Demonstrators gather to protest the Israeli government's judicial overhaul bill in Tel Aviv on Saturday. AFP
Demonstrators gather to protest the Israeli government's judicial overhaul bill in Tel Aviv on Saturday. AFP
Demonstrators gather to protest the Israeli government's judicial overhaul bill in Tel Aviv on Saturday. AFP
Demonstrators gather to protest the Israeli government's judicial overhaul bill in Tel Aviv on Saturday. AFP

Tens of thousands of Israelis protest against judicial overhaul


Soraya Ebrahimi
  • English
  • Arabic

Tens of thousands of Israelis took to streets across the country on Saturday to protest against Prime Minister Benjamin Netanyahu's bitterly disputed plans to tighten controls on the Supreme Court.

The overhaul includes giving the government control over naming judges to the Supreme Court and letting parliament override rulings.

The proposals were paused after opponents organised some of the biggest street protests ever seen in Israel, now in their 18th consecutive week.

The government says the overhaul is needed to restore balance between the judiciary and elected politicians, accusing activist judges of increasingly usurping the role of parliament.

Critics say it will remove vital checks and balances underpinning a democratic state and hand unchecked power to the government.

Five months into the far-right coalition's term, 74 per cent of Israelis think the government is functioning poorly, according to a poll released by an Israeli public broadcaster on Friday.

Crowds gathered in central Tel Aviv on Saturday in a show of defiance against plans which they see as an existential threat to Israeli democracy.

Israel's Channel 12 estimated 110,000 people demonstrated in Tel Aviv alone, with other demonstrations held in cities across the country.

Israel protests - in pictures

"I'm very worried for my country," protester Bental Shamir, 60, a teacher, told Reuters in Tel Aviv.

"I don't want a corrupted country."

The planned overhaul has been put on hold in an attempt to give time for Israeli President Isaac Herzog, who plays a largely ceremonial role, to broker a compromise between the coalition and opposition which could see the legislation softened. So far, talks have been fruitless.

"I'm sure that we are closer than we can imagine," lawyer Dor Lasker, 35, told Reuters regarding the compromise talks. "I'm positive that it could happen."

Protesters waved the blue and white Israeli flags that have become a hallmark of the demonstrations over the past three months.

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UAE currency: the story behind the money in your pockets

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.”

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

UAE currency: the story behind the money in your pockets
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Updated: May 07, 2023, 4:30 AM