'It won't solve the problem, because there are so many Netanyahus,' says Imad Muna, owner of the Educational Bookshop on Salah Al Din Street, the main thoroughfare in occupied East Jerusalem. Heidi Levine for The National
'It won't solve the problem, because there are so many Netanyahus,' says Imad Muna, owner of the Educational Bookshop on Salah Al Din Street, the main thoroughfare in occupied East Jerusalem. Heidi LeShow more

Netanyahu's possible downfall gives Palestinians little reason for optimism



Finding a Palestinian who feels sorry for the beleaguered Israeli prime minister Benjamin Netanyahu is not easy.

Beset by corruption investigations, his position has become even more tenuous since it was disclosed last Friday that his former chief of staff, Ari Harow, had agreed to turn state's witness in two corruption cases in which Mr Netanyahu has been questioned as a suspect. One concerns gifts given to him and his family by businessmen and another involves possibly illegal deal-making to gain positive coverage in one of Israel's biggest newspapers, Yediot Ahronoth. Mr Netanyahu denies any wrongdoing.

On Saturday, Al Quds, the most popular Palestinian newspaper, ran a caricature suggesting that Mr Netanyahu was being investigated for the wrong crime.

Surrounded by files labelled — among other things — "war crimes", "forced removals" and "terrorism", a morose-looking prime minister was pictured holding up a piece of paper bearing the word "bribes".

Still, the majority of Palestinians would relish seeing Mr Netanyahu convicted of something, whatever the charge.

"It will be a good sign to see him in prison. So many Palestinians will be happy," said Imad Muna, owner of the Educational Bookshop on Salah Al Din Street, the main thoroughfare in occupied East Jerusalem. As one of the few places on the Palestinian side of the city to sell the Hebrew language newspapers, the bookshop is the place to go for those wanting to follow the Netanyahu scandals.

"During the years Netanyahu was prime minister it has been very bad for Palestinians," Mr Muna said.

"The peace process was stopped and he was very aggressive in his behaviour. Nothing changed in a positive way, everything was negative. There were more closures, more settlements, more grabbing land and more people in jail."

Read more: Will the surprise winner of Israel's Labour party leadership contest bring new hope for the Palestinians?

Mr Muna said that during a surge of stabbing attacks by Palestinians in late 2016, "the reaction of the Israeli government was to kill them on the street" rather than capture the assailants alive.

"So many families lost their sons because of the actions of the government Netanyahu headed. Also, Israel twice made wars against Gaza in this period and so many Palestinians were killed. So people would be happy to see him behind bars."

But Mr Muna, and many others interviewed for this article, were not optimistic about who would follow Mr Netanyahu if he were forced out.

"It won't solve the problem, because there are so many Netanyahus," Mr Muna said, naming in particular the far-right Jewish Home party leader Naftali Bennett, far-right defence minister Avigdor Lieberman and far-right justice minister Ayelet Shaked as people who would continue Netanyahu policies.

"They are in the cabinet and the policy has also been their responsibility."

Palestinian political analysts were no more sanguine.

"Once Netanyahu is out, Israel will go in one of two ways: Either someone from Likud will be prime minister or there will be early elections," predicted Mkhaimar Abu Sada, a political scientist at Al Azhar University in Gaza.

"The trend is that the right will receive the most votes and continue to keep political power in their own hands. What happens is not up to our hopes or to our imagination. Public opinion polls in Israel show that Likud, Yisrael Beiteinu and Jewish Home will continue to have solid support. So even if Likud loses some voters they will go to other right-wing parties."

"Unfortunately, the left and centre-left in Israel are weak and the status quo is convenient for the Israelis: No intifada, no major violence and the continuation of settlement expansion," he added.

"It seems to me that things are under control, things are not that bad for Israel and that's why the right wing believes the status quo is comfortable for it and for Israeli voters."

Mahmoud Salaymah, who works in the advertising department of Al Quds newspaper, also believes Mr Netanyahu's departure from the scene would make little difference to Palestinians.

"None of the prime ministers give anything to the Palestinians, whether it's Netanyahu or Olmert, right or left. It's the same policy, the same occupation, just the personality changes," he said.

"Many of the people in Israel want peace, but the government doesn't. The people have to choose a moderate government, not a government of the settlers."

Read more: Future is grim without two-state solution, experts on both sides agree

Elsewhere on Salah Al Din Street, a Palestinian salesman, who asked not to be identified, suggested that no Israeli government full stop would be able to bring peace to the region.

"The presence or absence of Netanyahu won't change anything in Israeli policy. The word peace doesn't exist in the Israeli state. The Zionist movement's goal is to occupy and rule over others."

But the owner of a nearby shop, who also asked to remain anonymous, was more upbeat.

"If Netanyahu goes to jail we will have peace because he's extreme against the Arabs. Anyone in his place will be better," he said. "I don't care if he goes to jail or not but I care that he goes out of government."

Ramadan Safi, an engineer from Ramallah in the occupied West Bank, was also optimistic: "Maybe this issue will help the Israelis themselves have a leader who will go forward with the peace process. It's an opportunity for the Israelis to make a change. Netanyahu kept saying there is no partner on the Palestinian side while he demolished the possibility of making a two state solution. So we feel anyone will be better than him."

Jordanians are also following the Netanyahu scandals with interest. Writing in Tuesday's Jordan Times, Hassan Barari, an academic whose specialist focus is Israeli politics, said the fall of Mr Netanyahu would not lead to a peace breakthrough.

"If anything, Netanyahu will be succeeded by a right-wing leader atop almost the same governing coalition. More importantly, a centre-left coalition is still far-fetched."

"In other words, the political rivalries will be only among the right-wing coalition and no matter who will emerge victorious, the political game will continue unchecked," he added.

"Over the last two decades, Israeli society has shifted rightward. It follows that forming a peace coalition is mission impossible."

Brief scoreline

Switzerland 0

England 0

Result: England win 6-5 on penalties

Man of the Match: Trent Alexander-Arnold (England)

Fixtures and results:

Wed, Aug 29:

  • Malaysia bt Hong Kong by 3 wickets
  • Oman bt Nepal by 7 wickets
  • UAE bt Singapore by 215 runs

Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman

Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal

Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore

Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong

Thu, Sep 6: Final

COMPANY%20PROFILE
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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

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.”

The specs: 2017 Lotus Evora Sport 410

Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

The Sand Castle

Director: Matty Brown

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

Rating: 2.5/5

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

THREE
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