NEW YORK // As the dust settles at the United Nations headquarters, the only thing that seems clear is that much is still to be determined.
The Palestinian bid for statehood will now go through a process at the Security Council that can take anywhere from days to months. On Monday, members will meet to discuss the Palestinian application.
What appears certain is that, for now, most countries want to avoid a controversial and potentially divisive vote. So, they are inclined to give efforts to reconvene direct peace talks a chance.
Palestinian officials say they want a vote as soon as possible, but it is not clear they will be able to force the issue. And even if they did, the Palestinians do not, in spite of earlier claims to the contrary, have the support of the nine members of the 15-member council needed to force the US to cast a veto, which it is trying to avoid.
One option for the Palestinians is to go to the General Assembly to ask for support to become a non-state member, the second-best option that would at least give the Palestinians a confidence-boosting majority there.
In the meantime, efforts to restart negotiations will gather pace. The Quartet of Middle East mediators - the US, Russia, the EU and the UN - released a statement Friday that set a one-month deadline for a "preparatory meeting" between the parties to agree on an agenda for negotiations, and a six-month timeline for "substantial progress".
But neither the Quartet statement nor US officials in briefings to journalists have spelt out what would happen if the time frames are not met.
Moreover, Mahmoud Abbas, the Palestinian leader, told reporters yesterday on his way back to Ramallah from New York that, "we will not deal with any initiative" that does not address the issue of Israeli settlement construction in occupied territory or base a framework for territorial negotiations on 1967 borders.
The Quartet statement mentioned neither. And Benjamin Netanyahu, the Israeli prime minister, has dismissed the Palestinian position as a "precondition" and is urging the Palestinians to "stop negotiating about negotiating".
A resumption of negotiations thus looks very difficult at the moment, said Daoud Kuttab, a Palestinian analyst.
"There is very little trust about the willingness and the desire of the Israelis and the Americans to make serious concessions. So the Palestinian position is going to try to be positive without being reckless."
Mr Kuttab said it all comes down to behind-the-scenes negotiations, where there "will be attempts to test the waters … to see what the other side has in terms to progress things".
But it will take a lot for Palestinians to be swayed, especially as faith in American mediation appears to have been lost, said Mark Perry, a Washington-based military and political analyst.
"The Palestinian bid at the UN signalled the collapse of the Oslo process and the collapse of American mediation," Mr Perry said. "The only problem is, who else but the US is there?"
Indeed, it is US diplomacy on the conflict, and perhaps in the Middle East generally, that has emerged the biggest loser in the past few days.
Mr Abbas achieved something spectacular: he focused the world's attention on Palestinian rights rather than West Bank or Gaza violence and managed to eclipse Israel's well-oiled public relations machine.
By the time Mr Netanyahu took to the podium at the UN's General Assembly on Friday, he looked and sounded defensive. He even started his speech by insulting the world leaders in his audience, calling them participants in a "theatre of the absurd".
But, in practice, both leaders just restated their positions, even if Mr Abbas did so to better effect. It is US mediation efforts that appears to have emerged damaged.
Mr Obama angered not only Palestinians with his speech on Wednesday - in which he announced that the US would veto the Palestinian statehood bid if the US had to - he also created the impression that the US had lost its way, praising people's aspirations for freedom and democracy in the countries of the Arab Spring, yet being willing to block Palestinian aspirations for independence.
"He completely caved in to the Israeli position," said Mr Perry. Washington, now, "is adrift. There is no Middle East policy".
okarmi@thenational.ae
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
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How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
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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.”
