AMMAN // As the Jordan-Israel peace treaty marks its fourteenth anniversary today, the sense of optimism that prevailed when the late King Hussein signed the deal has faded.
Many Jordanians remain overwhelmingly opposed to it mostly because the so-called fruits of peace - economic prosperity and stability in the region - have not materialised. Projects that Israelis and Jordanians envisaged such as a joint airport in the port city of Aqaba in southern Jordan have not been built.
Politically, King Abdullah is not convinced that Israel is serious about solving the Israeli-Palestinian conflict, and ties between both countries are cool at best.
"The anniversary of the treaty has turned into a nightmare upsetting Jordan," wrote Fahed Kheitan, an editor and columnist with the independent daily Arab Elyawm. "Jordanian officials are disappointed with Israel, and we no longer hear in political circles any positive views about Israel."
Jordan was the second Arab country, after Egypt, to sign a peace treaty with Israel following secret negotiations with the Jewish state. It enabled Jordan to come out of isolation from the West and many Arab countries because of its perceived support for Saddam's regime during the 1991 Gulf war.
But the Palestinian issue continues to overshadow Israeli-Jordanian relations. "As long as there is no solution to the Israeli-Palestinian problem, the public cannot accept peace with Israel," said Omar Rifai, who served as Jordan's ambassador to Israel between 1996 and 2000.
Mr Rifai, also a former Jordanian representative to the Arab League, said: "Peace in our region is like the four legs of a chair; with the Palestinians, the Syrians, the Lebanese and Egyptians. But the chair is wobbly."
Nassar Habasheh, a foreign ministry spokesman, said: "The Palestinian cause is directly linked to us, and therefore Jordan continues to play a pivotal role to push for the two-state solution."
King Abdullah has publicly questioned Israel's intentions in the process on several occasions, most recently in an interview with the Spanish newspaper El Pais.
"Israel has to decide whether it wants to keep its future as fortress Israel or if it wants to engage in the Muslim and Arab worlds," he told the paper earlier this month.
He said the Arab Peace Initiative, endorsed by Arab leaders in the 2002 Beirut summit, provides a genuine opportunity for a peace settlement that guarantees the Palestinian people's right to an independent state and Israel's acceptance by 57 states - one third of the United Nations' member states.
While the Arab peace plan has been in place, "I have not heard of an Israeli peace plan," King Abdullah said.
Even after 14 years of peace between Jordan and the Jewish state, there are continued calls, mostly by Jordan's vocal Islamists, political activists and professional associations, to renege on the treaty. The activists organised a conference yesterday in protest against the peace deal.
"Our motto is to cancel the treaty, and we continue to call for expelling the Israeli ambassador from Jordan," said Badi al Rafiah, head of the anti-normalisation committee at the Jordan Professional Associations.
"The public still rejects the treaty and refuses to normalise with the Zionist enemy," he said.
For Jordan, solving the Palestinian issue is much in its own self-interest, not only because half of its population of 5.8 million is of Palestinian origin, but also Jordan's long-term survival hinges on a Palestinian-Israeli settlement.
Fears are rife within political circles over Israeli ambitions to solve the conflict at the expense of Jordan. Israeli right wing politicians promote a Jordanian option known as the alternative homeland that suggests that Jordan is the Palestinian homeland.
"Each time the Israelis build a settlement, it displaces Palestinians out of the West Bank and this causes a problem for Jordan ? We have problems with Israel that are related to the peace process itself, and the daily Israeli practices against the Palestinians in the West Bank and Gaza," said Fayez Tarawneh, a former prime minister, and the former head of the Jordanian delegation to the Israeli-Jordan peace talks.
The Kingdom for years has opposed this option because it threatens its national sovereignty. But a recent notion in Israeli circles is not helping matters, either.
Israel, according to analysts, wants Jordan to have a role in the West Bank to oversee the security situation.
"What the Israelis are calling for is basically dragging Jordan into having a role in the West Bank. This means Jordanians will be in charge of whatever happens in the West Bank by default," said Fares Braizat, deputy head at the Centre for Strategic Studies at the University of Jordan. "So Jordan, according to this scenario, will act as a party who provides security for the Israelis.
"Given the Israeli rethinking about this project, the peace treaty is not regarded seriously in Israel. Israel is disrespecting the treaty."
smaayeh@thenational.ae
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.”
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Apple%20Mac%20through%20the%20years
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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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WRESTLING HIGHLIGHTS
COMPANY%20PROFILE
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
