No opening for Israeli ethnic cleansing



The Israeli prime minister Benjamin Netanyahu has made a "generous" offer to resume direct negotiations, which entails freezing settlement activities in the West Bank in exchange for a Palestinian acknowledgment of Israel as a Jewish state, declared the pan-Arab newspaper Al Quds al Arabi in its editorial.

His offer comes two days after his cabinet approved an unprecedented bill that requires anyone seeking Israeli citizenship to pledge allegiance to Israel as a Jewish and democratic state.

"This is blatant blackmail. At a time when Arab foreign ministers gave the US administration a period of one month to remove the hurdles that Mr Netanyahu's government has laid before the peace process, the prime minister comes up with this crippling and insulting condition that shows disregard to Arabs and the international community." The perpetuation of the Palestinian Authority's security agreements with the Israeli rightist government, especially pertaining to stifling uprisings and arresting Palestinian activists, encourages Mr Netanyahu and his cabinet to issue discriminatory laws as a prelude to evicting more than one million Palestinians living in occupied territories.

Ethnic cleansing is a crime that contradicts all international laws. The perpetrators must not impose their own conditions nor be rewarded for their crime; they must be properly sanctioned by law.

A speedy decision needed by tribunal 

The Special International Tribunal for Lebanon is required to reveal the names of the suspects in the assassination of former PM Rafiq Hariri as soon as possible to diffuse tensions and their repercussions in Lebanon, wrote Abdulrahman al Rashed in an article for the London-based daily Asharq al Awsat.

Indictments were expected last September, but their announcement was postponed in order to clear the atmosphere first. However, with every passing day, tensions rise and fears increase. Had the tribunal issued the indictments before, the conflict would have been moved to The Hague. Rumours surrounding the indictment list seem to agree that it would name members of Hizbollah. It is also rumoured that the main perpetrators are already dead, such as Hizbollah's military leader Imad Moghnieh.

The important issue at this moment isn't the pursuit of the dead as much as it is the protection of the living. The victims' families wake up every morning to explicit threats to withdraw their claims and halt the tribunal. Families of the assassination victims can be proud now that the whole world knows the truth. They know that the criminals weren't the Israelis or the Americans. The criminals live among them and the case is clear.

"I say don't withdraw from the tribunal, but rather look into matter in detail. Options, if any, are limited."

Iraqi power may soon veer towards Iran 

In an article for the Qatari newspaper Al Watan, the columnist Mazen Hammad wrote: "The Obama administration is worried about plans to integrate the Sadrist movement into the new government coalition that Nouri al Maliki is likely to form, despite his affirmation that he would not give the Sadrists any security or military portfolios."

Moqtada al Sadr's support to Mr al Maliki has annoyed the US as it wants a comprehensive government coalition that doesn't grant power positions to the Sadrist movement which fought the Americans for years in Iraq, especially since Washington is still unclear on whether the movement is a political faction or an armed militia that wants to reach its objectives through any means possible. The delay in forming a new Iraqi cabinet has impacted US strategies in the country, including trade deals and the details of the US military role in the future, while the Sadrists have expressed strong opposition to any US long-term military relationship with Baghdad. Washington is trying to resist any inconvenient changes in Iraqi policies toward the US.

Increasing Iranian power in Iraq is a source of many fears, but recent political analyses show that the Iraqis are developing a sound sense of sovereignty that allows them to hold balanced relationships within their region. They have become more resistant to foreign pressure and interference.

Two Iranian presidents in stark contrast 

In anticipation of Iranian president Mahmoud Ahmadinejad's visit to Lebanon this Wednesday, the columnist Hazem Saghieh wrote in an article for pan-Arab daily Al Hayat that Mr Ahmadinejad's visit cannot be compared to that of his predecessor, Mohammed Khatami, a few years ago.

In fact, the serene atmosphere that accompanied Mr Khatemi's visit is a far cry from the chaotic ambiance surrounding the arrival of Iran's current president. The characters of both men are at extreme contradiction, and the mere transfer of power from the former to the latter reflects the degradation of the political system in Tehran. It was a transformation that was dictated by regional changes, mainly the Iraqi war in 2003. As a result of this war, Iran tended to marginalise "Khatemism" that represents the maturity of the Iranian revolution, and to promote the "Nejadism" of the followers of Mr Ahmadinejad that represents the return to the early beginnings of the same revolution. "'Nejadism' emerged from the power of fear and the fear of power as a system in constant tension."

The Iranian guest will find it difficult to address Lebanon, a country of various sensitivities, as did his predecessor, when he respected the Lebanese community's pluralism and focused on it as a lab for the dialogue of cultures.

* Digest compiled by Racha Makarem

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Close your windows and turn on the AC.

Shower or bath after being outside.

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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.”

The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia


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