When Swiss economist Philippe Lazzarini was starting his UN career in the mid 2000s, there was enough optimism in international aid circles about Gaza for some to think it could become another Hong Kong.
Conditions have since deteriorated under a 16-year blockade that is a major factor in pushing most of the two million people in Gaza into depending on UN food aid and other assistance.
The aid is delivered mostly by the agency headed by Mr Lazzarini, the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).
"Gaza has taken the exact opposite trajectory," Mr Lazzarini said.
"Instead of a prosperous, dynamic area it has become a kind of an artificially-created humanitarian welfare economy and community."
The Israeli withdrawal from Gaza in 2005 was followed by legislative elections, in which President Mahmoud Abbas's Fatah faction and other secular rivals of the militant group Hamas failed to coalesce.
Their ineptitude helped to hand Hamas, which is supported by Iran, victory in the poll.
A Palestinian civil war followed and by 2007 the group took over Gaza, deepening a blockade on the territory by Israel, as well as border closures by Egypt.
Several wars took place between Hamas and Israel. Most of those killed were Palestinian civilians.
Over the past week, increasing levels of violence, which culminated in the killing of seven Israeli civilians near Jerusalem, threatened another war in Palestine, with Gaza as its theatre.
But US diplomatic intervention appears to have prevented a new conflict.
If another war erupts, UNRWA would go into emergency mode, Mr Lazzarini said, to ensure that humanitarian assistance reaches trapped people.
The organisation negotiated with Israel in previous wars for the evacuation of non-combatants and reuniting Palestinian children who became separated from their families.
“We keep hearing when will be the next cycle of violence, when is the next relapse?” Mr Lazzarini said.
But, as with the violence, long-term social and economic stagnation in Gaza is outside UNRWA's control.
It will keep grinding away at the future of the young Palestinians of Gaza no matter how much UNRWA gives out food, how well it operates schools and clinics, or collects rubbish from the camps, Mr Lazzarini said.
"You cannot promote an economy in an environment where the movement of people, goods, trade and financial transactions are restricted," he said, calling for the implementation of a 14-year-old UN resolution to ease the blockade.
The Security Council passed the resolution, number 1860, during a war between Hamas and Israel at the beginning of 2009.
The resolution called for a ceasefire and a "sustained and regular flow of goods and people" in and out of Gaza. It recognised UNRWA as having a vital role in "providing humanitarian and economic assistance".
Since 2015, more than $5.7 billion of international aid money has been spent on Gaza, according to the British charity Oxfam. It forecast that of the 800,000 young Palestinians who cannot leave Gaza, 63 per cent will grow up jobless.
"We have been dealing with Gaza in the same way for the past 15 years. The situation is not getting any better," said Mr Lazzarini, who worked as head of marketing at Union Bancaire Privee, in Geneva.
He says UNRWA has invested in the provision of vocational training and support for some young entrepreneurs in the digital and solar energy fields, on top of regular education.
But these were "individual successes".
Allowing Gaza's inhabitants to travel, trade and have access to international markets and the financial system is a "minimum prerequisite to put in place a type of a socio-economic environment", he said.
"This is without talking about a lasting political solution, but at least it would be a step toward a [better] situation," he said.
The US was instrumental in the establishment of UNRWA in 1949, and is the agency's main donor. One UN official privately called the American contribution "guilt money" for US support for the 1948 creation of Israel.
The agency has headquarters in Amman and Gaza. It also works in the West Bank, Lebanon and Syria.
Mr Lazzarini was appointed head in 2020 after a UN ethics division alleged that senior members of UNRWA management committed acts of sexual misconduct, nepotism and bullying.
Before moving to Jordan, Mr Lazzarini was deputy UN Special Co-ordinator for Lebanon, as the country's financial meltdown accelerated. He studied in Neuchâtel and Lausanne, Switzerland, the same country where the late Palestinian banker Youssef Beidas, arguably the biggest Middle East financial brain in the modern era, died in exile in 1968.
Beidas was a refugee in Lebanon, where he set up a money exchange company and later built a financial and business empire. He believed that economic expansion was key to a Palestinian rebirth.
Although Beidas's empire collapsed in 1966 after Lebanese politicians turned against him, he owed his rise to Lebanon's openness and position as an entrepot.
In Gaza, a modern-day Beidas would have little chance of doing so again.
Pakistanis%20at%20the%20ILT20%20
%3Cp%3EThe%20new%20UAE%20league%20has%20been%20boosted%20this%20season%20by%20the%20arrival%20of%20five%20Pakistanis%2C%20who%20were%20not%20released%20to%20play%20last%20year.%20%0D%3Cbr%3E%0D%0D%0D%3Cbr%3E%3Cstrong%3EShaheen%20Afridi%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3ESet%20for%20at%20least%20four%20matches%2C%20having%20arrived%20from%20New%20Zealand%20where%20he%20captained%20Pakistan%20in%20a%20series%20loss.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EShadab%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3E%0DThe%20leg-spin%20bowling%20allrounder%20missed%20the%20tour%20of%20New%20Zealand%20after%20injuring%20an%20ankle%20when%20stepping%20on%20a%20ball.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAzam%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EPowerhouse%20wicketkeeper%20played%20three%20games%20for%20Pakistan%20on%20tour%20in%20New%20Zealand.%20He%20was%20the%20first%20Pakistani%20recruited%20to%20the%20ILT20.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMohammed%20Amir%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EHas%20made%20himself%20unavailable%20for%20national%20duty%2C%20meaning%20he%20will%20be%20available%20for%20the%20entire%20ILT20%20campaign.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EImad%20Wasim%20(Abu%20Dhabi%20Knight%20Riders)%20%3C%2Fstrong%3E%0D%3Cbr%3EThe%20left-handed%20allrounder%2C%2035%2C%20retired%20from%20international%20cricket%20in%20November%20and%20was%20subsequently%20recruited%20by%20the%20Knight%20Riders.%26nbsp%3B%3C%2Fp%3E%0A
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.”
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Bridgerton%20season%20three%20-%20part%20one
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EVarious%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nicola%20Coughlan%2C%20Luke%20Newton%2C%20Jonathan%20Bailey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A