Students and faculty members of various American colleges show their support for Gaza during a rally in Chicago last week. AFP
Students and faculty members of various American colleges show their support for Gaza during a rally in Chicago last week. AFP
Students and faculty members of various American colleges show their support for Gaza during a rally in Chicago last week. AFP
Students and faculty members of various American colleges show their support for Gaza during a rally in Chicago last week. AFP


Pro-Palestinian student protests in the US aren't going to leave Biden unscathed


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April 29, 2024

Protests of university students in the US against America’s support for Israel’s war in Gaza have spread like wildfire. There have been sustained demonstrations on more than 200 campuses. More recently, students have taken to establishing protest encampments in the centre of some campuses. This began last week at Columbia University in New York. Ten days later there were encampments at almost four dozen universities.

What’s been most striking is not only the way this effort has spread, but also the amazing diversity of the students involved in the demonstrations. There are Arab-American students, to be sure, who’ve been joined by fellow students of every race and creed.

The leadership of the protesting students have been disciplined and eloquent in their demands for a ceasefire and an end to the genocide in Gaza. Many have also called on their universities to divest funds from entities contributing to the Israeli war effort.

A pro-Palestinian encampment at Columbia University in New York City last week. AFP
A pro-Palestinian encampment at Columbia University in New York City last week. AFP

The protesters were peaceful, though purposefully disruptive. At times they’ve occupied central locations on campus. They’ve also chanted, as demonstrators are wont to do. Yet, as noted by respected observers, who’ve visited the sites, the protests have been peaceful and orderly.

Goaded by Republican congressional leadership and a few pro-Israel Jewish organisations, there’s been an effort to paint these demonstrations as anti-Semitic and a threat to the safety of Jewish students. The members of Congress have latched on to this, exploiting it as a wedge issue and portraying the protesting students as liberal elites, captive to anti-Israel groups.

Pro-Israel counter-protesters display Israeli flags near a pro-Palestine demonstration at the University of California Los Angeles last week. Reuters
Pro-Israel counter-protesters display Israeli flags near a pro-Palestine demonstration at the University of California Los Angeles last week. Reuters

Both the Republican leadership and the small but influential group of Jewish leaders have used their respective platforms to repeatedly argue that chants used by some of the students are inherently anti-Semitic. For example, they’ve said that “from the river to the sea, Palestine will be free” is actually a call to commit genocide against Jews in Israel. They recently passed a Congressional resolution making that very point. Using such deliberately distorted interpretations of the slogans used by the students in support of Palestinians, they've pressured some university presidents to resign and have made life uncomfortable for others.

It is a dangerous miscalculation for the Biden White House to dismiss polls showing the President losing support among young and 'minority' voters

What’s been ignored is that in most of the encampments, a disproportionately large number of the protesters are Jewish students. Ironically, while one Jewish leader was advising Jewish students at Columbia University to stay home and not come to campus because it was unsafe for them and was urging New York’s governor to call in National Guard units to restore order on campus, the Jewish students in the encampment were holding an interfaith Passover Seder.

Later, New York City police were ordered on to campus to disband the encampment. This was followed by similar police actions in Texas, California and Georgia where disturbing levels of violence (tear gas, rubber bullets, tasers and baton beatings) were used against the peaceful protesters.

Instead of dampening the students’ commitment to continue the protests, the actions by the police, elected officials and university administrators have hardened their resolve of protesters. And so, the day after the encampments were forcibly disbanded, the students returned, re-establishing their protest sites.

A tent is sprayed with a message in solidarity with pro-Palestinian university students, in Rafah, in the southern Gaza Strip, last week. Reuters
A tent is sprayed with a message in solidarity with pro-Palestinian university students, in Rafah, in the southern Gaza Strip, last week. Reuters

With the ire of the young directed not only at Israel’s behaviour in Gaza, but also at how the Biden administration has enabled this war to continue, the way these campus protests are playing out does not bode well for the President during this election year.

Comparisons are being made to the 1968 anti-Vietnam War protests and the role they played in costing Democrats the presidency. Having been a participant in the protest politics, both in that period and the current one, I can attest to the similarities, as well as some important differences.

Students protest in Washington in April 1965 against US participation in the Vietnam War. AP
Students protest in Washington in April 1965 against US participation in the Vietnam War. AP

Vietnam was the first war that was televised, bringing it into American homes. Americans saw the impact of napalm on civilians and learnt of the use of torture against prisoners. In addition to opposition to the war for moral or political reasons, there was the more personal and unsettling concern of the national draft that required young people to register for military service.

The Vietnam era was also a time of broad national ferment that witnessed the emergence of several other protest movements: civil rights, environmental concerns, women’s rights, and so on. There was limited overlap in the participation in these diverse movements.

Today is different. There is a significant overlap in the movements for women’s rights, black empowerment, environmental justice and now, opposition to Israel’s war in Gaza. And because of the impact of social media, today’s young people, whom my brother John Zogby calls “the first globals”, are experiencing the war in Gaza non-stop, up close and personal, and are deeply disturbed by what they are seeing.

There were no Vietnamese students on campuses in the 1960s, but today empowered and organised Arab-American and progressive American-Jewish students have taken the lead in mobilising opposition to Israel’s Gaza war – with the former saying: “Not to our people”, and the latter saying: “Not in our name.” Because they have found allies in the other movements in which they too were participants, the anti-war effort has grown.

Through it all, the Biden White House has demonstrated only limited concern, apparently convinced that they’ll weather this storm and still defeat Donald Trump in November. They dismiss polls showing the President losing support among young and “minority” voters. This is a dangerous miscalculation. As primary elections in several states have demonstrated, there is a haemorrhaging of support for the President’s re-election. And as repression against student demonstrators continues, that opposition is solidifying.

Should the war continue for several more months and the scene at this summer’s Democratic Convention in Chicago be as ugly as it was in 1968, many young voters will be hard-pressed to vote for Mr Biden. They won’t vote for Mr Trump. Most likely they’ll either vote for a third party or not at all.

Live updates: Follow the latest on Israel-Gaza

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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.”

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Updated: April 30, 2024, 4:27 AM