The Palestinian flag flies over the UN headquarters in New York for the first time on June 1, 2021. EPA
The Palestinian flag flies over the UN headquarters in New York for the first time on June 1, 2021. EPA
The Palestinian flag flies over the UN headquarters in New York for the first time on June 1, 2021. EPA
The Palestinian flag flies over the UN headquarters in New York for the first time on June 1, 2021. EPA


Why a Palestinian state matters


  • English
  • Arabic

May 23, 2024

When the State of Palestine was proclaimed in November 1988 during a meeting of the Palestine National Council in Algiers, the accompanying Declaration of Independence made it clear that the nation “believed in the solution of international and regional problems by peaceful means in accordance with the Charter of the United Nations” and “rejected the threat or use of force, violence and intimidation against its territorial integrity and political independence or those of any other State”.

Almost 36 years since the leadership of the State of Palestine committed itself to those laudable ideals, and in the teeth of a horrific war, the country’s people are inching closer to true sovereignty – that is, by securing international recognition as a state. Yesterday, three European countries – Ireland, Norway and Spain – took the historic step of saying they would recognise Palestine, joining the more than 140 nations who voted this month in New York in favour of supporting Palestine's bid for full UN membership.

Given the ongoing occupation of Palestinian territories, as well as the violence raging in Gaza and the West Bank that has claimed more than 35,000 Palestinian lives, many will ask what this will achieve. Recognising a state that does not exist in a functioning sense and that cannot exercise sovereignty over its territory may seem like a gesture rich in symbolism but lacking in substance.

The sign for the Palestinian mission office in Dublin, following the announcement by Irish Prime Minister Simon Harris that his country will join Spain and Norway in formally recognising the State of Palestine. PA
The sign for the Palestinian mission office in Dublin, following the announcement by Irish Prime Minister Simon Harris that his country will join Spain and Norway in formally recognising the State of Palestine. PA

This is not the case. While no one is suggesting that statehood is a panacea for Palestine’s many problems, it is nevertheless an essential step in moving towards the two-state solution that the vast majority of the international community supports. Recognition means changing the narrative from one in which a Palestinian state is an ill-defined goal to be reached as part of some far-off negotiations, to one in which two entities – the State of Israel and the State of Palestine – confront their problems as legal and diplomatic equals in international law.

Recognition means Palestinians can access diplomatic mechanisms for the future resolution of issues such as the status of Jerusalem, the rights of Palestinian refugees, access to water, financial disputes with Israel and so on. It importantly also means control over borders and air space. There are international routes to resolving such disputes but they can only be accessed by two states, not one state and a string of fragmented Palestinian cantons.

Sadly, the current situation is one in which a UN member state remains locked in conflict with a collection of people living in occupied territory and who lack a universally recognised state of their own. This is no basis for a settlement; it is a recipe for unending conflict.

Israeli engagement with a Palestinian state would not be a reward for the violence of Hamas, as some right-wing critics claim. Accepting Palestinian statehood is an unavoidable reality of building a secure future for Israelis, too. Israel’s response to yesterday’s news – withdrawing its ambassadors from friendly European countries – shows that there is unfortunately still a long way to go. Israel finds itself increasingly isolated, with only eight other countries voting with it against full Palestinian membership of the UN.

Similarly, there are serious obstacles to functioning statehood on the Palestinian side. Aside from the current war and an Israeli leadership that is dedicated to thwarting Palestinian independence, the fact that the current Palestinian leadership lacks widespread legitimacy, has little say in Gaza and is chronically divided between rival factions makes statehood even more challenging.

Nevertheless, the tide is turning and the handful of countries that still hold out against Palestinian statehood now find themselves outliers in the international community. The arguments for statehood are clear and there is no reason for Palestinians to wait another 36 years for a country of their own.

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

Brief scores:

Toss: Northern Warriors, elected to field first

Bengal Tigers 130-1 (10 ov)

Roy 60 not out, Rutherford 47 not out

Northern Warriors 94-7 (10 ov)

Simmons 44; Yamin 4-4

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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Updated: May 23, 2024, 3:00 AM`