The armed wing of Gaza's Hamas government has put its weapons on public display in a first open event, drawing hundreds of Palestinians including children brandishing rocket launchers for selfies.
Dressed in black balaclavas and tactical camouflage suits, members of the Ezzedine Al Qassam Brigades mingled with young men and women at the exhibition in Gaza city's Unknown Soldier's Square.
"Resistance is an image and a memory. Take souvenir photos with many of Al Qassam's weapons," the group said in an invitation on social media and posters in mosques.
The event was the first at which Hamas has allowed the public to take photos.
It follows the latest surge in worsening Israeli-Palestinian violence, which killed 16 Palestinian and four Israeli in the occupied West Bank over six days in late June.
In May, militant groups in Gaza and Israel traded cross-border fire for five days, killing 34 Palestinians, among them six commanders of the Islamic Jihad, fighters from other Palestinian armed groups and civilians including children. One Israeli woman died.
Among the Hamas weapons on display in Gaza city on Friday were a range of locally manufactured missiles, "Shihab" drones, rocket-propelled grenade launchers and Russian-made "Kornet" missiles.
At the entrance to the Gaza city exhibition a banner welcomed visitors, some of whom had come with their families and children, a witness said.
Dozens of uniformed Al Qassam Brigades members were on hand.
A young boy in fatigues and wearing a green Brigades headband smiled for the cameras as a man propped a rocket launcher on his shoulder.
Another held the controls of an anti-aircraft gun as young men posed in front of a display of rockets on stands.
"I came with my family to take photos with the weapons and reinforce the spirit of resistance in our children," said Gaza resident Abu Mohammed Abu Shakian.
The exhibition is "encouraging and means that the liberation of our land is near", added Shahadeh Dalou, who also came with his children.
Bassam Darwish, 58, said people wanted to show their support for the Al Qassam Brigades.
Hamas is considered a terrorist organisation by the US, Australia, Britain, Israel and the EU.
"Everyone is happy and proud of the Al Qassam exhibition. We are here because we're proud of the resistance," he said.
Around 2.3 million Palestinians live in the impoverished Gaza Strip which has been under a crippling Israeli-led blockade since Hamas seized power in 2007.
Israel and Palestinian militant groups in Gaza have fought several wars since.
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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.”
