Palestinian flag flies above London mission after historic recognition


Lemma Shehadi
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Palestinian diplomats in London raised their nation's flag on Monday to mark the UK's recognition of Palestine and declared it a crucial step on the "long march towards justice, liberation and sovereignty".

Government ministers, MPs and the capital's diplomatic corps gathered to congratulate the incumbent envoy Husam Zomlot, alongside members of the Palestinian community in London.

"In the same capital of the Balfour declaration, after more than a century of ongoing denial, dispossession and erasure, the UK government has finally taken the long overdue step of recognising the state of Palestine," he said, flanked by the UK's Middle East Minister Hamish Falconer and Scottish First Minister John Swinney.

"International recognition is more than just a diplomatic gesture. It is an acknowledgement that Palestine has always, always, been a land with a people," Mr Zomlot said. He thanked the "millions" in Britain who had been marching in the streets "who turned London into the epicentre of the movement for Palestine" and who "chose principles over politics".

"We will always remember how you stood by our side, on the right side of history," he said. "To my people, the great and proud Palestinian people in Gaza, in Jerusalem, in Jenin, in the refugee camps, in exile, this moment belongs to you."

He said the mission will be officially considered an embassy after some "legal and bureaucratic work" is completed. To cheers, he held aloft a plaque reading "The Embassy of the State of Palestine", which will be placed on the building.

Mr Falconer acknowledged that recognition would "not end the suffering" in Gaza. "This is not only an endorsement of the vision of two states, it is a rejection of extremism on both sides," he said.

Husam Zomlot lifts the new plaque of the embassy of the state of Palestine. Getty Images
Husam Zomlot lifts the new plaque of the embassy of the state of Palestine. Getty Images

It was also a "tool" to empower those negotiating for two states, he added. He called on Hamas to disarm. People shouted "shame on you" and "stop arming Israel" while Mr Falconer was speaking.

Mr Swinney agreed that further sanctions on Israel were needed. He also called for the UK to join South Africa's case against Israel at the International Court of Justice and commit to executing International Criminal Court arrest warrants.

"I have been clear that the UK's recognition of the state of Palestine should have been unconditional, but this decision goes some way towards acknowledging the UK's solemn and historic responsibility towards all peoples of the region,” he said.

Scotland's First Minister John Swinney at the flag-raising ceremony. Getty Images
Scotland's First Minister John Swinney at the flag-raising ceremony. Getty Images

"While this announcement is welcome news, this is just the first step towards establishing the two-state solution,” he added. "I urge the UK government to take further action to accelerate peace including continuing to call for an immediate ceasefire and the resumption of free-flowing aid.

"The international community must use all its energy to persuade and pressurise Israel to end the violence and return to a peace process. A two-state solution is the only option that can provide peace, prosperity and security for both the state of Palestine and the state of Israel. Hamas must play no role in the future of the Palestinian state."

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Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

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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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'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

Updated: September 25, 2025, 7:39 AM