Gaza’s fishermen have returned to sea after a fragile ceasefire with Israel ended 11 days of air strikes on the Palestinian territory this month, but their livelihood remains precarious in the face of an Israeli blockade and restrictions.
“We started to breathe again. We used to come to the port and leave the port afraid that we wouldn’t go back to the sea,” said Mahdi Abu Ryala, 47, repairing nets on Gaza's Mediterranean shore.
“During the war, we used to come to the port to check on the boats,” said Mr Abu Ryala, who bailed out one of the family’s leaking boats each day to prevent it sinking.
According to the Gazan fishermen’s committee, about 5,500 workers were left without an income after the latest fishing ban imposed on May 9, a day before fighting broke out between Israel and Gaza militants.
Sitting beside his brother, Mohssan Abu Ryala, 48, said 80 members of their family depend on fishing.
“If I work today, I will have money to eat. If I don’t work, I will not have money,” he said.
The brothers were speaking to The National having just spent 12 hours at sea, with 15 fishermen on two boats working together.
They said their catch would earn the group about 1,500 Israeli shekels ($460), but more than half of it would be used to cover costs such as fuel.
“It’s better than nothing,” Mohssan Abu Ryala said.
About 90 per cent of Gaza's fishermen live below the poverty line and earn less than 700 to 900 shekels a month, according to a World Bank report last year.
Their trade is controlled by Israel, which imposes a limited fishing zone and often bans boats altogether during flare-ups with Hamas, the group that rules Gaza.
Such external regulations, frequently changed, are “generating serious implications for safety at sea and posing major challenges in developing a blue economy”, the World Bank said.
Zakaria Bakr, head of the Fishermen Union Committees in Gaza., said they were bearing the brunt of the 14-year blockade on Gaza by Israel and Egypt.
“I know that all of that is political. But the result of it is so catastrophic for the lives of fishermen,” he said.
The fishing sector, which is supposed to help the national income, in general, now needs help and aid to continue
Zakaria Bakr, head of the Gazan fishermen's committee
“The fishing sector, which is supposed to help the national income, in general, now needs help and aid to continue.”
Besides the repeated bans on fishing, Israel's navy has detained about 700 fishermen since 2006, he said.
Boats have been confiscated and returned damaged and without their engines, Mr Bakr said.
Mohssan Abu Ryala said one of their vessels was held for more than two years.
The brothers were painstakingly repairing emerald green nets, a task they say is necessary because of Israel's restrictions on imports of fishing equipment.
“There are no spare parts,” said Mr Bakr, estimating the sector was in need of 300 new boat engines.
“They are taking those motors from trucks – they rebuild them to be suitable for the sea,” he said. “It uses lots of fuel, it will break early, it needs maintenance all the time.”
Working with makeshift and dilapidated equipment, the fishermen are permitted to go up to six nautical miles from the shore.
Mr Bakr accused the Israeli navy of encroaching on the fishing zone last week and firing water cannons at boats within two miles of the coast.
“What is the meaning of giving me six miles, but in half of those miles, you can kill me, you can attack me, you can arrest me?” he said.
The Israeli military would not comment on accusations that its vessels pursued Gazan fishing men and fired at them.
The reopening of the fishing zone “is part of the civilian measures approved by the political echelon, which are conditional upon the preservation of security stability”, said a spokesman for Cogat, the military wing dealing with civilian affairs.
Israel has been accused of inflicting collective punishment on the fishermen, a charge the military would not comment on.
With no signs the current ceasefire will lead to a lasting peace deal, Gaza’s fishermen are powerless to change the situation at sea.
“In the end it’s a battle between two sides; one of them is strong and one of them is weak,” said Mr Bakr. “A fisherman who is following the fish, and a navy full of weapons.”
Most sought after workplace benefits in the UAE
- Flexible work arrangements
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
England v West Indies
England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane
Fixtures
1st Test Aug 17-21, Edgbaston
2nd Test Aug 25-29, Headingley
3rd Test Sep 7-11, Lord's
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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About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
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The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory