Israel to build 700 apartments in east Jerusalem



JERUSALEM // Israel plans to build nearly 700 new apartments in east Jerusalem, the Housing Ministry said Monday, drawing tough criticism from both the Palestinians and the United States. The dispute over east Jerusalem is the most intractable - and explosive - in the Israeli-Palestinian conflict. Palestinians claim east Jerusalem as the capital of a future state and consider Jewish neighbourhoods there to be settlements. Israel claims all of the city as its eternal capital.

The prime minister Benjamin Netanyahu announced a slowdown in West Bank settlement construction several weeks ago in hopes of bringing the Palestinians back to the negotiating table. But the order did not include construction in east Jerusalem. "We make a distinction between the West Bank and Jerusalem. Jerusalem is our capital and remains such," said government spokesman Mark Regev. The Housing Ministry said it had approved a total of 692 new apartments in three existing Jewish neighbourhoods already inhabited by tens of thousands of people. Israel does not consider its east Jerusalem neighbourhoods to be settlements. It captured the city's eastern sector in the 1967 Mideast war and immediately annexed the area. The international community does not recognise the annexation.

"We condemn this Israeli policy of continuing settlement activities, and we hope this will be an eye opener for the US administration and other members" of the international community, said Palestinian official Saeb Erekat. The Palestinians have refused to reopen peace talks, which broke down a year ago, until Mr Netanyahu halts all settlement construction in the West Bank and east Jerusalem. For months, the United States has been trying to bring the sides together.

An Israeli official said the government had informed the Obama administration about the latest planned construction. He spoke on condition of anonymity because he was not authorised to discuss the matter with the media. However, a US official said the construction was another blow to peace efforts. "We feel that unilateral actions make it harder for people to get back together at the table, and that's what our goals are," said the official, speaking on condition of anonymity pending a formal reaction from Washington. "We also have mentioned in the past, and Secretary Clinton has mentioned, that we consider all the Israeli settlements to be beyond the pale of what we wish to see going on, and are not helpful, again, to getting the two sides back to the table," he said.

Mr Netanyahu announced the settlement slowdown last month in a bid to rekindle peace talks with the Palestinians. But the Palestinians have rebuffed that overture because the order does not affect east Jerusalem and or block construction that is already under way on 3,000 settlement apartments. Settlement construction became the key sticking point in resuming negotiations after US President Barack Obama demanded a total cessation shortly after taking office. He has since softened his stance, but the Palestinians have not.

* AP

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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

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.”

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TOUCH RULES

Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.

Teams can make as many substitutions as they want during the 40 minute matches.

Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.

A touch is any contact between the player with the ball and a defender, and must be with minimum force.

After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.

At the roll-ball, the defenders have to retreat a minimum of five metres.

A touchdown is scored when an attacking player places the ball on or over the score-line.