A sign of the Temporary International Presence in Hebron (TIPH) on its office in Hebron, in the Israeli-occupied West Bank. Reuters
A sign of the Temporary International Presence in Hebron (TIPH) on its office in Hebron, in the Israeli-occupied West Bank. Reuters
A sign of the Temporary International Presence in Hebron (TIPH) on its office in Hebron, in the Israeli-occupied West Bank. Reuters
A sign of the Temporary International Presence in Hebron (TIPH) on its office in Hebron, in the Israeli-occupied West Bank. Reuters

Observer force has stopped bloodshed in Hebron


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For the past two decades, the West Bank city of Hebron, home to hundreds of thousands of Palestinians and a few hundred Jewish settlers, has symbolised the inequitable lot of the Palestinian people. Unlike the other cities and villages placed under sole control of the Palestinian Authority by the Oslo Accords, Hebron was instead split in two. A fifth of the city remains under the control of the Israeli military, which imposes a regime of curfews and movement restrictions on the Arab population. Until now, the Palestinians had the limited protection of the Temporary International Presence in Hebron (TIPH), a Norwegian-led civilian observer mission set up in 1997, with the agreement of both sides. Now that protection has been stripped away, thanks to cynical pre-election manoeuvring.

Israel goes to the polls on April 8. Israeli Prime Minister Benjamin Netanyahu, threatened by allegations of corruption, has lost confidence among his right-wing power base. He also faces the rival candidacy of Benny Gantz, a popular former head of Israel's military. To remain in power, Mr Netanyahu must reinforce his hard-line credentials. Refusing to renew the 22-year mandate of the TIPH will play well with Israeli settlers and their supporters, but also threatens to destabilise a volatile city. As such, Mr Netanyahu's breach of international agreements represents an unconscionable gamble with thousands of lives.

Israelis have long resented the TIPH, an observer group composed of members from Italy, Norway, Sweden, Switzerland and Turkey. In July, footage emerged of two incidents. In one, a member of the group appears to slash the tyre of a settler's vehicle. In another, a Swiss member reacts to an assault by a 10-year-old Jewish boy by slapping him. Neither incident is acceptable. Both men would likely, and rightly, have faced charges had they not been pulled out of the country by the TIPH. But neither justify ending the valuable work of an organisation that has spent many years looking out for Palestinian interests.

In December a confidential 20th anniversary report by the TIPH, available only to its member countries and the Palestinian and Israeli authorities, was leaked. It documented “severe and regular” acts of discrimination and multiple breaches of international humanitarian law by Israel and the Hebron settlers. For the past two decades, the TIPH has pursued its mission to promote by its presence “a feeling of security to the Palestinians of Hebron”. That security has now been lost.

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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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One-off T20 International: UAE v Australia

When: Monday, October 22, 2pm start

Where: Abu Dhabi Cricket, Oval 1

Tickets: Admission is free

Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle

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The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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