Israeli government split on peace talks plan



JERUSALEM // Days after Benjamin Netanyahu insisted negotiations were the only path to peace with the Palestinians, the Israeli prime minister's government yesterday stalled on the latest plan to resume talks.
Meeting until the early hours of yesterday morning, Mr Netanyahu and eight senior cabinet members could not agree to accept a proposal by the US, EU, Russia and the UN for an immediate resumption of direct talks.
The Middle East Quartet made the proposal last week as an alternative to the Palestinian bid for statehood at the United Nations. Their plan meets Mr Netanyahu's one condition for resuming talks, in that it contains no reference to the Palestinian demands that illegal settlement building must cease before negotiations resume based on 1967 borders.
The hesitation on the Quartet proposal is in stark contrast with the Israeli leader's enthusiastic call for peace negotiations in his address last Friday at the UN General Assembly. In it, he demanded that Mahmoud Abbas, the Palestinian Authority president, "stop negotiating about the negotiations. Let's just get on with it. Let's negotiate peace".
Mr Netanyahu spoke positively of the Quartet plan in a television interview on Saturday: "If the Quartet calls for the resumption of direct negotiations without preconditions, I think it's an important thing."
His government's willingness to compromise with the Palestinians was cast into further doubt by an announcement on Tuesday that 1,100 new homes will be built in Israel's East Jerusalem settlement of Gilo. That prompted an immediate chorus of international condemnation, followed yesterday by similar expressions of concern by Egypt's foreign minister, Mohammed Amr.
He called it an "illegal measure" that "represents a new and glaring Israeli defiance to the international community, which endeavours to restore credibility to the peace process".
Israel under Mr Netanyahu's leadership has made a number of provocatively timed announcements on settlement construction that have caught its allies in the US government off guard, most notably soon after a visit by the US vice president, Joe Biden, last year. Palestinians want East Jerusalem as the capital of their hoped-for state.
Hillary Clinton, the US secretary of state, called Israel's decision to build in East Jerusalem a"counter-productive to our efforts to resume direct negotiations between the parties".
"As you know, we have long urged both sides to avoid any kind of action which could undermine trust, including, and perhaps most particularly, in Jerusalem, any action that could be viewed as provocative by either side," she said.
Mrs Clinton and the US president, Barack Obama, have struggled to renew the peace talks that collapsed late last year because Mr Netanyahu refused to stop building Jewish settlements. Washington's influence on the Middle East peace process appears to be diminishing, evidenced by the Palestinians' defiance of US pressure not to approach the UN Security Council for recognition of their state.
The US and other Quartet nations hope their new proposal would lure Mr Abbas back to negotiations and away from the Security Council. Unveiled just before the Palestinian leader's UN address on Friday, the proposal calls on Israel and the Palestinians to begin tentative talks in four weeks, set out proposals on borders and security in three months and then conclude a final peace deal by the end of next year.
This is hoped to prevent an embarrassing confrontation in the Security Council with the administration of Barack Obama, who has vowed to veto the Palestinian statehood vote should it reach the Security Council.
Officials in the Palestine Liberation Organisation's Executive Committee held deliberations yesterday on the new Quartet initiative, but a source said it would probably be rejected because it failed to address key demands for resuming talks. Those consist of Israel halting construction on Jewish settlements and agreeing to use the borders existing before the 1967 Arab-Israeli war as a basis for negotiations.
Senior Palestinian officials declined to comment on the issue yesterday but were expected to announce their opposition to the proposal today.
Speaking in front of the UN Security Council on Tuesday, B Lynn Pascoe, the world body's political chief, expressed doubt that the Quartet proposal would be enough to bridge the two sides' differences.
Warning that "resuming negotiations, and making progress, is easier said than done", he said Israel's occupation and the Hamas-Fatah split were major factors that could thwart a negotiated end to the conflict.
The Quartet proposal, he said, "would be a moment where the parties would be truly tested in their readiness to make serious proposals that addressed the core concerns of the other".
hnaylor@thenational.ae
* With additional reporting by the Associated Press

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.”

While you're here
Feeding the thousands for iftar

Six industrial scale vats of 500litres each are used to cook the kanji or broth 

Each vat contains kanji or porridge to feed 1,000 people

The rice porridge is poured into a 500ml plastic box

350 plastic tubs are placed in one container trolley

Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

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.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

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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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8.15pm Handicap (TB) Dh 82,500 (D) 1,400m

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