Hunger strike is peaceful check on Israeli injustice


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After 64 days of a hunger strike in protest against his detention by Israel, Khader Adnan's life was on the brink yesterday. By the time this newspaper is available on news stands, he may have already passed away.

Four days ago, a report by Physicians for Human Rights-Israel said that his life was then in immediate danger. Mr Adnan had lost 30 kilograms over the past two months.

A prominent member of the militant group Islamic Jihad, Mr Adnan was detained under a so-called "administrative arrest order", which Israel uses to spuriously justify indefinite detentions without trial or charge. He is by no means alone - there are an estimated 300 prisoners languishing in Israeli jails without being charged, not to mention many others who were given only cursory justice in abbreviated show trials.

Whatever its outcome, this hunger strike has bought attention to these illegal detentions and the harsh conditions and interrogation methods that many Palestinians have had to endure.

Thousands of Palestinians have demonstrated their support for Mr Adnan and a growing internet campaign is raising international awareness. Hamas is pressuring the Arab League and Egypt to push for his release. All of this should be seen not only in terms of Mr Adnan's case, but more broadly in terms of Israel's systematic denial of due process.

But the attention garnered by the hunger strike and peaceful demonstrations on Friday is in danger of being overshadowed, even undone, by the announcement by Islamic Jihad that it will escalate violence if Mr Adnan dies. "We will sail in the sea of blood and martyrdom," Nafez Azzam, another Islamic Jihad leader, said on Friday. History has shown that a "sea of blood" is hardly likely to wash away Israel's injustices, while weakening support for legitimate and essential Palestinian resistance.

The concern for Mr Adnan and others like him is understandable. And so is the anger. But such rhetoric is the last thing that Palestinians need. With a newly signed unity agreement between Fatah and Hamas (hinting at a movement by the latter towards non-violent resistance), violent attacks would play into the hands of Israeli hardliners and weaken international support.

Regardless of Mr Adnan's politics, he deserves to be shown the evidence against him and to be given a fair trial. It remains to be seen how much longer Israel's government can ignore these legitimate demands.

Mr Adnan's hunger strike - far more courageous than carrying a gun on the battlefield - may cost him his life. It is incumbent on the rest of us to keep pressure on Israel to reflect the bravery of this man.

ENGLAND TEAM

Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson

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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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