Smoke rises from Israeli bombardment of the Gaza Strip on Friday. AP Photo
Smoke rises from Israeli bombardment of the Gaza Strip on Friday. AP Photo
Smoke rises from Israeli bombardment of the Gaza Strip on Friday. AP Photo
Smoke rises from Israeli bombardment of the Gaza Strip on Friday. AP Photo

Heavy fighting in southern Gaza as Israeli strikes kill at least 12 civilians


Nagham Mohanna
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At least 12 people were killed in Israeli air strikes on homes in northern and southern Gaza on Friday as Israeli troops and Palestinian fighters engaged in fierce fighting in Khan Younis.

Seven people were killed in an air strike on a home near Al Shifa Hospital in Gaza city, while five people died when the home of the Kathemi family was hit in the southern city of Khan Younis, according to medical sources in both areas.

Clashes in the Khan Younis between Palestinian fighters and Israeli forces began after midnight and continued into Friday, accompanied by intense Israeli artillery fire in the vicinity of Nasser Medical Centre, the main functioning hospital in southern Gaza.

Israeli tanks were advancing towards Al Namsawi Cemetery, near the hospital, according to media reports and witnesses.

The Palestinian Red Crescent Society said Israeli shelling near its Al Amal Hospital in Khan Younis left a “scattering of shrapnel around the society's ambulance centre”.

The latest deaths add to the more than 24,600 people killed since the war in Gaza began on October 7, according to the latest tally from Palestinian territory's health ministry.

Most of the recent deaths have been in central and northern Gaza, after the Israeli military declared in early January that it had dismantled the command structure of the enclave's ruling Hamas militant group in the north.

Residents of Al Maghazi camp in central Gaza, which suffered several deadly air strikes, said they were able to return to assess the impact after Israeli troops withdrew.

Ahmed Abu Yosif said he discovered at least 17 of his relatives had been killed when he checked the building where they had been staying.

“I pulled out 11 bodies of my relatives from under the rubble, and there are still around 16 others that we are trying to retrieve,” he told The National.

His relatives had sought safety in Maghazi after fleeing the Jabalia camp in northern Gaza. Israeli warplanes struck the four-storey building they were living in 15 days ago, and rescue teams could not reach the area in time to look for survivors, Mr Abu Yosif said.

“I approached ambulances and emergency services in Al Aqsa Martyrs Hospital in Deir Al Balah, asking them to send an ambulance to evacuate the bodies from the area.

“But they said they can't because they don't have enough fuel, so I was forced to bring the 11 bodies using a donkey cart, which is the only available means of transport,” he said.

“I will go back to bring the other 16 bodies.

The war was triggered when Hamas militants launched raids into southern Israel on October 7 and killed more than 1,200 people, according to an updated Israeli toll. They also took about 240 people hostage, of whom about 130 are still being held in Gaza.

Israel's military response has devastated large areas of Gaza and displaced most of its 2.3 million population, the majority of whom have moved south to what the army designated as safe areas.

On Wednesday, the military blew up buildings housing the undergraduate and postgraduate sections of Al Isra University in Gaza city after occupying it for 70 days. Photos of the demolition were carried by Israeli media.

The university administration said Israeli troops converted the campus into a military base and a position for snipers to target people in surrounding areas, as well as a detention centre to interrogate Palestinians.

“The aggression was not limited to the main buildings only, but also targeted the National Museum, which Al Isra University has always proudly considered as the first licensed national museum by the Ministry of Antiquities nationwide. It housed over 3,000 rare archaeological artefacts,” the university said in a statement issued on Thursday.

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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Updated: January 19, 2024, 12:43 PM