Live updates: Follow the latest news on Israel-Gaza
A convoy of about 200 aid lorries – the largest daily entry into the Gaza Strip since the first Israeli strikes on October 7 – entered the bombarded enclave on Friday morning after a four-day truce between Israel and Hamas came into effect.
Seven fuel tankers also passed into Gaza, an official stationed at the crossing told The National.
He said ambulances also entered and are expected to return with Gazans wounded in strikes. Those injured are to receive treatment in Egypt, he said.
The aid vehicles will make their way from Rafah to the nearby Al Awja border crossing to be inspected by Israeli officials before making their way into Gaza.
About 230 lorries are expected to enter Gaza by the end of Friday, a Rafah border crossing administration spokesman said, adding that 100 wounded Palestinians were expected to be evacuated from the enclave by the end of the day.
Enough medical equipment to set up a field hospital in Gaza entered the strip, the official confirmed.
The UAE earlier announced that it would set up a field hospital in the Gaza Strip as part of its Gallant Knight 3 humanitarian initiative, state news agency Wam reported.
The hospital will have 150 beds and general surgery, orthopaedics, paediatrics, and gynaecology units for adults and children, as well as dentistry, psychiatry, family medicine and internal medicine facilities.
On Wednesday, dozens of lorries carrying aid began arriving at the Rafah border crossing in anticipation of a truce, agreed by both sides after US, Qatari and Egyptian mediation.
The first pause in hostilities since the war began 48 days ago will include a ceasefire in all sectors of the enclave, the release of 50 Israelis being held captive by Hamas who will be released in stages over the four days of the truce.
In exchange, 150 Palestinian prisoners will be freed from Israeli jails.
Thirteen Israeli women and child captives are expected to be released later in the day by Hamas, Reuters said.
The deal included a large increase in daily aid deliveries, which used to total about 500 a day before the war on Gaza began.
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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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