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Israeli soldiers left behind a gruesome scene at Ibn Sina Hospital in Jenin, in the occupied West Bank, after killing three young Palestinians while they were sleeping in their beds.
The National spoke to hospital staff, who were still in shock after witnessing the raid, and visited the room of Bassel Ghazzawi, 18, who was killed alongside two others by Israeli troops wearing disguises.
By Tuesday night, his body had been removed from the bed in which he was shot dead.
Uneaten food and a copy of the Quran sat next to his bed.
In Gaza you see them in the air, but here you see them for real
Hospital eyewitness
His killing was the work of Israeli special forces who entered the hospital in disguise, armed with assault rifles and silenced pistols, in an operation confirmed by the Israeli army.
Security footage showed at least three soldiers dressed in women's clothing and two disguised as medical staff.
Staff at the hospital told The National of the terrifying moments the Israeli soldiers approached them before entering the hospital ward and shooting dead the three Palestinians.
A female nurse was grabbed by a man dressed as an elderly religious leader who hit her while pointing a gun in her face, two of her colleagues said.
He then rushed into the room of the patient along with other troops, who were also in disguise.
The troops then shot all three Palestinians in the head at point-blank range.
The nurse told The National she was still in a state of shock and has not been able to tell her friends and family.
Two other male nurses on shift also said they were still in shock on Tuesday night.
One man who was visiting the hospital to get treatment for his two-year-old son said the ward was full at the time of the attack.
The man, who is originally from Gaza but had left the enclave before October 7, said that Israeli soldiers had thrust a gun in his face. He described being shocked to see them there.
“In Gaza you see them in the air, but here you see them for real,” he told The National.
The Palestinian news agency Wafa named the three dead as Mohammed Jalamneh, 27, Mohammed Ghazzawi, 23, and Mr Ghazzawi.
The Israeli army said the operation was targeting Mr Jalamneh, who it alleged was planning an attack on Israel and had been in contact with Hamas headquarters abroad.
“Jalamneh planned to carry out a terror attack in the immediate future and used the hospital as a hiding place, and therefore was neutralised,” the Israeli military said.
The Israeli military said the other two Palestinians killed were also militants from Jenin who had been involved in recent attacks. One of them was a member of the Hamas-allied Islamic Jihad group while the other was part of a group of gunmen in Jenin, it said.
The Palestinian Authority's Health Ministry confirmed the incident had taken place, saying: “This morning, three young men were martyred by the bullets of the occupation [Israeli] forces, who stormed the Ibn Sina Hospital in Jenin and shot them.”
Bassel Ghazzawi had been in the hospital for nearly four months after being hit by fragments of a missile fired from an Israeli drone, causing paralysis in his lower limbs, Wafa reported.
“What happened was the assassination of a wounded man who was unable to move or manage his needs on his own. We, as a medical institution, guarantee the right of all patients to obtain treatment, regardless of their backgrounds,” said Dr Tawfiq Al Shobaki, the hospital's medical director.
Jenin's health director, Wissam Subeihat, called the incident “a crime against hospitals” and said Israel had “violated the sanctity of the doctor’s and nurse’s uniforms and the sanctity of the hospital, which is supposed to be a safe place”.
On October 7, Hamas launched a raid into southern Israel, leading to a retaliatory assault on the Gaza Strip and a surge in violence in the occupied West Bank. During the past month, Israel has killed at least 60 Palestinians in the West Bank.
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
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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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