Obama and Netanyahu meet after dark



If an Israeli prime minister visited Washington and didn't go to the White House it would not be unprecedented. It happened once in 2005. But last week, only days away from a long-scheduled visit, Benjamin Netanyahu was more than uncomfortable about such a prospect. Nahum Barnea, a columnist for the Israeli newspaper Yedioth Ahronoth wrote: "For days the White House has refused to set a date for a meeting. It was embarrassing and humiliating. Netanyahu was angry. Not mildly angry. He was incensed." By the time the Israeli prime minister arrived in the US to give an address at the Jewish federations' General Assembly on Sunday, a meeting with Mr Obama had been arranged for the following evening. The White House indicated that the two leaders would not be available to the press, there would be no photo opportunity and no statements would be issued. The Wall Street Journal said: "The brinksmanship over a one-on-one meeting between the two leaders represents a rare display of pique by the White House toward Israel. Mr Netanyahu had long been scheduled to visit Washington to speak at the assembly of Jewish groups. While he had no confirmed plans to meet Mr Obama, it would be rare, but not unprecedented, for an Israeli prime minister to visit Washington without meeting the US president. "Mr Obama had already canceled plans to speak at the same assembly, in order to attend a memorial at Fort Hood on Tuesday [following last week's shooting massacre]. He was being replaced by White House Chief of Staff Rahm Emmanuel. "Israeli officials in Washington and Jerusalem on Sunday said they couldn't comment on discussions surrounding Mr Netanyahu's trip. A senior Israeli official downplayed reports of friction in the relationship with the US, saying day-to-day relations remained strong. But the Israeli press has been filled in recent days with leaked grumbling by Netanyahu aides over the White House's delay in agreeing to meet." In a further indication that the Middle East peace process has broken down to a point where it might be beyond repair, The New York Times reported: "The possible collapse of the Palestinian Authority, Israel's negotiating partner, loomed Monday, as several aides to its president, Mahmoud Abbas, said that he intended to resign and forecast that others would follow. " 'I think he is realising that he came all this way with the peace process in order to create a Palestinian state, but he sees no state coming,' Saeb Erekat, the chief Palestinian peace negotiator, said in an interview. 'So he really doesn't think there is a need to be president or to have an Authority. This is not about who is going to replace him. This is about our leaving our posts. You think anybody will stay after he leaves?' "Mr Abbas warned last week that he would not participate in Palestinian elections he called for, to take place in January. But he has threatened several times before to resign, and many viewed this latest step as a ploy by a Hamlet-like leader upset over Israeli and American policy. Many also noted that the vote might not actually be held, given the Palestinian political fracture and the unwillingness of Hamas, which controls Gaza, to participate. "In the days since, however, his colleagues have come to believe that he is not bluffing. If that is the case, they say, the Palestinian Authority could be endangered." Elliot Abrams, one of the chief Middle East policymakers in the Bush administration, wrote in The Weekly Standard: "Israelis and Palestinians when I visited in October had two main questions: Who is making this Middle East policy, and do they not realise by now that it is a disaster? At least in this, one can say the administration has produced Israeli-Palestinian unity. They are also united in watching warily as the president seems unable to make a decision about Afghanistan. For the Palestinians, this suggests he'll never really take on the Israelis for them, as they thought he might back in January. For the Israelis, it means he'll never take on Iran, and that they may in the end face the Iranian nuclear threat on their own. "They all wonder whether to blame [George] Mitchell or [Hillary] Clinton or Dennis Ross or National Security Adviser Jim Jones or the State Department's Near East bureau, and each individual Israeli and Palestinian has a favourite target. But the answers to their questions seem obvious: It is the president's policy, and no, he does not seem to be aware that it has already failed." In a commentary for CNN, Aaron David Miller, a former Middle East negotiator in both Republican and Democratic administrations, suggested that all might not be lost if Mr Obama learns the right lessons from what has become a foreign policy misadventure. "The chances right now of an Israeli-Palestinian agreement on the big issues are slim to none. "America is facing a marathon slog, a thousand days of excruciatingly painful diplomacy, which offers no easy prospect of success. And yet Arab-Israeli peace is critically important to US national interests. "So, Mr President, before you embark on another round of diplomacy, ask yourself one question: Am I prepared to be tough and reassuring, cracking heads when required - and it will be required - and to take heat from Israel, the Arabs and the pro-Israeli community in the United States? If the answer is yes, go for it; if the answer is no, then don't bother. Find another conflict to mediate. "Because without a strong, steady serious strategy, your next foray into the wonderful world of Arab-Israeli diplomacy may prove to be even more feckless and embarrassing than the last." In a speech delivered in Washington shortly before his meeting with Mr Obama, The Wall Street Journal said: "Mr Netanyahu didn't offer any new policies on Israeli settlements in the West Bank and East Jerusalem - which the Palestinians have demanded be fully stopped as a precondition for peace talks - or list any specific terms for holding new negotiations, as some US officials had hoped he would. "He also appeared to resist US pressure to give stronger support for discussions on an independent Palestinian state - the so-called 'two-state solution'. He said he was committed to two states living side by side, but offered no specifics on the terms for talks on the issue. "Palestinian and Arab leaders on Monday discounted the speech, saying it didn't differ substantively from past addresses by the Israeli leader. Palestinian Authority officials reiterated that negotiations with Israel couldn't resume without a complete settlement freeze."

pwoodward@thenational.ae

UAE and Russia in numbers

UAE-Russia ties stretch back 48 years

Trade between the UAE and Russia reached Dh12.5 bn in 2018

More than 3,000 Russian companies are registered in the UAE

Around 40,000 Russians live in the UAE

The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Clinicy%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Prince%20Mohammed%20Bin%20Abdulrahman%2C%20Abdullah%20bin%20Sulaiman%20Alobaid%20and%20Saud%20bin%20Sulaiman%20Alobaid%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2025%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%20raised%3A%3C%2Fstrong%3E%20More%20than%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Middle%20East%20Venture%20Partners%2C%20Gate%20Capital%2C%20Kafou%20Group%20and%20Fadeed%20Investment%3C%2Fp%3E%0A
Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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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 v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances