• Palestinians sit amid the rubble of destroyed homes in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    Palestinians sit amid the rubble of destroyed homes in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • A view of the aftermath of Israeli air strikes in Beit Hanoun, northern Gaza, taken on May 22, 2021. Getty
    A view of the aftermath of Israeli air strikes in Beit Hanoun, northern Gaza, taken on May 22, 2021. Getty
  • Palestinians walk around Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    Palestinians walk around Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • A Palestinian woman looks at the rubble of destroyed homes in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    A Palestinian woman looks at the rubble of destroyed homes in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • Palestinians walk around Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    Palestinians walk around Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • Palestinians walk around Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    Palestinians walk around Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • Palestinians gather amid the rubble of destroyed homes in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    Palestinians gather amid the rubble of destroyed homes in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • A badly damaged Palestinian home in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    A badly damaged Palestinian home in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • A Palestinian woman and a cat sit in a ruined kitchen in a home in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
    A Palestinian woman and a cat sit in a ruined kitchen in a home in Beit Hanoun, northern Gaza, on May 22, 2021. Getty
  • People enjoy the beachfront in Tel Aviv, Israel, on Saturday, May 22, 2021. AP
    People enjoy the beachfront in Tel Aviv, Israel, on Saturday, May 22, 2021. AP

Hamas holds victory parade as anti-Netanyahu march decries ‘pointless war’


  • English
  • Arabic

Hundreds of masked Hamas fighters brandishing assault rifles paraded in Gaza city and the group’s top leader made his first public appearance on Saturday afternoon, in a defiant show of strength after the 11-day war with Israel.

Saturday marked the first full day of a ceasefire, and Egyptian mediators held talks to firm up the truce that ended the fourth Israel-Hamas war in just over a decade.

In the fighting, Israel unleashed hundreds of air strikes against militant targets in Gaza, while Hamas and other militants fired more than 4,000 rockets towards Israel. More than 250 people were killed, the vast majority of them Palestinians.

In Gaza city, residents began assessing the damage.

Omar Al Mukhtar Street, one of Gaza city’s busiest commercial areas, was covered in debris, smashed cars and twisted metal after a 13-floor building in its centre was flattened in an Israeli air strike.

Merchandise was covered in soot and strewn inside smashed stores and on the pavement. Municipal workers swept broken glass and twisted metal from streets and sidewalks.

“We really didn’t expect this amount of damage,” said Ashour Subeih, who sells baby clothes.

“We thought the strike was a bit further from us. But as you can see not an area of the shop is intact.”

Having been in business for one year, Mr Subeih estimated his losses were double what he has made so far.

Drone video and photos showed some city blocks reduced to rubble, in between homes and businesses left standing.

Both Israel and Hamas have claimed victory.

On Saturday, hundreds of Hamas fighters wearing military camouflage paraded past the mourning tent for Bassem Issa, a senior commander killed in the fighting.

The top Hamas leader in Gaza, Yehiyeh Sinwar, paid his respects in his first public appearance since the war began.

Israel bombed the house of Mr Sinwar, along with that of other senior Hamas figures, as part of its attack on what it said was the group’s military infrastructure.

Israeli Defence Minister Benny Gantz has said Israel delivered a punishing blow to Hamas, and that top Hamas figures remained targets.

Still, there was a widespread expectation that the ceasefire would stick for now, even if another round of fighting at some point seems inevitable.

Underlying issues remain unresolved – including the 14-year long Israeli-Egyptian border blockade that is choking Gaza’s more than 2 million residents as well as the stalled peace process that leaves no lasting settlement or Palestinian state leading Hamas to refuse to disarm.

  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians sit amongst the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians sit amongst the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Palestinians inspect the rubble of their destroyed houses after a ceasefire between Israel and Gaza fighters, in Beit Hanun, northern Gaza Strip in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
  • Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images
    Fighters of Ezz al-Din Al-Qassam brigades, the military wing of Hamas, march in greeting to the Al Qassam commanders in Gaza Basim Issa in Gaza City in Gaza City, Gaza. The ceasefire between Israel and Hamas appeared to be holding, despite fresh clashes at Al-Aqsa Mosque in East Jerusalem. The ceasefire brings to an end eleven days of fighting which killed more than 250 Palestinians, many of them women and children, and 13 Israelis. The conflict began on May 10th after rising tensions in East Jerusalem and clashes at the Al Aqsa Mosque compound. Getty Images

The UN Security Council released a statement on Saturday, welcoming the ceasefire and stressing “the immediate need for humanitarian assistance to the Palestinian civilian population, particularly in Gaza.”

Thousands rallied in the Israeli city of Tel Aviv, calling for coexistence between Jews and Arabs.

On Saturday night, Israeli protesters gathered outside the home of Prime Minister Benjamin Netanyahu to accuse him for the latest round of fighting.

Mr Netanyahu, "dragged the state of Israel into a pointless war against public interest and security interests and caused great damage to Israel's security and image in the world," Ein Matzav, one of the groups organising the protest, said according to the Jerusalem Post.

"Like a corrupt leader at the end of his road, the accused [Mr Netanyahu] is leading Israel into chaos to prevent a changed government,” the protest organisers said.

Mr Netanyahu is facing corruption charges even as he seeks to build a new government after Israel’s fourth elections in nearly 2 years.

The fighting began on May 10, when Hamas militants in Gaza fired long-range rockets towards Jerusalem.

The barrage came after days of clashes between Palestinian protesters and Israeli police at the Al Aqsa Mosque compound.

Heavy-handed police tactics at the compound and the threatened eviction of dozens of Palestinian families by Jewish settlers had inflamed tensions.

The war has further sidelined Hamas’ main political rival, the internationally-backed Palestinian Authority, which oversees autonomous enclaves in the Israeli-occupied West Bank.

Hamas’ popularity seemed to be growing as it positioned itself as a defender of Palestinian claims to Jerusalem although there are no up to date polls.

On Friday, hours after the ceasefire took effect, thousands of Palestinians at Jerusalem’s Al Aqsa compound chanted against Palestinian President Mahmoud Abbas and his self-rule government.

“Dogs of the Palestinian Authority, out, out,” they shouted. “The people want the president to leave.”

It was an unprecedented display of anger against Mr Abbas, who has been in power since 2005.

Palestinians were supposed to be voting on Saturday in their first elections since 2006 but the polls were postponed in April due to the brewing tensions before the outbreak of fighting.

The conflict also brought to the surface deep frustration among Palestinians, whether in the occupied West Bank, Gaza or within Israel, over the status quo, with the Israeli-Palestinian peace process all but abandoned for years.

Despite his weakened status, Mr Abbas will be the point of contact for any renewed US diplomacy, since Israel and the West, including the United States, consider Hamas a terrorist organisation.

US Secretary of State Antony Blinken is to meet Mr Abbas and Israeli leaders when he visits in the coming week.

Mr Abbas is expected to raise demands that any Gaza reconstruction plans go through the Palestinian Authority to avoid strengthening Hamas.

Mr Abbas met Saturday with Egyptian mediators, discussing the rebuilding of Gaza and internal Palestinian relations, according to the official Palestinian news agency Wafa.

An Egyptian diplomat said that two teams of mediators were in Israel and the Palestinian territories to continue talks on firming up a ceasefire deal and securing long-term calm.

The diplomat said discussions include implementing agreed-on measures in Gaza and Jerusalem, including ways to prevent practices that led to the latest fighting.

He did not elaborate. He was apparently referring to violence at Al Aqsa Mosque and the planned eviction of Palestinian families from the Sheikh Jarrah neighbourhood in east Jerusalem.

The diplomat spoke on condition of anonymity to discuss behind-the-scenes deliberations.

Separately, a 130-truck convoy with humanitarian aid and medical supplies reached the Gaza border from Egypt on Saturday, according to a senior Egyptian official at the border crossing.

He spoke on condition of anonymity because he was not authorised to speak to reporters.

Across Gaza, an assessment of the damage to the territory’s already decrepit infrastructure began.

The Public Works and Housing Ministry said that 769 housing and commercial units were rendered uninhabitable, at least 1,042 units in 258 buildings were destroyed and just over 14,500 units suffered minor damage.

The UN said about 800,000 people in Gaza do not have regular access to clean piped water, as nearly 50 per cent of the water network was damaged in the fighting.

Israel has said it was targeting Hamas’ military infrastructure, including a vast tunnel system running under roads and homes, as well as command centres, rocket launchers and the homes of commanders.

The Israeli military has said it was trying to minimise harm to civilians and accused Hamas of using civilians as human shields.

However, Gazans accuse Israel of trying to inflict collective punishment on the 2 million inhabitants, hitting houses and commercial districts.

The Gaza Health Ministry says at least 248 Palestinians were killed, including 66 children and 39 women, with 1,910 people wounded.

It does not differentiate between fighters and civilians.

Twelve people were killed in Israel, including one soldier, a 5-year-old boy and 16-year-old girl.

Israel has accused Hamas and the smaller militant group of Islamic Jihad of hiding the actual number of fighters killed in the war.

Prime Minister Netanyahu said on Friday that more than 200 militants were killed, including 25 senior commanders.

Islamic Jihad on Saturday gave a first account of deaths within its ranks, saying that 19 of its commanders and fighters were killed, including the head of the rocket unit in northern Gaza.

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Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

UAE currency: the story behind the money in your pockets
Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

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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MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.