With dismaying predictability, Israeli prime minister Benjamin Netanyahu lost no time in exploiting the massacre in Paris. As he has done many times before, he claimed Europe's trauma was just a taste of the suffering Israelis have long known.
Discounting decades of a brutal Israeli occupation as the cause of the recent wave of Palestinian attacks, he said: “It is the terrorists who are to blame for terrorism, not the territories, not the settlements and not any other thing.”
Rather than criticising the occupation, he added, the world should learn from Israel’s “aggressive policy” how to defeat its enemies. Last week, he unveiled the latest measure, outlawing the northern wing of the Islamic Movement, a popular party among Israel’s Palestinian citizens, one in five of the population.
Mr Netanyahu and his ministers justified the decision by conflating the Islamic Movement with Hamas and ISIL. But while its leader, Sheikh Raed Salah, rejects the idea of a Jewish state, the movement operates entirely within Israeli law. Israel’s Shin Bet intelligence agency opposed Mr Netanyahu’s move, admitting that it had failed to find any evidence linking the movement to violence.
Mr Salah’s organisation refuses to participate in the Israeli parliament, and instead directs much of its efforts at religious instruction and good works, including health clinics, nurseries and sports clubs, to the poorest communities in Israel.
That has made it hugely popular. A recent survey found 57 per cent of Israel’s 1.6 million Palestinian citizens believe the movement represents them. A third of Israel’s Palestinian Christians support it too. And it has 10,000 paid-up members, who now risk imprisonment.
So why do it? There are several benefits for Mr Netanyahu and the Israeli right in equating all Islamic activism with terrorism.
Not least, international pressure to negotiate an end to the occupation is likely to lift. He can now recast Israel’s conflict with the Palestinians from a national conflict into a religious – and existential – one.
If France is getting tough against ISIL, why should Mr Netanyahu be expected to sit down with his own extremists?
It also helps him domestically. He needs an implacable foe to justify to Israelis why they need an authoritarian government like his.
The US nuclear deal with Iran removed his chief bogeyman. Meanwhile, Mahmoud Abbas's Palestinian Authority is helping maintain order in the West Bank. And Hamas is licking its wounds in Gaza. Now he has an internal enemy, the Islamic Movement, that the argument goes must be fought ruthlessly from within.
Mr Salah’s group fits the bill well. It has been an obstacle to two key planks of the Israeli right’s agenda.
First, it has frustrated the government’s efforts to drive tens of thousands of Bedouin from their ancestral villages into hugely deprived townships. The Islamic Movement has helped to organise and strengthen these communities.
And second, Mr Salah has taken on the fight at Al Aqsa mosque in Jerusalem, as Jewish settler groups have used their government connections to gain ever greater purchase on the holy esplanade.
Mr Salah’s cry of “Al Aqsa is in danger” has rallied huge numbers of supporters – Palestinians with the advantage of Israeli citizenship – to get involved at the mosque, at a time when all other Palestinian players have been excluded from Jerusalem.
Mr Netanyahu characterises that opposition to his Jerusalem policies as a terror-like “incitement”, saying it has triggered the current Palestinian unrest.
Outlawing the Islamic Movement looks set to be the first step down a path to greater political repression.
Last year the Netanyahu government passed a law raising the electoral threshold too high for any of Israel’s Palestinian political parties to pass it and so win seats in the parliament.
Against the odds, the disparate factions created a Joint List, which is now the third largest in the chamber. In response, Mr Netanyahu used the election campaign to fearmonger, warning that Palestinian citizens were coming out to vote “in droves”.
The crackdown on the Islamic Movement paves the way to justifying a ban on members of the Joint List. The Balad faction, in particular, has skated close to illegality by arguing that Israel cannot be both Jewish and democratic.
Its demand that Israel choose democracy – becoming a “state of all its citizens” – has outraged the right and led to repeated efforts to ban it. That now seems likelier than ever.
If Balad is outlawed too, the Joint List will collapse and the Palestinian parties will be forced out of the arena.
The Shin Bet opposed outlawing Mr Salah’s movement because it feared the move would radicalise the Palestinian minority. Denied either a parliamentary or extra-parliamentary platform, some would drift towards violence.
That is already a danger. Last week six Palestinian citizens were charged with trying to join ISIL in Syria, so far a tiny but discernible trend.
Mr Netanyahu’s world view has always depended on a bloody, winner-takes-all clash of civilisations between West and East. He will continue offering vociferous advice on tackling terrorism to European leaders. They would do well to ignore him.
Jonathan Cook is an independent journalist in Nazareth
On Twitter: @jonathan_k_cook
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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.”
UAE currency: the story behind the money in your pockets
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
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