Benjamin Netanyahu's speech on Monday provided little encouragement for the peace process.
Benjamin Netanyahu's speech on Monday provided little encouragement for the peace process.

Mahmoud Abbas warns Palestinians 'cannot wait indefinitely' for statehood



TEL AVIV // Mahmoud Abbas yesterday made a fresh bid to press the international community to recognise a Palestinian state at the United Nations, a day after a speech by the Israeli prime minister indicated there was little hope for restarting peace talks.

In an opinion piece in The New York Times, the Palestinian president offered his most detailed explanation why the Palestinians want UN recognition, suggesting such a move would enable them to seek legal action against Israel for violating international law and agreements.

Mr Abbas, writing two days after Palestinians marked Israel's 1948 creation with widespread Nakba protests, added that Palestinians "cannot wait indefinitely" for statehood.

Mr Abbas's opinion piece comes just days before Benjamin Netanyahu, the Israeli prime minister, heads to the US to meet President Barack Obama and deliver a speech before the US Congress. Mr Obama is due tomorrow to deliver a speech on the White House's Middle East policies in the wake of the killing of Osama bin Laden and the Arab Spring.

On Monday, Mr Netanyahu told the Israeli parliament that he still stood by his conditions for a peace agreement, including Israel's intention to hold on to the large settlement blocs in the West Bank and to all of Jerusalem. He also made clear that no peace would be negotiated should Mr Abbas's secular Fatah movement form a joint government with Hamas, the Islamic group that rules Gaza.

But Palestinian spokesmen criticised his words, saying he failed to provide new ideas on how to reignite the peace process and showed he was unwilling to evacuate Jewish settlements in the West Bank. Palestinians want the West Bank and Gaza Strip to make up their future state, which would have its capital in East Jerusalem.

Ghassan Khatib, a spokesman for the Palestinian Authority, said there appeared to be little hope for renewing negotiations.

"The speech is typical of the Likud and Netanyahu policies," he said, referring to Mr Netanyahu's right-wing Likud party. "If he is going to Washington to repeat the same things then this is not going to be good for the American efforts to rescue the peace process."

Mr Khatib added that the Palestinians want Mr Netanyahu to accept the borders of the Palestinian state as including the whole of the West Bank, which Israel occupied along with Gaza during the 1967 Arab-Israeli war.

Israeli commentators yesterday said Mr Netanyahu made few efforts in his speech to draw the Palestinians back to the negotiating table because he was more concerned about retaining his hold on Israel's growing right-wing camp ahead of elections next year.

Such dim prospects for peace have also spurred a more intensive lobbying effort by the Palestinians, as suggested in Mr Abbas's opinion piece.

Mr Abbas wrote that Palestinians cannot keep waiting while Israel sends more settlers to reside in the West Bank and denies Palestinians access to their land and holy places, especially in Jerusalem.

"We call on all friendly, peace-loving nations to join us in realising our national aspirations by recognising the state of Palestine on the 1967 border and by supporting its admission to the United Nations," Mr Abbas wrote.

He said an admission to the UN would pave the way for the "internationalisation of the conflict as a legal one, not only a political one." He added: "It would also pave the way for us to pursue claims against Israel at the UN, human rights treaty bodies and the International Court of Justice."

The gaps between the Israeli and Palestinian stances have prompted some analysts to predict that little progress is expected from Mr Obama's meeting on Friday with Mr Netanyahu.

Aaron David Miller, a former US negotiator on the Arab-Israeli conflict, wrote in his own opinion piece in The New York Times yesterday that "tensions will smoulder" at the gathering.

He said that, for Mr Obama, the absence of progress on the peace process is a "source of great frustration" and that in the wake of the Arab Spring, Arabs will hold the US responsible for the impasse.

However, for Mr Netanyahu, there is little incentive to reignite talks. "Today, a real peace process means a wrecked coalition, possibly new elections and new opportunities for political rivals," Mr Miller wrote.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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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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The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.