Live updates: Follow the latest news on Israel-Gaza
Labour leader Keir Starmer has said a Palestinian state “is not in the gift of a neighbour” after Israeli Prime Minister Benjamin Netanyahu said he opposes that prospect for postwar Gaza.
The UK opposition leader said the Israeli leader’s statement was “unacceptable and wrong”, stressing a two-state solution is the “only way to a secure future”.
Mr Netanyahu has vowed to press ahead with the offensive in Gaza for many months despite mounting pressure on Israel to rein in its military action as the scale of death and destruction intensifies.
On Thursday, he said he opposed US calls for the establishment of a Palestinian state when the conflict ends.
He told a national briefing that in any arrangement in the foreseeable future, “with an accord or without an accord, Israel must have security control over the entire territory west of the Jordan River”.
Speaking to broadcasters, Mr Starmer said: “Palestinian statehood is not in the gift of a neighbour. It is the inalienable right of the Palestinian people.
“It’s also the only way to a secure settlement and a secure future.”
A two-state solution that would ensure a “safe and secure Israel alongside a viable Palestinian state”, he added.
Mr Starmer came under criticism for his stance on Gaza after claiming “Israel has the right” to withhold power and water from Palestinian civilians following Hamas’s attack on October 7.
He also voted against a ceasefire in Parliament, losing many councillors from mainly Muslim communities as a result of his comments.
It comes amid a wider rift between Israel and the US over the scope of Israel's war and plans for the future of Gaza.
US Secretary of State Antony Blinken has said Israel would never have “genuine security” without a pathway towards Palestinian independence.
In response to the comments made by Mr Netanyahu in his press conference, White House national security spokesman John Kirby said: “We obviously see it differently.”
Earlier this week, the White House also announced it was the “right time” for Israel to lower the intensity of its military action in Gaza.
Israel launched the offensive after an unprecedented cross-border attack by Hamas on October 7, in which 1,200 people were killed and some 240 others taken hostage.
Roughly 130 hostages are believed by Israel to remain in Hamas captivity.
Nearly 25,000 Palestinians have been killed in Israel's assault – one of the deadliest and most destructive military campaigns in recent history, according to health authorities in Hamas-controlled Gaza.
100 days of Israel Gaza war – in pictures
Mr Netanyahu struck a defiant tone this week, repeatedly saying the offensive will not be halted until it realises its goals of destroying Hamas and bringing home all remaining hostages.
The UK Conservative government and the Labour opposition, along with the US, have said they back Israel's right to defend itself following Hamas' October 7 attacks.
Both have expressed support for a two-state solution to the conflict and a “sustainable” ceasefire – but have resisted calls to back an immediate one.
However, the Israeli government has been urged by western allies to limit the scope of its offensive and act within the parameters of international law.
Israel currently faces a case at the UN's International Court of Justice (ICJ) brought by South Africa, which accuses it of genocide over its actions in Gaza – a charge Israel denies.
UK Foreign Secretary Lord Cameron has said Britain has been “incredibly firm” in urging Israel to show restraint but that it was “nonsense” to suggest the country intends to commit genocide.
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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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.”
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