Live updates: Follow the latest news on Israel-Gaza
Qatar has warned the Red Sea crisis will not be solved without defusing the “real issue” of the Israel-Gaza conflict, as the war overshadowed a gathering of the world’s elite in the Swiss Alps.
Politicians and business executives are meeting at the World Economic Forum in Davos as Houthi attacks on Red Sea shipping give another jolt to global trade and widen the fallout of the Israel-Gaza war.
Saudi Arabia warned the war was dragging the entire region into great danger.
Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani told delegates US and British air strikes on Yemen’s Houthis would not contain the crisis without diplomatic efforts.
The situation in the Middle East “is a recipe for escalation everywhere,” Sheikh Mohammed said, warning against “just focusing on the symptoms and not treating the real issue”.
“We need to address the real issue, which is Gaza, in order to get everything else defused,” he added.
“We shouldn’t just focus on those small conflicts, we should focus on the main conflict in Gaza, and as soon as it’s defused I believe everything else will be defused.”
It would be up to the Palestinian people whether Hamas should be part of any postwar settlement, said Sheikh Mohammed, who called on Israel to make binding commitments to a two-state solution to the conflict.
If foreign powers do not approve of Hamas’s ideology, “you have to replace it with a better idea”, he said. “The better idea is to bring the two-state solution back to the table.”
After months of Israeli bombardment, “Gaza is not there any more”, he said. “It’s carpet bombing everywhere.”
Saudi Arabia's Foreign Minister Faisal bin Farhan used his appearance in Davos to call for an immediate ceasefire in Gaza.
Asked whether Riyadh could recognise Israel as part of a wider resolution of the Middle East conflict, Prince Faisal said: “Certainly.”
However, he added, “what Israel is doing now is putting the prospects for regional peace and security at risk.
“There is a pathway towards a much better future for the region, for the Palestinians and for Israel. That is peace and we are fully committed to that.
“The first step for that is ceasefire. Ceasefire, of course, means ceasefire on all sides but that should be a starting point towards a permanent sustainable peace, which can only happen through true justice for the Palestinians.”
Prince Faisal said Houthi attacks on commercial ships in the Red Sea were connected to the war in Gaza, and an immediate ceasefire would address that threat.
European Commission President Ursula von der Leyen warned that overreliance on one country or trade route “comes with risks”.
Israel has shown no sign of bowing to international pressure for a ceasefire after the war in Gaza, set off by Hamas’s surprise attack last October, passed the 100-day mark on Sunday.
Iran launched strikes on Iraq and Syria on Monday amid heightened tension across the region. Tehran claimed it was aiming at an Israeli intelligence headquarters and a military base that hosts US troops.
The conflict has also raised unrest in western countries as people take to the streets to support the Palestinian or Israeli cause.
The 2024 World Economic Forum in Davos – in pictures
This year’s Davos meeting has a theme of “rebuilding trust” after risk assessors warned on the eve of the summit that conflicts and disinformation give the world a bleak outlook for the coming years.
Swiss President Viola Amherd warned guests that AI-fuelled disinformation could worsen the distrust that some people feel in “all of us gathered here, and all political and business leaders”.
“When the alleged elite flaunts its wealth while many families can barely make ends meet, mistrust grows,” she said.
“At that point, the international community and governments are no longer heard and no longer understood, even if they put forward great proposals.”
Ukraine message
Attending the summit in person for the first time since Russia's invasion in February 2022, Ukrainian President Volodymyr Zelenskyy invited leaders to attend a global peace summit.
Switzerland has agreed to host a separate summit on Mr Zelenskyy's “peace formula” after meetings between security officials from 80 countries on the sidelines of Davos.
Mr Zelenskyy encouraged every country “that respects peace” to attend the talks as he urged delegates that “peace must be the answer”.
He said Russian President Vladimir Putin had “stolen at least 13 years of peace” through his actions in Ukraine, Syria and other countries.
“Putin is trying to normalise something that should have ended in the 20th century. Putin embodies war,” he said. “We must make it possible for a just and stable peace.”
Ms von der Leyen urged European leaders to “continue to empower” Ukraine's resistance against Russia amid persistent chatter that western solidarity is fraying.
“Ukrainians need predictable financing throughout 2024 and beyond. They need a sustained supply of weapons to defend Ukraine and regain its rightful territory,” she said.
“They need capabilities to deter future attacks by Russia. And they also need hope. They need to know that, with their struggle, they will earn a better future for their children. And Ukraine's better future is called Europe.”
More from Rashmee Roshan Lall
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.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
More from Neighbourhood Watch
Killing of Qassem Suleimani
