednesday finally got the Middle East success he had staked much of his reputation on – a Gaza ceasefire agreement between Hamas and Israel, but his successor-in-waiting Donald Trump moved quickly to steal the limelight.
Mr Biden described the historic deal, which takes effect on Sunday, as being essentially the same as the one he announced on May 31 and said it had been made possible through his resolute support of Israel as it attacked Hamas, as well as through his team's non-stop political efforts.
The deal is a “result not only of the extreme pressure that Hamas has been under and the changed regional equation after a ceasefire in Lebanon and weakening of Iran – but also of dogged and painstaking American diplomacy”, Mr Biden said.
Yet even before the agreement was officially announced, president-elect Trump sought to take credit for the accord, arguing it was only thanks to his election in November that Israel and Hamas they finally agreed on a deal.
“This epic ceasefire agreement could have only happened as a result of our historic victory in November, as it signalled to the entire world that my administration would seek peace and negotiate deals to ensure the safety of all Americans, and our allies,” Mr Trump said on Truth Social.
He added that he would use momentum from the ceasefire to expand the Abraham Accords.
Mr Biden said he had directed his team to co-ordinate closely with the Trump team to “make sure we're all speaking with the same voice, because that's what American presidents do.".
But when a reporter at the White House asked him if Mr Trump deserved credit, the departing President said: “Is that a joke?”
It is natural for rival presidents to cast competing narratives on crucial issues, but experts say more important is the remarkable fact that both the incoming and departing administrations worked so closely together in recent months on this issue.
“The co-ordination that has occurred is virtually unprecedented,” said Aaron David Miller, a former long-time Middle East analyst at the State Department. “This is really quite remarkable.”
Khaled Elgindy, an adjunct professor at Georgetown, said it made sense for both teams to be involved because the ceasefire will be implemented under the new Trump administration.
“It does set it up in a way that allows Trump to claim credit, and that will not be an absurd narrative,” Mr Elgindy said. “He should get some of the credit because he's the different factor. If what is on the table now, in terms of the content of the ceasefire deal, is not radically different than what's been on the table since May, then why hasn't Biden been able to clinch the deal?”
Mr Trump has repeatedly warned Hamas that there will be “hell to pay” if it does not free the remaining captives before his inauguration. Israeli Prime Minister Benjamin Netanyahu has also appeared more willing to listen to Mr Trump than Mr Biden, whose demands the Israeli politician has frequently brushed aside since October 7, 2023.
David Makovsky, senior fellow at the Washington Institute for Near East Policy, said the deal came about due to there being "a lot of pressure on Hamas, both on the battlefield, the isolation of Hamas with the decapitation of Hezbollah", as well as the weakening of Iran.
"I think this a rare moment of Biden and Trump kind of converging – I've never seen this before an incoming and an outgoing president in the same negotiation, having their representatives in the same negotiation," he told The National, adding that regional players wanted to "start a new page with the new administration".
Senator Marco Rubio, perhaps displaying his diplomatic skills, said at his confirmation hearing to become the next secretary of state that both administrations should be acknowledged for helping to secure a deal.
“Credit to both the Biden administration and the Trump Transition. They’ve worked side by side on helping this come about,” Mr Rubio said.
A senior Hamas official told The National that it was the election of Mr Trump and his appointment of Steve Witkoff as Middle East envoy that finally got things moving during negotiations.
“US pressures led by Donald Trump through his envoy to the negotiations succeeded in putting an end to the Israeli intransigence that tried hard to obstruct the agreement," the source said.
A senior official from the Biden administration praised the partnership with Mr Witkoff, describing the co-ordination between the two administrations as “almost unprecedented.
The official said the Biden team wanted a seamless transition to the Trump administration, which will oversee the implementation of the ceasefire after January 20.
Senator Chuck Schumer, the highest-ranking Jewish-American official in US history, said the deal “couldn't have happened without steadfast diplomacy and until the potency of Hamas was radically reduced, we will not rest until every hostage comes home".
Senate Majority Leader John Thune called the deal "a relief to a world on edge" and said he was hopeful the deal would lead to the return of all hostages.
State Department spokesman Matt Miller said the deal shows “that when Americans are willing to work together across partisan lines, as we were willing to do on this occasion, because it's in the national interest of the United States, there's a lot that we can get done.”
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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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.”