Israel has carried out air strikes on the Gaza Strip in response to the surprise attack by Hamas. EPA
Israel has carried out air strikes on the Gaza Strip in response to the surprise attack by Hamas. EPA
Israel has carried out air strikes on the Gaza Strip in response to the surprise attack by Hamas. EPA
Israel has carried out air strikes on the Gaza Strip in response to the surprise attack by Hamas. EPA

Gaza resident describes Israeli bombardment as 'unlike anything we have seen before'


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The Hamas attack on Israel took residents of the Gaza Strip by surprise, says Nagham Mohanna, a contributor to The National from the Palestinian enclave.

Her family was on Monday forced to flee their home in the north of Gaza, close to the Israeli border, as Israel continued to launch retaliatory air strikes.

She is currently seeking shelter and described the scene from the moment the latest war between Gaza and Israel began.

"People in Gaza woke up on Saturday morning to the sound of shelling that confused everybody, before we found out what exactly was going on," she said.

A few hours later, the leader of Hamas’s military wing, Mohammed Deif, who is wanted by Israel, announced the group had launched an assault on Israel.

He said the attack was in response to a 16-year blockade of the Gaza Strip, Israeli raids on Palestinian cities in the occupied West Bank, violence at Al Aqsa Mosque and attacks on Palestinians by settlers, as well as the expansion of settlements.

“That’s when we figured out what was happening. Many people were surprised it was Hamas that launched this widespread attack and not vice versa," Mohanna said.

“Some people were thrilled in the beginning, knowing full well that the Israeli response will be brutal and huge.

“People began rushing to stores and bakeries, stocking up on supplies in preparation for what was to come. The queues were huge. People got what they could until the shelves were empty.”

Mohanna lives in a relatively comfortable area in Gaza known as Al Remal.

Her family left their home there to seek refuge elsewhere, after reports on social media that Israel had told residents to evacuate the area before it attacked.

“Now the streets are relatively empty, except for people who are heading outside in search for what little supplies remain” she told The National by phone.

"With the announcement of a total blockade from the Israeli side as well, we’re expecting fuel and electricity to run out completely.

"Now people are relying on simple generators, but we know that it’s a matter of time before even those stop working."

The phone connection was unstable. Attempts to contact Mohanna through messaging app WhatsApp were unreliable after Israel cut off broadband internet services.

The death toll from the attacks on Gaza increased to 687 by Monday night, including 140 children and 105 women, the Palestinian Health Ministry said. At least 3,726 people have been injured.

Israeli strikes have destroyed buildings in the Gaza Strip. Reuters
Israeli strikes have destroyed buildings in the Gaza Strip. Reuters

“Hospitals are unable to cope with the number of deaths and injuries," Mohanna said.

“They have refused to speak to the media or even let us in.

“Yes, the people of Gaza are used to bombardment, war and shelling. But now, the sound of explosions is non-stop, whether it is rockets leaving the Strip or entering it.

“It is all very unfamiliar. This is unlike anything we’ve seen before.”

Food shortages

There is "no plan B", Gaza resident Waseem Al Sisi told The National after he learnt of the plan for a "total siege" of the enclave announced by Israeli Defence Minister Yoav Gallant.

He is sheltering at his grandfather’s house, hoping it might be safer, but he is not optimistic.

On Sunday he was frantic, he said, but on Monday he was coming to terms with the looming food, fuel and electricity shortages.

“We can’t stockpile extra fuel or food. There are no generators to buy, there are no open shops,” he said.

“There was a big one near me. The occupation strikes destroyed it."

Sixty people were killed and 40 suffered "severe injuries", he said.

“I don’t know what to say. It’s hard. We’re just trying to stay calm for the children," Mr Al Sisi said.

"We have been here before, but not at this level of difficulty. There is nothing to do, nothing to say, nothing to plan."

With its economy crippled by a years-long blockade, Gazans have relied on help from the international community, but that too is drying up after the Hamas offensive, which killed at least 900 people in Israel, according to Israeli media.

Austria and Germany have announced they are suspending aid to Palestinians in response to the attacks. EU countries comprise the largest donor bloc to Palestinians.

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.”

Updated: October 13, 2023, 6:19 AM