Palestinian parliament speaker Aziz Dweik, left, is greeted by wellwishers after walking through a checkpoint.
Palestinian parliament speaker Aziz Dweik, left, is greeted by wellwishers after walking through a checkpoint.
Palestinian parliament speaker Aziz Dweik, left, is greeted by wellwishers after walking through a checkpoint.
Palestinian parliament speaker Aziz Dweik, left, is greeted by wellwishers after walking through a checkpoint.

Hamas parliament speaker released


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Israel released the Hamas speaker of the Palestinian parliament, Aziz Dweik, after nearly three years in prison. Mr Dweik, 60, arrived at a military checkpoint outside the city of Tulkarem in the north of the occupied West Bank after his release from Hadarim prison near Tel Aviv. He was greeted by a horde of reporters. "Any person deprived of his freedom feels an enormous hardship," Mr Dweik said.

His release comes after a military tribunal, at the Ofer military base near Ramallah, rejected an application by prosecutors to keep Mr Dweik behind bars after his three-year sentence ran out. Mr Dweik was elected speaker in February 2006, a month after the Islamic Resistance Movement (Hamas) swept Palestinian parliamentary elections in a surprise rout of the long dominant Fatah party of president Mahmoud Abbas.

He was arrested by Israeli security forces at his Ramallah home in August 2006 in a West Bank crackdown on Hamas, in which more than 60 elected officials were detained, including a third of the then government and more than two dozen MPs. Some were later released, but at least 35 remain in custody. The crackdown came after Hamas and other Gaza militants seized Israeli soldier Gilad Shalit in a deadly cross-border raid in June 2006. He remains in captivity to this day.

In December 2008, an Israeli military court sentenced Mr Dweik to three years in prison ? including the 28 months he had already served ? for membership of Hamas, which Israel like the European Union and the United States blacklists as a terror group. Because of power struggles between Hamas and the rival Fatah, the Palestinian parliament has been paralysed for nearly all of its tenure, managing to meet only a few times since its inaugural session in February 2006.

The animosity between the two camps reached its acme two years ago, when Hamas routed Fatah forces from Gaza to seize power in the territory. The discord was on full display on Tuesday, as Hamas welcomed Mr Dweik's release in a statement, saying it "should breathe new life into and reinforce the parliament and introduce a certain balance to the West Bank faced with the monstrosity of Fatah and its security services."

Mr Abbas called Mr Dweik to "congratulate" him on his freedom, his office said. Hamas has 74 MPs in the 132-parliament and Fatah 45, with the rest of the deputies belonging to smaller factions. Israel currently holds some 9,260 Palestinian prisoners, according to Palestinian figures. *AFP

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From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.

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Syria v Australia
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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.”

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
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  • Fly it within visual line of sight
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