Palestinians sift through the ruins of a residential building in Deir al Balah, Gaza Strip, after it was hit by an Israeli air strike. AP
Palestinians sift through the ruins of a residential building in Deir al Balah, Gaza Strip, after it was hit by an Israeli air strike. AP
Palestinians sift through the ruins of a residential building in Deir al Balah, Gaza Strip, after it was hit by an Israeli air strike. AP
Palestinians sift through the ruins of a residential building in Deir al Balah, Gaza Strip, after it was hit by an Israeli air strike. AP

Gaza truce negotiations end without deal but could resume over weekend


Hamza Hendawi
  • English
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Live updates: Follow the latest on Israel-Gaza

The latest round of Gaza truce negotiations ended on Thursday without a breakthrough, with the remaining members of the Hamas delegation leaving Egypt for consultations with the group’s leadership in Qatar.

Sources with direct knowledge of the negotiations told The National that talks were expected to resume in Egypt as early as this weekend.

Senior Hamas officials said the delegation left after Israel rejected the group’s conditions for accepting a six-week truce in which a prisoner and hostage swap and a surge in humanitarian aid to Gaza would take place.

Hamas has insisted it would only accept a temporary ceasefire if it receives guarantees that a permanent one would immediately follow. It would also not release active service Israeli soldiers until a permanent ceasefire was in place, freeing only elderly, ailing, women and child hostages during the six-week truce.

Hamas, whose October 7 attack on Israel triggered the war in Gaza, wants Israel to redeploy its forces outside urban centres as the first step of a full Israeli withdrawal.

The Hamas delegation's departure took place in two phases, said the sources. Khalil Al Hayah, the deputy and confidante of the Hamas leader in Gaza Yahya Sinwar, left Egypt on Tuesday night, they said. Delegates who stayed behind left on Thursday.

The sources said their departure should not be taken to mean the collapse of the negotiations, but was indicative of the complexity and delicacy of the process.

Aid packages dropped into northern Gaza on Thursday, as seen from southern Israel. Reuters
Aid packages dropped into northern Gaza on Thursday, as seen from southern Israel. Reuters

The administration of the US President Joe Biden has repeatedly said it wants a truce in place before the Muslim holy month of Ramadan, which starts on either Sunday or Monday, depending on the sighting of the crescent moon.

Mr Biden warned Hamas to agree to a Gaza truce by Ramadan. “It's in the hands of Hamas right now,” he said on Tuesday. “There's got to be a ceasefire because if we get into circumstances where this continues to Ramadan, Israel and Jerusalem could be very, very dangerous.”

The US President’s Ramadan deadline, however, is by now deep in uncertain territory.

“We have serious problems that need to be overcome,” said one of the sources. “Neither Israel nor Hamas are budging despite considerable US pressure on both."

They said Washington’s pressure on Hamas was applied indirectly through Qatar and Egypt.

Hamas is designated as a terrorist group by the US, the EU and Israel.

Relatives of hostages held by Hamas during a press conference at the Israeli embassy in London on Thursday. AFP
Relatives of hostages held by Hamas during a press conference at the Israeli embassy in London on Thursday. AFP

Hamas’s attack on Israel on October 7 left 1,200 dead. Some of the attackers returned to Gaza with about 240 hostages, of whom about 100 were released during a week-long truce in late November. Of those remaining in captivity, at least 30 are believed to be dead.

Israel’s response to the October attack was relentless bombardment of the densely populated Gaza Strip followed by a ground invasion. The assault has so far killed more than 30,000 Palestinians and displaced the vast majority of the enclave’s 2.3 million residents.

The bombardment has also created a humanitarian crisis, with Gazans now facing hunger and widespread disease.

Beside a phased withdrawal from Gaza that should be completed by the end of the six-week truce, Hamas wants guarantees that a permanent ceasefire would follow, a demand rooted in its fear that Israel would resume military operations in Gaza after the truce expires.

The group also wants thousands of Palestinian prisoners, including high-profile ones serving life or long jail terms, released from Israeli jails in exchange for the freedom of all the hostages it is still holding.

It also wants the hundreds of thousands of displaced Palestinians to be able to return home, including those who fled the north and central regions of Gaza.

A displaced Palestinian woman cooks in Rafah in the southern Gaza Strip. Reuters
A displaced Palestinian woman cooks in Rafah in the southern Gaza Strip. Reuters

"Hamas's delegation left Cairo this morning for consultation with the leadership of the movement, with negotiations and efforts continuing to stop the aggression, return the displaced and bring in relief aid to our people," a Hamas statement said on Thursday.

Senior Hamas official Sami Abu Zuhri said Israel had been "thwarting" efforts to conclude a ceasefire deal mediated by Qatar and Egypt.

Israel was rejecting Hamas's demands to end its offensive in Gaza, he said.

"We are awaiting the final official response from the enemy [Israe]," a Hamas official who has been involved in the negotiations told AFP.

"The initial responses do not meet the minimum requirements related to the permanent cessation of hostilities" or other Hamas conditions for a ceasefire, the official said.

Still, the US remains convinced that a truce agreement is still possible.

"We continue to believe that obstacles are not insurmountable and a deal can be reached ... so we're going to continue to push for one," the State Department spokesman Matthew Miller said on Wednesday.

With additional reporting from Reuters and AFP

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ODIs 53, Wickets 75, Average 33.44, Best 6-55

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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.”

MATCH INFO

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Major honours

ARSENAL

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CHELSEA

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SPAIN

  • World Cup - 2010
  • European Championship - 2008, 2012
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