The Palestinian flag flies over the UN headquarters in New York for the first time yesterday.  Justin Lane /  EPA
The Palestinian flag flies over the UN headquarters in New York for the first time yesterday. Justin Lane / EPA

Palestinian leader Mahmoud Abbas calls off all deals with Israel



New York // Palestinian president Mahmoud Abbas declared yesterday that he was no longer bound by agreements signed with Israel, which he accused of sabotaging efforts to find a two-state solution.
Mr Abbas was addressing world leaders at the UN General Assembly in New York, shortly before raising the Palestinian flag over the UN headquarters in a symbolic step towards winning full membership of the world body.
"Palestine, which is an observer state in the United Nations, deserves full recognition and full membership," he said.
Mr Abbas, 80, had promised to deliver a "bombshell" and gave his clearest statement yet that the Oslo accords, which set out a path to peace and was signed in 1993, had been killed off by Israeli expansion and abuses.
"We declare that as long as Israel refuses to commit to the agreements signed with us, which render us a pro-forma authority without real powers, and as long as Israel refuses to cease settlement activities and to release of the Palestinian prisoners in accordance with our agreements, Israel has left us no choice but to insist that we will not remain the only ones committed to the implementation of these agreements, while Israel continuously violates them," he said.
Minutes later, Mr Abbas raised the Palestinian flag to the applause of diplomats and ministers in the UN's rose garden, on the far side of the complex from the flags of member states.
He dedicated the ceremony to those killed, jailed and wounded in the struggle for statehood.
"Dawn is coming no doubt, and the day for raising the flag of the state of Palestine will be coming soon on top of Jerusalem, capital of our Palestinian state."
The symbolic move was made after the UN passed a resolution this month allowing Palestine and the Vatican, which have observer status, to fly their flags at the UN.
For its supporters, the resolution was the latest step in a legal and diplomatic campaign for full UN membership.
It follows Palestine's membership in 2011 to the world cultural body Unesco, its arrival at the UN as a non-member observer state in 2012, and its accession to the International Criminal Court in April.
UN secretary general Ban Ki-moon said the flag served as a reminder of the Palestinian Authority's commitment to winning full statehood.
"It is a day of hope," Mr Ban said. "It is a reminder that symbols are important, and that a symbol can lead to action in the right direction."
But the red, black, white and green flag flies on the far side of the complex from the main entrance, where the UN's 195 member states have their flags.
Richard Gowan, a fellow with New York University's centre on international co-operation, said the flag was another small step towards statehood but was far less significant than joining the ICC or Unesco.
"This is a consolation prize for the Palestinians," Mr Gowan said. "The Security Council is unlikely to push Israel towards a two-state solution.
"Raising the flag is really just a symbolic concession."
foreign.desk@thenational.ae

Prophets of Rage

(Fantasy Records)

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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Our family matters legal consultant

 

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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 
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

The specs

Engine: 2.9-litre, V6 twin-turbo

Transmission: seven-speed PDK dual clutch automatic

Power: 375bhp

Torque: 520Nm

Price: Dh332,800

On sale: now

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Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

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Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

IF YOU GO
 
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
 
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info

 Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Company%20Profile
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THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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.