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Israel has gone beyond the right to self-defence with air strikes on civilians that have led to the mounting deaths of thousands, Egypt's leader has warned.
Abdel Fattah El Sisi told US Secretary of State Antony Blinken that he feared bombings on the Gaza Strip have turned into "collective punishment".
Mr Blinken met President Abdel Fattah El Sisi shortly after he flew to Cairo from Saudi Arabia.
The US official had already been to Israel, Jordan, UAE, Bahrain, Qatar and Saudi Arabia. He met Palestinian President Mahmoud Abbas when he visited Amman.
Mr El Sisi told Mr Blinken that Israel's reaction to the deadly attacks of last weekend went beyond the right of self-defence.
I believe that the reaction under the right of self-defence turned into collective punishment. We completely renounce and reject harming civilians
Abdel Fattah El Sisi
"It is a very huge crisis and I believe that the reaction under the right of self-defence turned into collective punishment," he said, alluding to Israel's devastating bombardment of Gaza.
"It's very, very important that we reduce the tension and deliver aid to Gaza. We are talking about a sector under siege that's left without water, fuel or electricity. We need together to create a momentum to resolve this crisis," he said through an interpreter.
Mr Blinken said he was "appalled by the atrocities committed by Hamas".
"I am first and foremost a human being," Mr Blinken told Mr El Sisi. "It's hard to find the words to describe what happened.
"I am here to talk about working to resolve the crisis and to think together about the way ahead to protect civilians. I think what we are doing is both constructive and fruitful," he said.
Blinken 'listened to region's leaders'
Mr Blinken said the purpose of his trip was “first and foremost to listen” to leaders in the region.
“What I have heard from virtually every partner is that they do not want this conflict to spread,” he said.
He told Mr El Sisi the US “has Israel’s back”, adding “We will stand with it today, tomorrow and every day.”
Mr El Sisi said the region was going through an "unprecedented" crisis.
"What happened nine days ago was, needless to say, difficult and we, again needless to say, condemn it," the Egyptian leader said, offering his country's first public condemnation of the killing of civilians in the October 7 attack.
"But we must also acknowledge the existence of a state of hatred and anger that has accumulated over 40 years because there was no prospect for a solution of the Palestinian question that will give Palestinians hope.
“We are making an effort to contain the situation and prevent other parties from entering the conflict.
"The crisis the region is going through now is unprecedented and we must work with resolve and strength to contain it and limit its ramifications.
“We completely renounce and reject harming civilians, all civilians, and that's a position we have maintained for years."
The comments by Mr El Sisi and the US Secretary of State were released by the Egyptian leader's office in a video clip showing the start of their meeting, a rare action that's apparently designed to give maximum publicity to Egypt's take on the Gaza conflict and counter the outpouring of sympathy and support for Israel following the attacks.
"Allow me to say that I am an Egyptian citizen who grew up in a neighbourhood side by side with Jews who were never persecuted or targeted ... but they may have been targeted in Europe or maybe in Spain," said Mr El Sisi, who was born and raised near the Jewish quarter in the Cairo district of Al Gamalyiah in the Egyptian capital's medieval section.
Ground offensive
Mr Blinken will return to Israel on Monday for his second visit there in five days. His trip there will coincide with Israeli preparations for a ground offensive in Gaza that's likely to result in an even bigger humanitarian crisis.
A week of devastating Israeli bombardment of the Gaza Strip has killed more than 2,000 Palestinians and displaced a million. The onslaught is in retaliation for the surprise October 7 attack on Israel by Gaza militants that left at least 1,300 Israelis dead and wounded thousands more.
Mr Blinken's talks with Mr El Sisi at his Cairo suburban palace came just hours after the Egyptian leader chaired a meeting of his country's National Security Council, on which top army commanders, the prime ministers and key Cabinet members sit.
The council's meetings are only held when a pressing security issue is confronting the nation.
After the meeting, the council issued a statement saying Egypt rejected “the policy of eviction or attempts to liquidate the Palestinian question at the expense of neighbouring nations”.
“Egypt's national security is a red line and there will no leniency in protecting it,” it added.
That was a reference to what Cairo sees as a plot to force the Gaza Strip's 2.3 million residents into Egypt's sparsely populated Sinai Peninsula where they can have a homeland. Israel has already ordered more than one million Palestinians to move from the northern half of the strip to the south close to the Egyptian border.
Separately, Egypt is adamant that Israel must allow humanitarian supplies to enter Gaza from its Rafah border crossing. It has maintained its readiness to receive wounded Palestinians who need treatment.
Egypt and Israel signed a peace treaty in 1979. The two neighbours have in the past decade been co-operating on counterterrorism and efforts to combat human and drug trafficking into Israel. However, relations have been fraught with tension since the October 7 attacks in southern Israel, which repeatedly bombed the Gaza end of the Rafah crossing.
The statement by the National Security Council also said that Egypt viewed the creation of an independent Palestinian state alongside Israel as the only solution to the long-running conflict. It also called for a meeting on the Israeli-Palestinian conflict to be held in Egypt, bringing together relevant regional and international parties.
Before landing in Egypt, Mr Blinken met on Sunday morning with Saudi Crown Prince Mohammed bin Salman in Riyadh. He began his regional tour on Thursday in Israel, pledging support and solidarity for the country as it responded to the surprise attacks by Gaza's Hamas militants.
He also spoke by phone with Chinese Foreign Minister Wang Yi to seek Beijing’s support in discouraging others from getting involved in the continuing Hamas-Israel war.
US officials have said the Arab leaders who met with Mr Blinken have said the current situation cannot be resolved without an Israeli-Palestinian peace deal that gives the Palestinians an independent state.
In his roughly hour-long meeting with Prince Mohammed at his private farm outside Riyadh, Mr Blinken underlined the United States’ unwavering focus on halting attacks by Hamas, securing the release of all hostages, and preventing the conflict from spreading,” the State Department said.
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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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Fathiya Nadhari's instructions to her children was to give back to the country
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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