'Niggling, begrudging and cowardly'



It would be tempting to praise Benjamin Netanyahu for finally uttering on Sunday those words he long dreaded - "Palestinian state". After all, this is a man who once said Yasser Arafat was "worse than Hitler" and proposed that revolvers be distributed to all adult Jewish males as a solution to the "terror" problem. Now in his second tenure as Israel's prime minister, Mr Netanyahu has tempered his inclination for demagogy. But these febrile times call for more than carefully parsed phrases and a belated recognition of the Palestinians' right to a state of their own; they call for brave, forward-looking leaders in the Middle East, ready to shed stale shibboleths and bankrupt ideas. By delivering a niggling, begrudging and ultimately cowardly speech on Sunday, the 59-year-old Mr Netanyahu missed a historic opportunity to join the ranks of those leaders. Instead of proving he is a beacon for the future, he showed he was a relic of the past. It was the Old Bibi who danced around the issue of talks with the Palestinians, saying he was prepared for direct negotiations without preconditions - then proceeding to enumerate conditions required to conclude a deal. He equivocated on the issue of West Bank settlements, qualifying his pledge not to build new settlements with the proviso: "But there is a need to enable the residents to live normal lives, to allow mothers and fathers to raise their children like families elsewhere." With this caveat, it would not be surprising to wake up tomorrow and find Israeli bulldozers building roads in the West Bank so settler families can live "normal lives". An unmistakable air of bad faith and backtracking surrounded Mr Netanyahu's presentation on Sunday. In fact, little was new. Five of the prime minister's predecessors - including two from his own party - have already voiced their conditional support for a Palestinian state. A demilitarised Palestine? It was set forth in guidelines agreed to during the Clinton administration and in the 2001 Taba talks. Palestinian recognition of the Jewish state? It occurred in 1998 - a fact Mr Netanyahu omitted in favour of yet another harangue against Hamas. Mr Netanyahu's speech amounted to a belated attempt to grab at Barack Obama's coattails in the wake of the US president's speech in Cairo on June 4. Unfortunately, the wan result made Mr Netanyahu's immediate predecessors seem like models of Churchillian boldness. Even Ariel Sharon - the father of the settlements - had the mettle to use the word "occupation" in a 2005 speech to the Israeli parliament. On Sunday, Mr Netanyahu never did. Plainly, his speech was not one he wanted to give. But he is said to have feared that Mr Obama's Cairo speech was part of a plan to placate the Arab and Muslim world at Israel's expense and decided to get on the record with an address of his own. Unfortunately, though, the prime minister also did not take a page from the speech, in which the US president acknowledged to his audience the chastening lessons of America's invasion of Iraq and western distortions of Islam. Instead, he offered a tutorial on the roots of the Arab-Israeli conflict that was breathtaking in its one-sidedness - no mention of Palestinian suffering, no elaboration on Jerusalem's importance to Muslims. Furthermore, while Mr Netanyahu demanded Palestinian acceptance of the Jewish state, he did not see fit to repudiate the platform of his own Likud party, which calls for a "Greater Israel" between the Mediterranean Sea and the Jordan. This was not the speech of a visionary keen to build bridges; this was the speech of a politician manoeuvring to preserve the status quo. Rather than reiterate familiar platitudes about peace-loving Israelis, an Israeli leader attuned to the historical moment would have disabused Israelis of the illusion that there is an alternative to trading land for peace. He would have reminded his own people of the price of peace - namely, how they would have to adjust their lives to accommodate a Palestinian state the majority of Israelis say they want. Israel's lucrative security industry would suffer and jobs would be lost. An equal distribution of water would force Israelis to change their consumption habits. The cheap land and large homes that the territories provide would no longer be conveniently available. Such a reckoning would have demanded a kind of political courage that Mr Netanyahu, however, proved incapable of on Sunday. Had he done otherwise, he might have been likened to Richard Nixon, one of the most commie-hating politicians in US history who, in a historic about-face, normalised relations with the People's Republic of China in 1972. Mr Netanyahu will no doubt cite criticisms of his speech by members of his own party as evidence of his daring. Doubtless, too, he will parry administration demands to take action by saying his governing coalition has been pushed to the breaking point already. "Give me time," he will say. Yet Mr Obama may not be inclined to cut Mr Netanyahu slack. His administration is populated by officials who know the Israeli leader well. Dennis Ross, the former US Mideast peace envoy and currently the special state department envoy, describes Mr Netanyahu in his 2004 memoir as bungling, duplicitous, impulsive and - in meeting with President Clinton - "nearly insufferable". In short, his political survival may not be among the top five items on the Obama administration's Middle East agenda. If Mr Netanyahu needs any further reason to squirm, he need only be reminded that while he was delivering his speech, Mr Obama was not listening with bated breath; he reportedly was playing golf. In general, Mr Netanyahu and much of the Israeli political establishment also do not appear to realise that business as usual may be over in Washington. The old playbook - stall, buy time, change the subject, placate with high-flown promises one has no intention of keeping - may not be out of print, but it is certainly out of style. Sunday night showed just how much. cnelson@thenational.ae

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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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

AUSTRALIA SQUAD

Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner

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.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Honeymoonish
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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor