Live updates: Follow the latest news on Israel-Gaza
The US was “deeply” involved in negotiating an extension to the four-day truce agreement between Israel and Hamas, the White House said on Monday, as it welcomed Qatar's announcement that the pause in fighting in Gaza would be extended for a further two days.
US President Joe Biden was “deeply engaged on this process throughout the Thanksgiving weekend”, White House National Security Council spokesman John Kirby told reporters.
Qatar and Hamas announced the two-day extension of the truce that has seen Hamas release dozens of Israeli and international hostages in exchange for more than 100 Palestinians held in Israeli jails. Another exchange was planned for Monday night.
Under the terms of the original truce agreement, a two-day extension would mean the release of 20 more hostages.
Mr Biden spoke with Emir Sheikh Tamim of Qatar at “a very critical moment to help resolve an impasse on the second day of the pause”, Mr Kirby added, declining to give details on what that impasse was.
The White House said it hopes Americans will be included in the next hostage release made possible under the truce extension, but could not confirm if that would happen.
Mr Kirby added that he believes there are “less than 10" American hostages, “but we don't necessarily have firm solid information on each and every one of them”.
The development came after Washington and the world celebrated the release of four-year-old Israeli-American Abigail Mor Edan from Hamas as part of a release of 13 more hostages.
Mr Biden on Sunday declared: “Thank God she is home.”
The US President also indicated that Washington believes “there are probably other militant groups” other than Hamas in control of the remaining hostages, but added “we are not sure”.
The pause in Israel's bombardment of Gaza, which has killed nearly 15,000 Palestinians over the past several weeks, has also allowed for an increase in aid deliveries to the enclave.
The White House said on Monday that Gaza recently received “the biggest humanitarian convoy” since October 7, which included 200 lorries “dispatched to the Rafah crossing and 137 lorries of supplies were offloaded by the United Nations”.
Mr Kirby said Washington “has prioritised getting this much needed relief in the Gaza”, despite the administration's doubling down on support for Israel and moving to provide billions more in funding to the Israeli military as it continued its air, ground, and sea campaign.
“Every single day, and this is the part of this hostage deal that probably doesn't get as much attention as it deserves, has allowed for a surge of humanitarian assistance into Gaza,” he added.
“We're going to take advantage of every hour of every day that there's a pause to try to help the people of Gaza.”
Meanwhile, UN Secretary General Antonio Guterres said the extension was “a glimpse of hope and humanity in the middle of the darkness of war”.
“I strongly hope that this will enable us to increase even more the humanitarian aid to the people in Gaza that is suffering so much, knowing that even with that additional amount of time, it will be impossible to satisfy all the dramatic needs of the population,” Mr Guterres said.
The latest from the Israel-Gaza war – in pictures
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.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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The specs
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Fuel economy, combined: 12.8L/100km
McLaren GT specs
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On sale: now
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UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Results:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
Winner: Rodaini, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap | $135,000 (Turf) | 1,200m
Winner: Ekhtiyaar, Jim Crowley, Doug Watson
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
Winner: Spotify, James Doyle, Charlie Appleby
8.15pm: UAE Oakes | Group 3 | $250,000 (D) | 1,900m
Winner: Divine Image, William Buick, Charlie Appleby
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
Winner: Mythical Image, William Buick, Charlie Appleby
9.20pm: Handicap | $135,000 (T) | 1,600m
Winner: Major Partnership, Kevin Stott, Saeed bin Suroor
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
