The EU has grown ever more divergent from the US in its policy towards Palestine and Israel, with a strong lobby building for recognition of the Palestinian state.
The fact that the bulk of the 27-member bloc has not crossed the Rubicon, despite the failure to achieve a ceasefire after more than seven months of war in Gaza, must not be mocked. Systematic steps are being taken by some member states to achieve something that, for reasons of history and practicality, cannot be easily wished into place.
For a measure of how difficult this is, one need only look at the arguments advanced in 2018 by Simon Coveney, Ireland’s then foreign minister. Mr Coveney faced down a heavy diplomatic campaign by Israeli officials six years ago to declare that recognition was at the top of the Irish agenda.
At the time, it seemed as much for Irish domestic consumption as a response to the situation on the ground, where the peace process was in danger of outright collapse as the US announced it was moving its Israeli embassy to Jerusalem in contravention of UN Security Council Resolution 478. After all, it had been Irish government policy since 1980 that the Palestinian people “had a right to self-determination and to the establishment of an independent state in Palestine”.
Clearly, the push for recognition is a political response to the current failure of peace
That right was given a lift by the UN General Assembly on Friday when it backed the resolution that said that “the state of Palestine is qualified for membership in the United Nations in accordance with Article 4 of the Charter and should therefore be admitted”. The UN vote is important to give full voice to the Palestinian position in the world body, but only its members can recognise other states.
The current Irish government and Mr Coveney’s successor, Micheal Martin, have joined Spain to push for the delayed Palestinian recognition. Josep Borrell, the EU’s foreign policy high representative, has said that those countries could come together on May 21 to make their declaration.
The long-held majority position in the EU has been that of the Oslo Accords, which is that recognition of the Palestinians should be the culmination of a two-state agreement with Israel.
Eight EU members – Bulgaria, Czech Republic, Cyprus, Hungary, Poland, Romania, Slovakia and Sweden – have long recognised Palestine as a state. As it stands, the list could expand this month, with some combination of Belgium, Ireland, Malta, Portugal, Slovenia and Spain joining that list.
Outside the EU – and the West more broadly – the idea is not subject to the same dividing lines, with 139 of the 193 members of the UN recognising the state of Palestine.
Mr Martin has said that delaying recognition of a Palestinian state is no longer credible or tenable. In a nod to how countries have reacted to the outbreak of a war that seemingly cannot be restrained from outside, Dublin’s position is that recognition would create conditions for a more equal negotiation to happen.
US President Joe Biden’s current standoff with Israel will not disguise the fact that Washington has used its veto at the Security Council as recently as April 18 to block a resolution paving the way for full UN membership for Palestine.
The EU’s formal position is unlikely to change. France may have backed the resolution that the US vetoed, but it has not lent its support to the Irish and Spanish initiative. Meanwhile, no one sees any prospect of Austria, Germany, Greece and Hungary watering down their strong backing for Israel.
Another big symbolic mover on this issue would be the UK. Students at the Oxford and Cambridge universities occupied campus grounds last week, with some holding banners pointing out that Oxbridge men wrote the Balfour Declaration. That document is seen as the first step to denying a Palestinian state.
UK Foreign Secretary David Cameron moved London’s position when he took office late last year, saying that there would be British recognition of a Palestinian state. He added that this may not come at the outset of revived peace process, but it doesn’t have to be the very end either. As former ambassador Vincent Fean said after the UN vote, the UK has wasted 10 years and more waiting for “the right time” to recognise the state of Palestine.
Clearly, the push for recognition is a political response to the current failure of peace. As such, it can be seen in conjunction with attempts to develop a legal response to the war, with South Africa leading an appeal to the International Court of Justice under the Genocide Convention. While there was Palestinian disappointment that the Court’s decision was not a demand that Israel declare a ceasefire, there remains a hope that it will eventually press for one.
Politics is an important factor in how the conflict ends, and for that reason, the impact of the Europeans declarations lined up in less than 10 days’ time should not be underestimated.
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.”
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE currency: the story behind the money in your pockets
More on animal trafficking
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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COMPANY%20PROFILE%20
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25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Abu Dhabi GP weekend schedule
Friday
First practice, 1pm
Second practice, 5pm
Saturday
Final practice, 2pm
Qualifying, 5pm
Sunday
Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Company%20profile
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
