World

Key ministers retain their places

Despite concerns about Hamas’s role in the new Palestinian government, several key ministers who served in Mahmoud Abbas’s West Bank-based Palestinian Authority remain in place. Here is a look at who they are:

RAMI HAMDALLAH, 55, retains his position as prime minister, after being appointed by Mr Abbas last year. The English professor, who earned a doctorate in Britain, had no political experience when he was plucked from academia. He is fiercely loyal to Mr Abbas and lacks his own power base.

With Mr Hamdallah as the figurehead, Mr Abbas will remain the key decision-maker. Under the initial unity deal, Mr Abbas was to serve as prime minister, but changed his mind because he did not want to add to his workload and be burdened with day-to-day administrative issues.

Mr Hamdallah served as dean of the Al Najah University in the West Bank for 15 years. He has also served as the secretary-general of the Palestinian Central Elections Commission.

MOHAMMED MUSTAFA will continue to serve as deputy prime minister and economy minister. The US-educated president of the Palestinian national investment fund has held positions at the World Bank and is considered a pragmatist and moderate who is close to Mr Abbas. Mr Mustafa was born in 1954.

ZIAD ABU AMR is the designated culture minister and deputy prime minister, a position he currently holds. Born in 1950, he is a US-educated political scientist with a doctorate from Georgetown University and a former college professor. The Gaza-born Abu Amr frequently served as a mediator between Hamas and Fatah but fell out with Hamas after its takeover of the Gaza Strip in 2007.

SHUKRI BISHARA will continue on as finance minister. The longtime banker served as head of Jordan-based Arab Bank and has worked at other financial institutions. Mr Bishara had no political career before joining the Palestinian cabinet last year and is known to be an independent.

RIAD MALKI, born in 1955, returns as foreign minister, a position he has held since 2008. Mr Malki, a former professor at Bir Zeit University in the West Bank, has also served as minister of information and justice minister. He is considered a political independent.

* Associated Press

On Women's Day
The national orchestra
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

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Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia

Based: Dubai, UAE

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Size: (employees/revenue) 10/ 100,000 downloads

Stage: 1 ($800,000)

Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC

 

Things Heard & Seen

Directed by: Shari Springer Berman, Robert Pulcini

Starring: Amanda Seyfried, James Norton

2/5

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

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Director: Tom Tykwer

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West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

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Surianah's top five jazz artists

Billie Holliday: for the burn and also the way she told stories.  

Thelonius Monk: for his earnestness.

Duke Ellington: for his edge and spirituality.

Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.

Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.

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Director: Christopher Nolan

Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh 

Rating: 5/5

COMPANY PROFILE

● Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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.”

Breaking News: The Remaking of Journalism and Why It Matters Now
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Manikarnika: The Queen of Jhansi

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