Israeli riot police file past Palestinian homes in the Ras al Amud neighborhood of East Jerusalem. Ahmad Gharabli / AFP
Israeli riot police file past Palestinian homes in the Ras al Amud neighborhood of East Jerusalem. Ahmad Gharabli / AFP

Abbas says Netanyahu's speech to Congress offered 'nothing we can build on' for peace



TEL AVIV // Mahmoud Abbas, the Palestinian president, yesterday lambasted Benjamin Netanyahu's address to the US Congress as offering no prospects for peace and renewed his pledge to seek United Nations recognition of Palestinian statehood in September.

Mr Abbas's statements came a day after the Israeli prime minister ended a five-day visit to Washington, where he made two speeches that Israeli commentators said were aimed more at garnering the support of his right-wing camp at home than at reigniting months-long suspended peace talks.

Speaking to the US Congress on Tuesday, Mr Netanyahu repeated his rejection of any Palestinian state being based on the Israeli borders that existed before the 1967 Middle East war, during which Israel occupied the West Bank and Gaza Strip. He said such boundaries would leave Israel unable to defend itself.

He also reiterated that Israel was determined that Jerusalem would remain undivided, indicating he would not allow the Palestinians to gain control over East Jerusalem, which they want as the capital of their future state.

The latter assertion is especially popular on the Israeli Right. Some prominent right-wing government ministers and legislators late yesterday were due to take part in a ceremony marking the completion of a new Jewish neighbourhood that is slated to become one of the biggest for Jewish Israelis in mostly Palestinian East Jerusalem. The project, whose sponsors include a settler group and a pro-settler American businessman, will house 110 Jewish families in the Ras al Amud neighbourhood.

Mr Abbas told the Palestine Liberation Organisation yesterday that Israel was offering "nothing we can build on" for peace.

"We said in the past and we still say that our choice is negotiation, negotiation and nothing but negotiation. But if nothing happens in September we will go [to the UN]," he said

The Palestinian leader added that seeking such recognition was not aimed at delegitimising Israel or isolating the country.

Nevertheless, the US president, Barack Obama, made a bid in the past week to dissuade the Palestinians from pursuing their plan, calling it "simply unrealistic" and cautioning that it would be rather a "symbolic" effort.

Yesterday, he stepped up his criticism of the Palestinian plan during a press conference in London with British Prime Minister David Cameron, saying: "For the Palestinians to take the United Nations route rather than the path of sitting down and talking with the Israelis is a mistake." Mr Obama also said that achieving a peace agreement would require a "wrenching compromise" by Israelis and Palestinians.

Mr Obama has so far not said whether the US plans to veto the Palestinian plan at the UN. Nevertheless, his statements hold few doubts that he has sided with the Israelis, who are growing increasingly worried that any such UN recognition would also impose an unfavourable peace agreement on the country and possibly ignite violence with the Palestinians.

Mr Abbas said he planned to consult Arab leaders next weekend about how to respond to Mr Obama's peace pact framework, put forth during a speech last week. It included supporting the long-time Palestinian demand for the pre-1967 borders to serve as the starting point for peace negotiations. Mr Netanyahu had condemned Mr Obama's statement, saying it would leave Israel with "indefensible" frontiers.

However, without Israel accepting such a condition, there appears to be little hope for reigniting a peace process that has been deadlocked since September.

Mr Netanyahu, according to Israeli commentators, appears more concerned about keeping his right-wing support base intact ahead of elections scheduled for next year rather than offering concessions for reigniting peace talks.

Sima Kadmon, writing in Yediot Ahronot, Israel's largest circulation newspaper, said Mr Netanyahu was returning home victorious among many right-wing backers. She added: "The prime minister's standing was strengthened greatly this week and … Netanyahu is returning to a solid coalition that will ensure his hold on power for many months."

But he was criticised for not taking advantage of the opportunity to speak in front of the US Congress to further peace efforts. The Haaretz newspaper blasted his address as "a wasted opportunity" and declared in an editorial that "Israel deserves a different leader."

Ari Shavit, a prominent centrist political commentator, warned in a radio interview that Israel's international standing may have been hurt by the 45-minute speech, even as it drew applause and 20 standing ovations from a US Congress known for the support that Israel draws from most of its members.

"We are heading straight for the wall. [Netanyahu] made peace with Congress but he lost the world."

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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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

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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Key facilities
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  • 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
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A MINECRAFT MOVIE

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Rating: 3/5

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.”

The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

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