Mexico seeks to join ICJ genocide case against Israel


Sara Ruthven
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The International Court of Justice announced on Tuesday that Mexico has filed a “declaration of intervention” in the case brought by South Africa, which accuses Israel of genocide in Gaza.

In its declaration, Mexico stated that it “seeks to intervene, in order to provide its view on the potential construction of the content of the provisions of the convention relevant to this case”.

Mexico gave “the deliberate obstruction of access to humanitarian assistance” and the “destruction of cultural heritage” as elements that should be considered in the case.

As a signatory to the Genocide Convention, Mexico has a right to intervene in cases in which the interpretation of the treaty is discussed.

South Africa lodged the genocide case before the ICJ in December. In January, the UN's highest court ruled claims that Israel is committing genocide against Palestinians were “plausible”.

Mexican President Andres Manuel Lopez Obrador has until now given a more measured response to the Israel-Gaza war than other left-leaning Latin American leaders.

Bolivia and Colombia broke ties with Israel over the conflict, while Chile has recalled its ambassador.

After the October 7 Hamas-led attacks on southern Israel, Mexico's Foreign Ministry issued a statement denouncing Hamas, saying “any terrorist act” is a “threat to international peace and security”.

The next day, Mr Lopez Obrador retreated, emphasising Mexican neutrality.

“We don't believe violence should be used," he said on October 8.

"The mandate of our constitution is very clear when it comes to foreign policy: non-intervention, self-determination of peoples, development co-operation, peaceful solutions to controversies.

“We don't want war, we don't want confrontation, we don't want violence.”

Critics on both sides have condemned Mr Lopez Obrador's reticence to take a position, despite Mexico's historical dedication to neutrality on global issues.

Pro-Israel critics have pointed to his failure to take concrete action after Mexican citizen Orion Hernandez Radoux was taken hostage by Hamas.

His body was recovered last week by Israeli forces in Gaza.

And, as in educational institutions in the US, students at prominent Mexican universities have set up protest camps, condemning the government for not breaking ties with Israel over the Gaza war.

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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

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Leicester 2-0 Arsenal (Nov 9, PL)

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Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)

Norwich 2-2 Arsenal (Dec 01, PL)

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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: May 29, 2024, 3:59 PM