Arab lawmakers stand up in protest during a Knesset session in Jerusalem, Thursday, July 19, 2018. AP
Arab lawmakers stand up in protest during a Knesset session in Jerusalem, Thursday, July 19, 2018. AP

Saudi joins UAE condemnation of Israeli law’s ‘racial discrimination’



Saudi Arabia has joined the UAE in slamming a controversial Israeli law as "perpetuating racial discrimination" against Palestinians by defining the country as the nation state of the Jewish people, state media reported.

The law adopted by Israel's parliament on Thursday also defines the establishment of Jewish communities as being in the national interest and downgrades Arabic from an official language to one with special status.

Citing a Saudi foreign ministry source, the official Saudi Press Agency said late Friday the kingdom "rejects and disapproves" of the new legislation which it argued contradicts international law.

The source called on the international community to "confront such a law and or other Israeli attempts, aimed at perpetuating racial discrimination against the Palestinian people", SPA reported.

Saudi Arabia said the adoption of the law would also be a barrier to ending the decades-long Israeli-Palestinian conflict.

On Friday, the UAE’s Minister of State for Foreign Affairs Anwar Gargash branded Israel racist for enacting the law, saying it weakened the possibility for a two-state solution.

“The Israeli Knesset’s ratification of the Jewish-state law enshrines the racist practises against Palestinians and falls in the context of weakening the current political direction for a two-state solution,” Dr Anwar Gargash tweeted.

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Editorial: Israel has shed even the pretence of fairness towards its Arab citizens

Read more: Israel's push to strip Arabic of its official language status

Watch: Tantura - a destroyed Palestinian village

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Earlier this year King Salman reaffirmed Saudi Arabia's "steadfast" support for the Palestinian cause, after Crown Prince Mohammed bin Salman signalled a shift in the country's approach.

Prince Mohammed in April said in a magazine interview that Israelis as well as Palestinians "have the right to have their own land".

Arab citizens account for some 17.5 per cent of Israel's more than eight million population and have long complained of discrimination.

The Israeli legislation was also condemned by the six-nation Gulf Cooperation Council, comprised of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.

Adoption of the law "reflected the regime of racism and discrimination against the Palestinian people," GCC secretary general Abdullatif Al Zayani was quoted by SPA as saying.

Mr Zayani accused Israel of trying to obliterate the Palestinians' "national identity and depriving them of their legitimate civil and human rights on their occupied homeland".

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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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

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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COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

UAE currency: the story behind the money in your pockets
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Second Test

Pakistan v Australia, Tuesday-Saturday, 10am​​ daily​​​​​ at Zayed Cricket Stadium, Abu Dhabi

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Price: from Dh285,000

On sale: from January 2022 

The Uefa Awards winners

Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)

Uefa Women's Player of the Year: Lucy Bronze (Lyon)

Best players of the 2018/19 Uefa Champions League

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Defender: Virgil van Dijk (Liverpool)

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Uefa President's Award: Eric Cantona

Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

Race card:

6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.

7.05pm: Maiden (TB) Dh165,000 1,400m.

7.40pm: Handicap (TB) Dh190,000 1,200m.

8.15pm: Maiden (TB) Dh165,000 1,200m.

8.50pm: Rated Conditions (TB) Dh240,000 1,600m.

9.20pm: Handicap (TB) Dh165,000 1,400m.

10pm: Handicap (TB) Dh175,000 2,000m.