Palestinian President Mahmoud Abbas arrives to address the 73rd session of the United Nations General Assembly. Reuters
Palestinian President Mahmoud Abbas arrives to address the 73rd session of the United Nations General Assembly. Reuters
Palestinian President Mahmoud Abbas arrives to address the 73rd session of the United Nations General Assembly. Reuters
Palestinian President Mahmoud Abbas arrives to address the 73rd session of the United Nations General Assembly. Reuters

Full text of Palestinian President Mahmoud Abbas' speech at UN General Assembly


  • English
  • Arabic

Palestinian President Mahmoud Abbas told the UN General Assembly "Jerusalem is not for sale," launching a scathing criticism of Israel, the United States and inaction by the UN.

Read the full story here.

The full text of the speech, provided to The National below:

Jerusalem is not for sale and the Palestinian people’s rights are not up for bargaining In the name of God, the most merciful and beneficent.

Excellency, Ms. Maria Fernanda Espinosa, President of the United Nations General Assembly, Excellency, Mr. Antonio Guterres, Secretary-General of the United Nations,

Distinguished Ladies and Gentlemen,

In these days last year, I came before you appealing for freedom, independence and justice for my oppressed people, who are suffering under Israeli occupation for more than fifty-one years.

I return to you today as this colonial occupation continues to suffocate us and to undermine our serious efforts to build the institutions of our cherished State, which this august General Assembly recognized in the year 2012.

This year the Palestinian National Council, the parliament of the State of Palestine, convened and renewed the legitimacy of our national institutions through the election of a new leadership for the Palestine Liberation Organization (PLO), the sole legitimate representative of the Palestinian people. This Parliament undertook important decisions, which oblige me to review the agreements, political, economic and security alike, that have been reached with the Israeli Government, and to also review the future of the Palestinian National Authority, which has been rendered without authority.

The Parliament also instructed me to suspend the Palestinian recognition of Israel until Israel recognizes the State of Palestine on the 4 June 1967 borders, and also instructed me to approach the international courts, including the International Criminal Court (ICC), to investigate Israel’s breaches of treaties and the Israeli occupying forces’ aggressions and settler terror against our people, our land and our holy sites.

Madame President, Ladies and Gentlemen,

Last July, Israel adopted a racist law that crossed all the red lines and called it the “Nation-State Law of the Jewish People”. This law denies the connection of the Palestinian people to their historic homeland and dismisses their right to self-determination and their history and heritage, as well as the United Nations resolutions relevant to the Palestine question and the agreements concluded with Israel. This law will inevitably lead to the creation of one racist State, an apartheid state, and nullifies the two-State solution. This law discriminates against the Palestinian-Arab citizens in Israel, granting the right to selfdetermination exclusively to Jews in Israel and legislating discrimination against those Arab citizens, who constitute 20% of the population of Israel, in addition to other non-Jews who have immigrated to Israel. This law strips them of their rights as citizens.

This law constitutes a gross breach and real danger, both politically and legally, and reminds us of the apartheid state that existed in South Africa. We therefore reject and condemn it in the strongest terms. We further call on the international community and this august Assembly to act to reject it and condemn it as a racist, illegal law and deem it null and void, just as the United Nations condemned apartheid South Africa in several resolutions in the past, bearing in mind also that thousands of Jews and Israeli citizens have rejected and protested this law and 56 Knesset Members out of 120 voted against it.

Madame President, Ladies and Gentlemen,

This racist law talks about what is called the “land of Israel”. Can you ask the Israeli government what exactly constitutes the “land of Israel”, what the “borders” of the State of Israel are? I challenge anyone to tell us what they are.

This racist law constitutes another stigma on Israel and anyone who consents to it. This law is just like other Israeli laws that legislated the theft and confiscation of the land, properties and funds of the Palestinian people.

Madame President, Ladies and Gentlemen,

We have always fully and positively engaged with the various initiatives of the international community that have aimed at achieving a peaceful solution between us and the Israelis, including the Arab Peace Initiative, which was recognized by the Security Council in its resolution 1515 (2003). We continued on this path with the administration of President Trump from the start of his tenure, with the same positive engagement, and I have met with him numerous times.

We awaited his peace initiative with utmost patience, but were shocked by decisions and actions he undertook that completely contradict the role and commitment of the United States towards the peace process. In November 2017, his administration issued a decision to close the PLO office in Washington, DC. He then announced his recognition of Jerusalem as the capital of Israel and transferred his country’s embassy from Tel Aviv to Jerusalem, and boasts that he has removed the issues of Jerusalem, refugees, settlements and security off the negotiation table. All such decisions threaten the Palestinian national cause and constitute an assault on international law and relevant United Nations resolutions. The US administration went even further in its assault by cutting assistance to the Palestinian National Authority, UNRWA and Palestinian hospitals in Occupied East Jerusalem.

With all of these decisions, this administration has reneged on all previous US commitments, and has undermined the two-State solution, and has revealed its false claims of concern about the humanitarian conditions of the Palestinian people. It is ironic that the American administration still talks about what they call the “deal of the century”. But what is left for this administration to give to the Palestinian people? Humanitarian solutions?

And, the US Congress continues to insist on considering the Palestine Liberation Organization – which is recognized as the sole, legitimate representative of the Palestinian people by the overwhelming majority of countries of the world, including Israel – as a terrorist organization, at a time when the State of Palestine cooperates with the majority of countries of the world, including the United States, to combat terrorism.

For years, we have affirmed our readiness to the US administration to establish a Palestinian-American committee to examine the political and legal status of the PLO as a means of proving to them that the PLO is committed to achieving peace and combating terrorism, as well as to also demonstrate that Congress’ legislation regarding the PLO is arbitrary, unlawful and unjustified and deliberately ignores the official agreement with the US Government to combat terrorism, an agreement we have also concluded with 83 other countries.

Despite all of this, and from this august platform, I renew my call to President Trump to rescind his decisions and decrees regarding Jerusalem, refugees and settlements, which contravene international law and UN resolutions, as well as the understandings among us, in order to salvage the prospects for peace and to achieve stability and security for the future generations in our region.

Madame President, Ladies and Gentlemen,

Consistent with our commitment to peace and the two-state solution and the path of negotiations to achieve them, a path we have never refused, and with a view to rescuing the peace process, I came before the Security Council on the 20th of February this year and presented an initiative calling for the convening of an international peace conference based on the relevant UN resolutions and the internationally endorsed terms of reference and parameters. Such a conference should involve broad international participation that includes regional and international stakeholders, led by the Permanent Members of the Security Council and the Quartet. We shall circulate this initiative in its entirety to you and hope you will support it.

Here, I must reiterate that we are not against negotiations and have never rejected negotiations, and that we continue to extend our hands for peace.

Madame President, Ladies and Gentlemen,

Peace in our region cannot be realized without an independent Palestinian State, with East Jerusalem as its capital, and not some place in East Jerusalem as its capital, and with all of its holy sites. There is no peace otherwise. There is no peace with a state of temporary borders. There is no peace with an alleged state in Gaza. The path to peace is enshrined in your resolutions, including resolution 67/19 of 29 November 2012, which was adopted by an overwhelming majority and refers to the State of Palestine on the basis of the 1967 borders.

I thus call upon all the countries of the world that have not yet recognized the State of Palestine to accelerate this long-overdue recognition. I can no longer see a convincing reason for the continued delay of recognition of the State of Palestine by some countries. In this context, I wish to draw your attention to the fact that, in 2019, the State of Palestine will chair the Group of 77, which represents 134 States, and I urge you to support the request to enhance the State of Palestine’s status during its tenure and to allow it to exercise its full responsibilities on behalf of this Group. In this regard, I wish to convey our appreciation and gratitude to Colombia for its recent recognition of the State of Palestine, becoming the 139th State to recognize our State, and likewise to Paraguay, which had previously recognized the State of Palestine and decided to return its embassy from Jerusalem to Tel Aviv, and I urge Guatemala to do the same.

Here, I must once again call upon the British Government – which bears a historical, political, legal and moral responsibility with regard to the suffering and displacement of the Palestinian people as a consequence of the Balfour Declaration of 1917 – to rectify this historic mistake by recognizing the State of Palestine and compensating the Palestinian people for their pain and suffering. I also call upon the United States of America, which strongly supported the Balfour Declaration and cooperated with Great Britain to implement it, to do the same.

Madame President, Ladies and Gentlemen,

I must remind you once again that Israel, the occupying Power, has not implemented any single resolution of the hundreds of resolutions adopted by the Security Council, most recent of which was resolution 2334 (2016), and by the General Assembly regarding the question of Palestine. Is it acceptable that Israel remains without accountability or consequence? Is it acceptable that Israel remains a state above the law? Why does the Security Council not uphold its duties to compel Israel to abide by international law and to bring an end to its occupation of the State of Palestine?

Madame President, Distinguished Representatives gathered here in this General Assembly,

We resist this colonial, settler Israeli occupation through the legitimate means created by this international organization. Foremost among these is peaceful, popular resistance as we witness today in the Great March of Return in Gaza. We also see it in other areas of our occupied territory, such as in Khan al-Ahmar, which the Israeli Government has decided to forcibly uproot and displace its Palestinian inhabitants, who have lived there for more than 50 years, in order to illegally impose settlement activities in that area and to sever the contiguity of the Palestinian State.

Our Palestinian people and the territory of the State of Palestine are in more urgent need of international protection than at any time before. Here, allow me to express our deep appreciation and respect to the States that supported the resolution on protection for the Palestinian civilian population, which was adopted on 13 June 2018, and to urge you to find the mechanisms necessary to provide protection as soon as possible. We also express our thanks to the Secretary-General for his report in this regard.

Madame President, Ladies and Gentlemen,

While we welcome all the economic and humanitarian support to our people in the West Bank and the Gaza Strip through the legitimate Palestinian institutions, we refuse that this support be considered a substitute to a political solution that would bring an end to the Israeli occupation and achieve the independence of the State of Palestine on the ground. This support also cannot be considered an alternative to lifting the Israeli blockade and ending the division between Gaza and the West Bank, and we will firmly stand against any attempts, under any pretext, to separate our beloved Gaza from our State.

We continue to exert genuine, serious efforts to end the division and to achieve reconciliation. Despite the many obstacles to achieving these aims, we continue to uphold our responsibilities towards our people.

We express our appreciation to our Arab brethren, in particular the fraternal Arab Republic of Egypt, for the efforts being undertaken to end this division, hoping that they will be successful.

My Government – the National Consensus Government – affirms its readiness to uphold its full responsibilities in the Gaza Strip once it is allowed to exercise its full authority and in the framework of one Palestinian political system, one sole legitimate authority, one law and one legitimate weapon.

Madame President, Ladies and Gentlemen,

After all that I have said in my statements before this distinguished General Assembly, let me sum up:

  • We are not a people that can be excluded on this earth; we are an indigenous people and our roots are deep across five thousand years. We insist on fairness towards us and the implementation of your resolutions.
  • We have concluded agreements with Israel and they have abrogated all of them. Either Israel abides by these agreements, or else we will renege on them. Israel will bear the responsibility and consequences of this.
  • There are also agreements with the US administration, but why have they reneged on all of them, and how should we address this? Please answer me. Either it respects its commitments, or we are not going to comply with any of these agreements. We will also not accept sole American mediation in the peace process because the US administration has lost its eligibility due to its recent decisions.
  • We have also concluded agreements with Hamas. Either they implement them fully, or we will distance ourselves from any agreements or measures that are concluded without our approval and will not bear any responsibility.
  • Lastly, allow me to reaffirm to you that we will not revert to violence and terror, no matter what the situation or conditions are.

Madame President, Ladies and Gentlemen,

I pay tribute to all freedom-loving countries and peoples that continue to extend political, financial and humanitarian assistance to our people in their struggle to bring an end to the occupation, to strengthen our institutions in preparation for full independence, and in support of UNRWA.

I urge the General Assembly to ensure support to this Agency as a matter of international responsibility. UNRWA was established by a General Assembly resolution [302 (IV)] in 1949 and was mandated to provide assistance to the Palestine refugees until the achievement of a just and permanent solution for their plight.

In conclusion, I salute our resilient and brave people in Palestine, in the refugee camps and in the diaspora with deepest respect and admiration for their heroic stances and their great sacrifices in defense of our people’s inalienable rights in their homeland and their rights to self-determination and an independent State, with East Jerusalem as its eternal capital. It is inevitable that we will achieve our freedom and independence and that we will celebrate the independence of our democratic State despite the occupation’s illusions.

I pay tribute to our honorable martyrs and courageous prisoners and say to all Palestinians that we are soon approaching our day of freedom and independence and that the darkness of occupation will soon vanish.

Peace and God’s mercy be upon you.

_______________

Read more:

Exclusive: Mesa to include 9 countries while prioritising Iran threat

Donald Trump says 'one state is OK, two states is OK too,' hours after two-state commitment

Yemen President Abdrabu Mansur Hadi calls on world to stop Iran's interference

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EMaly%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Mo%20Ibrahim%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%20International%20Financial%20Centre%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20%241.6%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2015%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%2C%20planning%20first%20seed%20round%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GCC-based%20angel%20investors%3C%2Fp%3E%0A
FIXTURES

December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm

December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

December 30
3rd/4th place play-off, 5pm
Final, 7pm

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Pathaan
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Siddharth%20Anand%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Deepika%20Padukone%2C%20John%20Abraham%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A

Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3

The%20US%20Congress%2C%20explained
%3Cp%3E-%20US%20Congress%20is%20divided%20into%20two%20chambers%3A%20the%20House%20of%20Representatives%20and%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20435%20members%20make%20up%20the%20House%2C%20and%20100%20in%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20A%20party%20needs%20control%20of%20218%20seats%20to%20have%20a%20majority%20in%20the%20House%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20Senate%2C%20a%20party%20needs%20to%20hold%2051%20seats%20for%20control%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20event%20of%20a%2050-50%20split%2C%20the%20vice%20president's%20party%20retains%20power%20in%20the%20Senate%3C%2Fp%3E%0A
if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Three tips from La Perle's performers

1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.

2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.

3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.

Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19

July 29: OTA Gymnasium in Tokyo, Japan

Sep 22-23: LA Convention Centre in Los Angeles, US

Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil

Feb 7-9: Mubadala Arena in Abu Dhabi, UAE

Mar 9-10: Copper Box Arena in London, UK

21 Lessons for the 21st Century

Yuval Noah Harari, Jonathan Cape
 

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Uefa Nations League

League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar

RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A

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.”

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

RESULT

West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' ) 
Liverpool: Ings (4'), Salah (72')