Wider unrest involving Palestinian citizens of Israel in the latest escalation of violence could dampen the country's economic performance, according to Fitch Ratings.
The unprecedented uprising of Palestinian citizens of Israel, who account for 21 per cent of the country's population, poses risks to the economy, the agency said.
"If broader parts of this group become actively engaged in a sustained conflict, then this would have significant economic repercussions," Fitch Ratings said.
It also poses a stumbling block to the formation of a new coalition government, which would rely on at least some form of tacit support from parties representing Palestinian citizens.
On Thursday, a number of airlines have diverted flights amid the growing hostilities. American Airlines, United Airlines, Delta Air Lines, Lufthansa and British Airways all temporarily suspended flights to Tel Aviv.
Tourism earnings and employment, which could have witnessed an uptick from a planned reopening to foreign visitors, may be affected by the violence, the ratings agency said.
However, potential disruptions to Israel’s gas exports would only have a marginal impact on its current-account surplus, it added.
In January, the ratings warned "the materialisation of political and security risks that would have a serious and prolonged impact on the economy and public finances could be a driver for negative rating action, and the latest violence could pose some threats to the outlook".
"The violence will set back any prospect of a longer-term reduction of the security and external risks that weigh on Israel’s rating."
Israel has a A+ sovereign credit rating from Fitch with a stable outlook.
Israel and Hamas have been engaged in a deepening conflict, which has killed at least 83 Palestinians in Gaza, including 17 children, as of Thursday. Seven Israelis, including a soldier, two children and one Indian national have also died.
Sparked by heavy-handed Israeli policing during Ramadan and the escalation of a years-long bid by Jewish settlers to take over Arab homes in occupied East Jerusalem, armed groups in Gaza launched more than 1,000 rockets towards Israel, while more than 150 Israeli air strikes hit the strip, leading to one of the most intense cross-border conflicts in years.
The conflict worsened when Israeli police stormed the compound of Al Aqsa Mosque – the third-holiest site in Islam – saying they were responding to rock-throwing protesters ahead of Jerusalem Day marches by ultranationalist Israeli Jews.
While the latest violence will impact the economy it is "unlikely to derail the broader recovery that is underway in the wake of the country's successful vaccination programme against the Covid-19 pandemic", the ratings agency said. Israel has the highest vaccination rate of any country - other than small islands such as the Maldives or Seychelles. It has administered more than 10.5 million vaccines, or enough for 58.1 per cent of its population, according to Bloomberg's Vaccine Tracker.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
Mohammed bin Zayed Majlis
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COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
Elvis
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RIVER%20SPIRIT
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Killing of Qassem Suleimani
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
SPEC SHEET
Display: 6.8" edge quad-HD dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz
Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
Memory: 8/12GB RAM
Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
I/O: USB-C
SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
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Killing of Qassem Suleimani
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
