President of Cyprus Nikos Christodoulides, left, and President of the European Commission Ursula von der Leyen visiting the joint search and rescue co-ordination centre in Larnaca, Cyprus, on Friday. AFP
President of Cyprus Nikos Christodoulides, left, and President of the European Commission Ursula von der Leyen visiting the joint search and rescue co-ordination centre in Larnaca, Cyprus, on Friday. AFP
President of Cyprus Nikos Christodoulides, left, and President of the European Commission Ursula von der Leyen visiting the joint search and rescue co-ordination centre in Larnaca, Cyprus, on Friday. AFP
President of Cyprus Nikos Christodoulides, left, and President of the European Commission Ursula von der Leyen visiting the joint search and rescue co-ordination centre in Larnaca, Cyprus, on Friday.

What we know about the new Cyprus-Gaza aid corridor


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Live updates: Follow the latest news on Israel-Gaza

The UAE, US, EU and UK said they will open a sea corridor to deliver humanitarian aid to Palestinians in Gaza from Cyprus because a negligible amount has been entering by land, and air drops can provide only a fraction of what can be carried aboard lorries.

The announcement came a day after US President Joe Biden said the US military would build a temporary port on Gaza's Mediterranean coast to receive humanitarian aid by sea, amid UN warnings of widespread famine among the enclave's 2.3 million Palestinians after nearly five months of fighting between Israeli troops and Hamas.

The National understands that aid sent from Larnaca will eventually be destined for the temporary port announced by Mr Biden. A pilot operation was launched on Friday by European Commission President Ursula von der Leyen and Cypriot President Nikos Christodoulides before the mission's officially starts this weekend.

Here is what we know so far.

Why deliver aid by sea?

Aid organisations accuse Israel of blocking the entry of aid into the Gaza Strip, claims that have been echoed by Mr Biden, who warned Israel against using aid as a "bargaining chip".

The number of lorries that enter the strip every day is about 150 and needs to double to at least 300 to avert famine, the World Food Programme said this week. Before the war, Gaza relied on 500 lorries entering daily.

It is not clear, however, whether Israel will allow aid arriving by sea to enter the strip more easily than aid sent by land through the Rafah border crossing from Egypt and the Kerem Shalom crossing from Israel. Some countries have sent air drops to Gaza but the amounts delivered are insufficient.

The National understands that Israel's foreign minister at the time, Eli Cohen, approved Cypriot inspection procedures during a visit in December. At the time, Mr Cohen said he wanted to “fast-track” aid to Gaza. During the same month, Mr Christodoulides also discussed his idea with Egyptian and Jordanian leaders.

What are the details of the operation?

Speaking to reporters in Cyprus, Ms von der Leyen said that a ship belonging to Spain’s Open Arms will make a pilot voyage to test the sea corridor. The ship has been waiting at Cyprus’s port of Larnaca for permission to deliver food aid from World Central Kitchen, a US charity founded by celebrity chef Jose Andres. The operation will officially start on Sunday, according to Ms von der Leyen.

Sources with knowledge of the details of the arrangement told The National that "the push, mainly by the UAE, is for the aid shipments to start before Ramadan. The main concern was averting the famine", they said.

"The shipments will consist of 315,000 ready-to-eat meals, once fully operational, prepared in collaboration with the World Central Kitchen. The last details and logistics are being finalised," they added.

"A vehicle will transport the meals form the vessels to the closest possible point to the shore. The focus is to have a consistent supply of food that arrives and is distributed safely."

Witnesses have told The National that Gaza's port has been severely damaged in the war. Reports in Israel suggested the aid would be delivered by hovercraft to a shipping dock controlled by the Israeli army and is scheduled to arrive on Sunday.

Israel has confirmed it will conduct "security checks" on the incoming cargo to ensure it is "according to Israeli standards", in a statement published by the Foreign Ministry on Friday after the announcement.

The National understands that the maritime corridor would continue to operate in the medium to long term with the possibility of it contributing to a post-war reconstruction of Gaza.

Why Cyprus?

Cyprus is the EU country closest to Gaza, with only 200 nautical miles separating the island from Gaza. "What happens in the Middle East concerns us directly as Europeans," Mr Christodoulides said on Friday, speaking alongside Ms von der Leyen in Larnaca.

"The war across the sea from Cyprus is not a regional crisis of limited concern or impact. A spillover of the crisis would be even more catastrophic, with profound consequences in the region and beyond, and we have a responsibility to act," he said.

"The Cyprus maritime corridor aims at scaling up aid by complementing other routes that include the Rafah crossing point from Egypt and air drops from Jordan," he added. "It is also clear that we are at a point where we simply have to unlock all possible routes."

Speaking on November 9 at a Paris conference on Gaza, Mr Christodoulides said that Larnaca port could store up to 200,000 tonnes of humanitarian aid in secure deposits and transport up to 2,000 tonnes per vessel. At the time, he said that UN agencies, the ICRC and the Palestinian Authority were foreseen as controlling inspection, storage and distribution of aid.

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 tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

UAE currency: the story behind the money in your pockets

THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

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Company%20profile
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The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

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

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

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The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Updated: March 08, 2024, 3:51 PM