Fatah's fear of losing threatens to derail start of Palestinian presidential election race
The date set for the Palestinian parliamentary and presidential elections, as agreed by Fatah and Hamas, is May 4, but it is uncertain if these elections are actually going to take place on schedule, or at all, columnist Nabil Amrou wrote in yesterday's edition of the pan-Arab newspaper Asharq Al Awsat.
"When talking about the elections, spokesmen from both camps use a language of uncertainty," the writer said.
"And in their internal discussions about preparations, Hamas and Fatah officials start every sentence with 'If the elections happen'. At best, they would say: 'Let's act as if they are indeed going to take place'."
Elections of all kinds in the Palestinian territories receive exceptional attention. Whether they are presidential, parliamentary or even county or trade-union elections, Palestinians get busy and stay on alert.
With the May elections in particular, Fatah is more worried, and its moves will be more exciting to watch, the writer noted.
Fatah remembers well its defeat in the 2006 parliamentary vote, which saw Hamas win a comfortable majority on the council.
The Hamas win was followed by five years of animosity and rivalry with Fatah, which rules the West Bank. Hamas is the ruling authority in the Gaza Strip, and considered a terrorist organisation by Israel, the US and other western countries.
"In the collective consciousness of Fatah officials, there are underlying fears of losing … that may lead Fatah to contemplate stalling the election process or delaying it repeatedly," the writer said.
Still, Fatah might end up going into the elections anyway, armed with the "tough wish" that its loosely-aligned ranks do not splinter ahead of the vote.
When choosing candidates to run in elections, Fatah members often give precedence to loyalty to family ties or regional affiliation over an objective selection of the members who are best qualified and more likely to attract constituents' votes.
"But because there is no guarantee that [internal consensus] is achievable in the next few months, Fatah's fears will persist and will grow, and with them the likelihood of postponing the elections until further notice."
Hamas, on the other hand, has less to worry about, due at least to two key factors. "Firstly, differences within Hamas ranks never dent the Islamist group's rigour in harnessing the voting process ... Secondly, Hamas has got a boost from the recent successes of political Islam in the Arab world, which makes it psychologically more confident and prepared for a win."
That said, Hamas may not achieve the same comfortable majority it enjoyed in 2006, as Fatah remains better supported by Arab and western friends for its diplomacy and patience in dealing with Israel.
Chances of war with Iran are diminishing
In an article for the Qatari newspaper Al Watan, columnist Mazen Hammad shed the light on the Iranian-western standoff following the European Union's decision to impose an embargo on Iran's oil exports.
As of the beginning of July, under the embargo, Iran would lose a fifth of its oil production. Added to the US-imposed financial sanctions, this measure would put Iran in a difficult economic situation.
What is most dangerous about these harsh sanctions is that they affect ordinary Iranian citizens as much as they affect the regime itself.
But although Iran sees these measures as a declaration of war and has been threatening to retaliate by blocking the Strait of Hormuz, the prospect of an immediate military retaliation on the part of the Islamic Republic has dwindled considerably in the past few days. US and other western vessels were able to traverse the vital passageway without any friction with the Iranians.
Although western naval forces have been mobilised in areas close to the Strait, and despite US threats to hit Iranian nuclear positions, it his highly unlikely that Washington would implement its threats.
That said, while Iran's naval power cannot compare to the might of western fleets, it can still wield some level of force and disable navigation in the region.
A new era in Egypt with Islamists in power
On the first anniversary of its revolution, Egypt ushered in a new era deeply rooted in its Islamic heritage, suggested Satea Noureddine, a columnist with the Lebanese daily Assafir.
Egypt gave the world a unique portrait that blends the various hues of the political spectrum.
"It is undoubtedly the era of political Islam in Egypt," he said.
"Contrary to the wish of the democratic revolution and the rebels who dethroned the dictatorship ... they received a mere quarter of the votes and seats, which qualifies them only to become the opposition."
The inaugural session of the new Egyptian parliament reflected this new categorisation.
Although it didn't witness any direct clashes between the religious majority and the small secular minority, the distance between the groups was too clear to be camouflaged and the language was too complicated to find common grounds.
"The test has just begun. The democratic secular powers have become witnesses and may turn into referees, but for the next six years at least they will remain in the ranks of the opposition, until voters express their new judgement, which could probably be more rational than the current spontaneous and vengeful choice [they made in the recent elections]."
* Digest compiled by The Translation Desk
translation@thenational.ae
We Weren’t Supposed to Survive But We Did
We weren’t supposed to survive but we did.
We weren’t supposed to remember but we did.
We weren’t supposed to write but we did.
We weren’t supposed to fight but we did.
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.
We weren’t supposed to return but WE ARE.
Amira Sakalla
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%0D%3Cbr%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EClara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPatrick%20Rogers%2C%20Lee%20McMahon%2C%20Arthur%20Guest%2C%20Ahmed%20Arif%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ELegalTech%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%244%20million%20of%20seed%20financing%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Shorooq%20Partners%2C%20Techstars%2C%20500%20Global%2C%20OTF%2C%20Venture%20Souq%2C%20Knuru%20Capital%2C%20Plug%20and%20Play%20and%20The%20LegalTech%20Fund%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
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
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more