Nabil Abuznaid is optimistic that Barack Obama will be a friend to Paestinian causes.
Nabil Abuznaid is optimistic that Barack Obama will be a friend to Paestinian causes.

Obama wields more options in the Middle East



WASHINGTON // The received wisdom in the US capital is that the Israeli-Palestinian conflict will be way down the agenda of Barack Obama, the president-elect who was voted in on the back of American concerns about the domestic economic crisis. Once upon a time foreign affairs and the unresolved crisis in the Middle East might have been a factor in US elections. This year, economic turmoil trumped all. Nabil Abuznaid, the Palestine Liberation Organisation's chargé d'affaires in Washington, is undeterred. He shares the international optimism that Mr Obama's victory offers a new dawn to those who find themselves dependent on the success of US policy around the world. He believes Mr Obama will prove to be not only a friend to the Palestinians but also an inspiration to the peace camp in Israel, which faces its own elections on Feb 10. "What happened was a good message to Israelis because Americans voted to forget the past, to the put the history of slavery behind them," Mr Abuznaid said. "When the Israelis vote, they should look to the Palestinians as equal neighbours. We all need to put the suffering of the past behind us." "Yes we can," he said, echoing Mr Obama's campaign rallying call for change. American Jews overwhelmingly supported Mr Obama, in contrast to polls that showed Israelis favoured John McCain, the Republican candidate, and 78 per cent voted for him on Tuesday, according to exit polls. These American Jews rejected "fear and smear" campaigns, said a full-page advertisement in yesterday's New York Times paid for by J Street, a liberal, pro-Israel lobbying group. It congratulated Mr Obama and urged him to bring about a comprehensive peace, end the war in Iraq and engage with Iran. Israelis are more fearful about Iran than about the Palestinians and worry that Mr Obama's openness to talks would embolden Tehran. Israeli policymakers have made intensive efforts to mobilise American Jewish opinion behind their campaign for either unilateral or joint US-Israeli military action against Iran. But they failed to gain much traction within a community that already resented being lumped in with supporters of a highly unpopular war in Iraq. An official with a pro-Israel organisation in Washington, who requested anonymity, said Israel's political and military establishment and their friends in the United States had overreached with their dire warnings of Iran preparing for a "second Holocaust". The response to Iran was cast in simple terms of attack or retreat. "The Bush administration, which is a disciple of the sticks-only school, did not offer Israel any alternative route," the official said. "What you now hear from many in the Israeli establishment and from American friends of Israel is that facing an all but hopeless situation, a new US administration may provide a fresh approach. Engagement with Iran, they said, may produce progress towards stopping Iran's nuclear quest," he said. "If it fails it would enhance the case for war and they could say: 'We tried everything short of power. Nothing helped. We have no other choice'." Mr Abuznaid and many other analysts said progress on the Israeli-Palestinian conflict could help restore an improved US reputation as well as boost its regional aims more generally, particularly in Iraq, Afghanistan and Pakistan. The PLO representative said several meetings with Mr Obama's advisers in recent months, held without media fanfare, gave him hope the new administration would address the conflict sooner rather than later. He also believed Mr Obama would appoint a Middle East envoy to spur progress towards peace. Names tipped for an influential role in Middle Eastern policy-making under Mr Obama include Daniel Kurtzer, a liberal Orthodox Jew and former US ambassador to Israel, and Dennis Ross, the former US envoy who led the Camp David talks and placed much of the blame for their failure on the Palestinians. Ori Nir, the spokesman for Americans for Peace Now, a dovish group that many say speaks for a silent majority of moderate American Jews, said "high-profile professionals" could manage US policy. "The incoming president will have to be personally involved in Arab-Israeli peacemaking but he will not have to be totally consumed by Mideast conflict resolution in order to achieve progress toward regional peace," Mr Nir said. In a plea similar to Mr Abuznaid's, he urged US engagement to reverse West Bank settlements and to push the Arab League's peace initiative, which offers full ties with Israel in return for an end to the occupation and the creation of a Palestinian state. However, many Israelis and Arabs believe Mr Obama will do little that is concrete to improve the region, although their reasoning differs. Israelis worry that pressure to make peace would reduce their security. Arabs wonder if their voice will be listened to, given that Mr Obama's policies on the Israeli-Palestinian conflict follow those of the Bush administration. Mr Obama said this year that Jerusalem would remain the undivided capital of Israel. But Mr Abuznaid said he took heart from the Democrat's later clarification that it would be up to the two parties to decide Jerusalem's future. Mr Abuznaid said he believed Mr Bush had genuinely come to the realisation, albeit too late, that a Palestinian state was vital as a goal on its own and to US interests. "I saw him twice in the last month and as he shook his fist he said to me: 'We've got to have a Palestinian state. Keep on trying, don't give up'," Mr Abuznaid said. "But they wasted seven years and you cannot do it in a minute." sdevi@thenational.ae

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UAE currency: the story behind the money in your pockets
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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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Six tips to secure your smart home

Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.

Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.

Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.

Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.

Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.

Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.

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