People mourn as they wait to collect the bodies of friends and relatives killed in an air strike in Rafah, southern Gaza. Getty Images
People mourn as they wait to collect the bodies of friends and relatives killed in an air strike in Rafah, southern Gaza. Getty Images
People mourn as they wait to collect the bodies of friends and relatives killed in an air strike in Rafah, southern Gaza. Getty Images
People mourn as they wait to collect the bodies of friends and relatives killed in an air strike in Rafah, southern Gaza. Getty Images

Gaza death toll passes 25,000


Nagham Mohanna
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Live updates: Follow the latest news on Israel-Gaza

More than 25,000 people have now been killed in Gaza since Israel launched its invasion of the enclave in October, the Hamas-run Ministry of Health reported on Sunday.

At least 178 people were killed during the past 24 hours and another 300 wounded, said ministry spokesman Ashraf Al Qudra on Sunday.

A total of 25,105 Palestinians have been killed and 62,681 have been injured since October 7, the ministry said.

The vast majority of those killed in Gaza were civilians, with an estimated 70 per cent women and children.

About 1.1 million of Gaza's 2.3 million people are thought to be children.

The UN has repeatedly condemned the "unprecedented" high civilian death toll from the war.

"Israel's military operations have spread mass destruction and killed civilians on a scale unprecedented during my time as Secretary General," UN chief Antonio Guterres said on Sunday.

"This is heartbreaking and utterly unacceptable. The Middle East is a tinderbox, we must do all we can to prevent conflict from igniting across the region," he said at the opening of a summit of the G77+China in the Ugandan capital Kampala.

Mr Guterres’ remarks at the G77+China summit come more than a month after he invoked UN Charter Article 99 over the war, representing some of his strongest condemnation of Israel’s conduct to date.

Article 99 allows the Secretary-General to “bring to the attention of the Security Council any matter which in his opinion may threaten the maintenance of international peace and security.”

The US has blocked resolutions calling for a ceasefire in the UN Security Council, but non-binding ceasefire resolutions have been passed in the UN General Assembly.

Israel has rejected calls for a ceasefire and vowed to eliminate the Palestinian militant group Hamas, which prompted the war with a deadly attack on southern Israel that killed about 1,200 Israelis.

Over the course of the war, the Israeli military has expressed regret for civilian deaths but it accuses Hamas of operating in densely populated areas and using civilians as human shields, a charge the group denies.

United Nations Secretary General Antonio Guterres addresses delegates at the opening of the Third South Summit (G77+China) in Kampala, Uganda. Reuters
United Nations Secretary General Antonio Guterres addresses delegates at the opening of the Third South Summit (G77+China) in Kampala, Uganda. Reuters

Israel's limited progress

A report on Sunday suggested that Israel has made minimal progress in its stated goal of destroying Hamas as a military force.

The Wall Street Journal reported on Sunday that only 30 per cent of Hamas's fighters have been killed since October 7, citing estimates from US intelligence.

Intelligence agencies believe the militant group has enough weapons and fighters to continue battling Israel for months, it added, contradicting Israeli claims it is successfully "eradicating" Hamas in Gaza.

According to the report, the US estimates between 10,500 and 11,700 Hamas fighters have been wounded, much lower than Israel's figures of 16,000.

The US estimate was drawn from intercepted communications, analysis of the ruins in Gaza, drone surveillance of the territory and intelligence provided by Israel.

Israel's Prime Minister Benjamin Netanyahu has repeatedly vowed that Israel will continue to fight the war until Hamas is destroyed.

He also refused to accept that the two-state solution, with an independent Palestinian state existing next to Israel, was an option to end the conflict in the long term.

Mr Netanyahu's office said that in talks with US President Joe Biden, the Israeli Prime Minister "reiterated his policy that after Hamas is destroyed Israel must retain security control over Gaza to ensure that Gaza will no longer pose a threat to Israel, a requirement that contradicts the demand for Palestinian sovereignty".

The UN Secretary General criticised this position in his remarks from Kampala, and said denying Palestinians the right to statehood "would indefinitely prolong a conflict that has become a major threat to global peace and security".

Israeli soldiers on a mission on the ground in the Gaza Strip. Reuters
Israeli soldiers on a mission on the ground in the Gaza Strip. Reuters

Palestinians 'beaten' in schools

As Israel presses on with its military campaign, Palestinians accused Israeli troops of beating and arresting them in UN schools.

“What I experienced was beyond imagination,” said Mohammed Hajaj, who was arrested by Israeli forces after they occupied a UN school in Gaza city last week.

He was one of dozens arrested at Remal School in the Tal Al Hawa neighbourhood on Saturday.

“For three days, Israeli forces surrounded us as we were seeking refuge inside the school, they arrested all the men who were inside," Mr Hajaj told The National on Sunday.

"They interrogated me, asked about people I don’t know and they beat me severely. After that, they left us and instructed us to go to Rafah city."

An estimated 1.9 million Palestinians have been displaced from their homes during the invasion. Many of the residents of northern Gaza and Gaza city were forced to move south towards Rafah on the border with Egypt.

Mr Hajaj said he ran for 5km along the coastal Al Rasheed Road after the Israelis released him, not stopping until he reached Deir Al Balah in central Gaza. There he found his family staying in another UN-supported school.

Palestinian children receive food at a UN-run school in Rafah. AFP
Palestinian children receive food at a UN-run school in Rafah. AFP

His wife was among the people who were asked to leave the school in Gaza city and flee to the south.

"We were inside the school and couldn't move for three days, unable to leave the classroom or go to the bathroom,” said Ms Hajaj.

"They asked us to leave the school, so we were surrounded by a number of soldiers outside the school. They instructed women to separate from men."

Ms Hajaj told The National that she walked south with her children, where they were subjected to body searches and had all of their personal belongings taken.

"It was the worst day of my life. I didn't know where to go and eventually we reached a school in Deir Al Balah,” she said.

The UN has repeatedly warned its shelters, which were already struggling before the war, are unable to cope with the vast influx of displaced Palestinians.

UN officials say about one in four people in Gaza are starving, as nowhere near the required amount of aid has been able to enter the enclave since the start of the war.

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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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Updated: January 22, 2024, 7:45 AM