Palestinians arrive in the southern Gaza town of Rafah after fleeing an Israeli ground and air offensive in the nearby city of Khan Younis on January 26, 2024. AP Photo
Palestinians arrive in the southern Gaza town of Rafah after fleeing an Israeli ground and air offensive in the nearby city of Khan Younis on January 26, 2024. AP Photo
Palestinians arrive in the southern Gaza town of Rafah after fleeing an Israeli ground and air offensive in the nearby city of Khan Younis on January 26, 2024. AP Photo
Palestinians arrive in the southern Gaza town of Rafah after fleeing an Israeli ground and air offensive in the nearby city of Khan Younis on January 26, 2024. AP Photo

UN Security Council to discuss ICJ ruling on Gaza war


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The UN Security Council will meet next week following the decision by the global body's highest court calling on Israel to prevent genocidal acts in Gaza, the council's presidency said.

The meeting on Wednesday was called for by Algeria, whose Foreign Ministry said it would give “binding effect to the pronouncement of the International Court of Justice on the provisional measures imposed on the Israeli occupation”.

The ICJ on Friday said Israel must prevent genocidal acts in its war with Hamas and allow aid into Gaza, but stopped short of calling for an end to the fighting.

The decision “gives the clear message that in order to do all the things that they are asking for, you need a ceasefire for it to happen,” Palestinian ambassador to the UN Riyad Mansour said.

“So fasten your seat belts,” he said, hinting that the Arab Group, represented on the council by Algeria, would push for one.

The UN Security Council, long divided on the Israeli-Palestinian issue, has only agreed to two resolutions since the October 7 Hamas attacks sparked the latest round of fighting.

In December, it demanded aid deliveries “at scale” to Gaza's besieged population, while Israel's ally the US has opposed calls for a ceasefire despite international pressure.

The fighting started with the attack by Hamas that resulted in about 1,200 deaths in Israel, mostly civilians, according to figures released by the Prime Minister's Office.

Militants also seized about 250 hostages and Israel claims that about 132 of them remain in Gaza, including the bodies of at least 28 dead.

Israel has vowed to crush Hamas and launched a military offensive that the Health Ministry in Gaza said has killed more than 26,083 people, about 70 per cent of them women and children.

The ICJ, based in The Hague, while refraining from ordering an immediate halt to the almost four-month-old war, said Israel must do everything to “prevent the commission of all acts within the scope” of the 1948 UN Genocide Convention.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

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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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Trump v Khan

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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

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Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

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Updated: January 27, 2024, 8:26 AM