David Friedman and Israeli Prime Minister Minister Benjamin Netanyahu during the opening ceremony of the US consulate in Jerusalem. EPA/Abir Sultan
David Friedman and Israeli Prime Minister Minister Benjamin Netanyahu during the opening ceremony of the US consulate in Jerusalem. EPA/Abir Sultan

Trump must show his Arab-Israeli peace plan



More than two years after he won the US presidency promising the "ultimate deal" to solve the Palestine-Israel conflict, it is time for Donald Trump to show his hand. This is, after all, the region's pre-eminent question, upon which any hope of peace in the Middle East depends. So, while expectations are low from an administration that has consistently placated the Israeli right, we must properly assess the merits of the plan.

After promising delivery by January, the US administration has again delayed its plan. American ambassador to Israel, David Friedman – himself no friend of Palestine – said on Sunday that the proposal will not be released for a further several months. That is not just a blow for all those in the Arab world who dream of a solution to this conflict. Worse, it gives the Israelis more time to change the facts on the ground and further chip away at any hopes of true justice or statehood for Palestinians. It emerged this week, for instance, that Israeli Prime Minister Benjamin Netanyahu was lobbying the US to regognise its sovereignty over the Golan Heights.

Under Mr Trump, the US is not an honest broker in the dispute. One by one, his administration has implemented the wishes of Israeli hardliners, from slashing humanitarian aid, closing Palestinian diplomatic offices in Washington and America's in Palestine and, most egregiously, relocating its embassy to Jerusalem, recognising the occupied city as Israel's capital. Mr Trump himself has suggested that the Palestinians could be strong-armed into accepting his deal by cuts to aid. What we have before us is the nub of Trump's book The Art of the Deal – offering so little that what was once unacceptable looks attractive. Palestinians again face a Hobson's choice, forced to accept a plan that is likely to favour Israel or the status quo: crippling occupation by an Israeli state with scant interest in peace.

The US administration is guilty of thinking economic concessions can end a conflict driven by history, birthright and principle. Jason Greenblatt, who is drafting the plan alongside Mr Trump's son-in-law Jared Kushner, wrote in December on these pages that thousands of tech jobs could exist in Palestine if its leadership had not "barricaded their people from those opportunities". There are certainly problems within the Palestinian leadership – President Mahmoud Abbas, 14 years into a four-year term, is devoid of new ideas – but to be clear, it is the Israeli blockade and occupation that is most to blame for the many woes of Palestinians.

With an election nearing in Israel, and a government shutdown in the US drawing Mr Trump’s attention away from foreign policy, this delay is not unanticipated. Palestinians will not expect much from an administration that has repeatedly placated Israeli hardliners, but after decades of conflict, a resolution must be found. As a result, we await Mr Trump’s “ultimate deal” with a cautious but open mind.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Avatar%3A%20The%20Way%20of%20Water
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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.”

MATCH INFO

Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')

Red card: Casemiro (Real Madrid)