US to provide Gaza Humanitarian Foundation with $30 million

The US State Department on Thursday confirmed that it is providing $30 million in direct funding to the Gaza Humanitarian Foundation, the private aid group that has drawn criticism over its distribution methods.

The GHF began distributing food nearly a month ago and says it has now given out more than 46 million meals in the Gaza Strip, where more than two million Palestinians are facing dire food shortages after an Israeli blockade.

“We call on other countries to also support the GHF … and its critical work,” State Department spokesman Tommy Pigott told reporters. The group's record “should be commended and supported”, he added.

But the Israeli- and US-backed GHF has come under intense scrutiny after scenes of chaos and bloodshed unfolded at aid distribution sites.

The Gaza Health Ministry says that since late May, nearly 550 people have been killed near GHF aid centres while seeking food. The GHF has denied that deadly incidents have occurred in the immediate vicinity of its aid points.

The US and Israel have long accused Hamas of looting food and supplies meant for hungry Gazans. The GHF has founded sites around the enclave that are secured by a private security force meant to prevent looting.

“The Gaza Humanitarian Foundation has built and demonstrated an alternative model that is highly effective,” Johnnie Moore, director of the GHF, wrote in a letter to UN Secretary General Antonio Guterres this week.

The UN and major aid groups have refused to work with the GHF, saying it is only providing food to places that have been approved by Israeli troops, instead of across the entire Gaza Strip.

Israel blocked food and aid deliveries to Gaza for more than two months this year, leading to famine warnings around Gaza, which has been mainly destroyed since the Hamas-led attack against Israel on October 7, 2023.

Asked about criticism of the operation, Mr Pigott said the GHF's distribution efforts are “absolutely incredible” and “should be applauded".

“This support is simply the latest iteration of President [Donald] Trump's and Secretary [of State Marco] Rubio's pursuit of peace in the region,” he said.

SUZUME

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How much do leading UAE’s UK curriculum schools charge for Year 6?

Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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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The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age	$250 a month	$500 a month	$1,000 a month
25	$640,829	$1,281,657	$2,563,315
35	$303,219	$606,439	$1,212,877
45	$131,596	$263,191	$526,382
55	$44,351	$88,702	$177,403