Israel's Prime Minister Benjamin Netanyahu, left, and Yahya Sinwar of Hamas. AFP
Israel's Prime Minister Benjamin Netanyahu, left, and Yahya Sinwar of Hamas. AFP
Israel's Prime Minister Benjamin Netanyahu, left, and Yahya Sinwar of Hamas. AFP
Israel's Prime Minister Benjamin Netanyahu, left, and Yahya Sinwar of Hamas. AFP

ICC seeks arrest warrants for Netanyahu and Sinwar


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There are “reasonable grounds” to believe Israeli Prime Minister Benjamin Netanyahu bears criminal responsibility for war crimes and crimes against humanity, the Chief Prosecutor of the International Criminal Court has said.

In a statement issued on Monday, Karim Khan said he was also seeking arrest warrants for leaders of Hamas.

Mr Khan said he believes Mr Netanyahu's Defence Minister Yoav Gallant and three senior Hamas officials – Yahya Sinwar, the head of the militant group; Mohammed Diab Ibrahim Al Masri (also known as Mohammed Deif), commander in chief; and Ismail Haniyeh, the head of its political bureau, are all also responsible for war crimes and crimes against humanity in Gaza and Israel.

A panel of three ICC judges will consider whether or not to accept the applications. They take on average two months to consider the evidence and determine if the proceedings can move forward.

If granted, the warrant means that technically any of the 124 ICC member states would be obliged to arrest Mr Netanyahu and the four others if they travelled to their countries.

But while the warrant could complicate some travel for Mr Netanyahu, the court has no mechanism to enforce its warrants, relying on its members to play ball.

Speaking of the Israeli actions, Mr Khan said in a statement that “the effects of the use of starvation as a method of warfare, together with other attacks and collective punishment against the civilian population of Gaza are acute, visible and widely known.

“They include malnutrition, dehydration, profound suffering and an increasing number of deaths among the Palestinian population, including babies, other children and women.”

Israeli Prime Minister Benjamin Netanyahu and Defence Minister Yoav Gallant during a press conference in the Kirya military base in Tel Aviv. Reuters
Israeli Prime Minister Benjamin Netanyahu and Defence Minister Yoav Gallant during a press conference in the Kirya military base in Tel Aviv. Reuters

He added: “We submit that the crimes against humanity charged were committed as part of a widespread and systematic attack against the Palestinian civilian population pursuant to sate policy.

“These crimes, in our assessment, continue to this day.”

Of the Hamas actions on October 7, he said he had seen for himself “the devastating scenes of these attacks and the profound impact of the unconscionable crimes charged in the applications filed today”.

“Speaking with survivors, I heard how the love within a family, the deepest bonds between a parent and a child, were contorted to inflict unfathomable pain through calculated cruelty and extreme callousness. These acts demand accountability.”

Benny Gantz, a former military chief and member of Israel’s war cabinet with Mr Netanyahu and Mr Gallant, criticised Mr Khan’s announcement, saying Israel fights with “one of the strictest” moral codes and has a robust judiciary capable of investigating itself.

“The state of Israel is waging one of the just wars fought in modern history following a reprehensible massacre perpetrated by terrorist Hamas on October 7,” he said.

Israeli Prime Minister Benjamin Netanyahu arrives to his Likud party faction meeting at the Knesset, Israel's parliament, on Monday. Reuters
Israeli Prime Minister Benjamin Netanyahu arrives to his Likud party faction meeting at the Knesset, Israel's parliament, on Monday. Reuters

“The prosecutor’s position to apply for arrest warrants is in itself a crime of historic proportion to be remembered for generations.”

Israeli opposition leader, Yair Lapid, said the latest development was “a disaster”.

However, Israeli National Security Minister, Itamar Ben-Gvir, urged Mr Netanyahu to ignore the ICC and Mr Khan, deeming both anti-Semitic. He said the Gaza war should intensify until Hamas is defeated.

Rumours the court was about to take action had been circulating for weeks, prompting Mr Netanyahu to publish his reaction beforehand.

Israel would “never accept” the ICC's “outrageous” rulings, he said in a message on X. “We will not bow to it.”

A Hamas official said the ICC'S decision “equates the victim with the executioner” and encourages Israel to “continue its war of extermination”.

Two hundred days of Israel-Gaza war – in pictures

  • Palestinians move with their belongings on a road lined with destroyed buildings, in Khan Younis, in the south of the Gaza Strip, on April 22. AFP
    Palestinians move with their belongings on a road lined with destroyed buildings, in Khan Younis, in the south of the Gaza Strip, on April 22. AFP
  • An infant saved from the womb of her mother Sabreen Al Sheikh, who was killed in an Israeli strike along with her husband Shokri and her daughter Malak, lies in an incubator at Al Emirati hospital in Rafah, on April 21. Reuters
    An infant saved from the womb of her mother Sabreen Al Sheikh, who was killed in an Israeli strike along with her husband Shokri and her daughter Malak, lies in an incubator at Al Emirati hospital in Rafah, on April 21. Reuters
  • A man rides a bicycle, on April 2, past a damaged vehicle where employees from the World Central Kitchen non-profit, including foreigners, were killed in an Israeli air strike. Reuters
    A man rides a bicycle, on April 2, past a damaged vehicle where employees from the World Central Kitchen non-profit, including foreigners, were killed in an Israeli air strike. Reuters
  • A woman at the damaged Al Shifa Hospital, on April 1, after Israeli forces withdrew from the medical complex following a two-week siege. Reuters
    A woman at the damaged Al Shifa Hospital, on April 1, after Israeli forces withdrew from the medical complex following a two-week siege. Reuters
  • The view from a Jordanian flight dropping vital aid by parachute into Gaza, in March. Matthew Kynaston / The National
    The view from a Jordanian flight dropping vital aid by parachute into Gaza, in March. Matthew Kynaston / The National
  • Nozha Awad flees Al Shifa hospital with her triplet children, after an Israeli raid siege began at the medical complex, in March. Reuters
    Nozha Awad flees Al Shifa hospital with her triplet children, after an Israeli raid siege began at the medical complex, in March. Reuters
  • Palestinians gather to receive aid outside a UNRWA warehouse, in March. Reuters
    Palestinians gather to receive aid outside a UNRWA warehouse, in March. Reuters
  • A family end their fast amid the rubble of their destroyed home, during Ramadan in Rafah, in March. Reuters
    A family end their fast amid the rubble of their destroyed home, during Ramadan in Rafah, in March. Reuters
  • Wafaa Tabasi with her twin malnourished daughters, at Al Awda health centre in Rafah, in March. Reuters
    Wafaa Tabasi with her twin malnourished daughters, at Al Awda health centre in Rafah, in March. Reuters
  • Palestinians carry bags of flour taken from an aid lorry near an Israeli checkpoint in Gaza City, in February. Reuters
    Palestinians carry bags of flour taken from an aid lorry near an Israeli checkpoint in Gaza City, in February. Reuters
  • Fernando Simon Marman and Louis Hare, two Israeli hostages who, according to the Israeli military, were freed in a special forces operation in Rafah, reunite with loved ones at Sheba Medical Centre, in Ramat Gan, Israel, in February. Reuters
    Fernando Simon Marman and Louis Hare, two Israeli hostages who, according to the Israeli military, were freed in a special forces operation in Rafah, reunite with loved ones at Sheba Medical Centre, in Ramat Gan, Israel, in February. Reuters
  • Palestinian Muhammad Al Durra with his children in the ruins of a house in Rafah where they sheltered on January 11, 2024. EPA
    Palestinian Muhammad Al Durra with his children in the ruins of a house in Rafah where they sheltered on January 11, 2024. EPA
  • Family and friends at the funerals of journalists Hamza Al Dahdouh and Mustafa Thuraya on January 7, 2024 in Rafah, Gaza. Getty Images
    Family and friends at the funerals of journalists Hamza Al Dahdouh and Mustafa Thuraya on January 7, 2024 in Rafah, Gaza. Getty Images
  • Palestinians mourn relatives killed by Israeli bombardment of the Gaza Strip outside a mortuary in Khan Younis January 4, 2024. AP Photo
    Palestinians mourn relatives killed by Israeli bombardment of the Gaza Strip outside a mortuary in Khan Younis January 4, 2024. AP Photo
  • Displaced Palestinians queue to bake bread at a camp in the Muwasi area of Rafah, Gaza Strip, on December 23, 2023. AP Photo
    Displaced Palestinians queue to bake bread at a camp in the Muwasi area of Rafah, Gaza Strip, on December 23, 2023. AP Photo
  • Palestinians queue for food in Rafah, the Gaza Strip, on December 20, 2023. AP Photo
    Palestinians queue for food in Rafah, the Gaza Strip, on December 20, 2023. AP Photo
  • The ruins of Rafah on December 14, 2023. AFP
    The ruins of Rafah on December 14, 2023. AFP
  • Palestinians wounded in the Israeli bombardment of the Gaza Strip arrive at a hospital in Khan Younis on December 8, 2023. AP Photo
    Palestinians wounded in the Israeli bombardment of the Gaza Strip arrive at a hospital in Khan Younis on December 8, 2023. AP Photo
  • Palestinians flee Israeli bombing along the Salaheddine Road in the Zeitoun district of Gaza city on November 28, 2023. AFP
    Palestinians flee Israeli bombing along the Salaheddine Road in the Zeitoun district of Gaza city on November 28, 2023. AFP
  • A Red Cross vehicle takes Israeli hostages from the Gaza Strip into Egypt in Rafah on November 25, 2023. AP
    A Red Cross vehicle takes Israeli hostages from the Gaza Strip into Egypt in Rafah on November 25, 2023. AP
  • The ruins of buildings in Gaza city on November 24, 2023, as a temporary truce between Israel and Hamas took effect. AP Photo
    The ruins of buildings in Gaza city on November 24, 2023, as a temporary truce between Israel and Hamas took effect. AP Photo
  • A woman and her cat return home to eastern Khan Younis in the southern Gaza Strip during the first hours of a four-day truce between Israel and Hamas forces on November 24, 2023. AFP
    A woman and her cat return home to eastern Khan Younis in the southern Gaza Strip during the first hours of a four-day truce between Israel and Hamas forces on November 24, 2023. AFP
  • Mourning the dead of Israeli bombardment outside the mortuary at Nasser Hospital in Khan Younis on November 14, 2023. AFP
    Mourning the dead of Israeli bombardment outside the mortuary at Nasser Hospital in Khan Younis on November 14, 2023. AFP
  • Civilians and rescuers look for survivors in the rubble of a building after Israeli bombing of Khan Younis in the southern Gaza Strip on November 12, 2023. AFP
    Civilians and rescuers look for survivors in the rubble of a building after Israeli bombing of Khan Younis in the southern Gaza Strip on November 12, 2023. AFP
  • November 7, 2023, a month to the day after Hamas attacked Israel, a victim of an Israeli bombardment in Rafah is moved from the rubble. AFP
    November 7, 2023, a month to the day after Hamas attacked Israel, a victim of an Israeli bombardment in Rafah is moved from the rubble. AFP
  • Searching the rubble after Israeli air strikes on the town of Khan Younis, southern Gaza Strip, on October 26, 2023. AP Photo
    Searching the rubble after Israeli air strikes on the town of Khan Younis, southern Gaza Strip, on October 26, 2023. AP Photo
  • Mourning the Kotz family at their funeral in Gan Yavne, Israel, on October 17, 2023. AP Photo
    Mourning the Kotz family at their funeral in Gan Yavne, Israel, on October 17, 2023. AP Photo
  • An Israeli firefighter composes himself after he and his colleagues extinguished cars set on fire by a rocket fired from the Gaza Strip in Ashkelon, Israel, on October 9, 2023. AP Photo
    An Israeli firefighter composes himself after he and his colleagues extinguished cars set on fire by a rocket fired from the Gaza Strip in Ashkelon, Israel, on October 9, 2023. AP Photo
  • Palestinians with the wreckage of an Israeli tank at the Gaza Strip fence east of the city of Khan Younis on October 7, 2023, the day Hamas forces swept unopposed into Israel. AP Photo
    Palestinians with the wreckage of an Israeli tank at the Gaza Strip fence east of the city of Khan Younis on October 7, 2023, the day Hamas forces swept unopposed into Israel. AP Photo
  • Israeli police officers evacuate a woman and a child from a site hit by a rocket fired from the Gaza Strip, in Ashkelon, southern Israel, on October 7, 2023. AP Photo
    Israeli police officers evacuate a woman and a child from a site hit by a rocket fired from the Gaza Strip, in Ashkelon, southern Israel, on October 7, 2023. AP Photo

US President Joe Biden blasted the ICC's move, calling it “outrageous”.

“And let me be clear: whatever this prosecutor might imply, there is no equivalence – none – between Israel and Hamas,” Mr Biden said.

“We will always stand with Israel against threats to its security.”

The State Department said the ICC has no jurisdiction over the issue, and that Mr Khan has “rushed” to seek these arrest warrants against Israel, without giving the country's legal system “a full and timely opportunity” to conduct its own investigations.

“There are also deeply troubling process questions,” Secretary of State Antony Blinken said. “Despite not being a member of the court, Israel was prepared to co-operate with the prosecutor."

The UK government said that seeking arrest warrants would not help achieve a sustainable ceasefire in Gaza.

A UK government representative said: “We do not believe that seeking warrants will help get hostages out, get aid in, or deliver a sustainable ceasefire.

“As we have said from the outset, we do not think the ICC has jurisdiction in this case. The UK has not yet recognised Palestine as a state, and Israel is not a state party to the Rome Statute.”

The Czech Prime Minister, Petr Fiala, called the court's actions “completely unacceptable”.

However, Hadja Lahbib, the Belgian Foreign Minister, said “crimes committed in Gaza must be prosecuted at the highest level, regardless of the perpetrators”.

“Belgium supports the work of the ICC. The request submitted by the court’s prosecutor, Karim Khan, for arrest warrants against both Hamas and Israeli officials is an important step in the investigation of the situation in Palestine,” she said.

Specialist war crimes lawyer Catriona Murdoch, who is also the Global Rights Compliance Vice President, told The National legal action will take years.

“It raises the stakes in terms of pressure on Mr Netanyahu and Mr Gallant to respect international humanitarian law,” she added.

“It also sends a stark reminder to Israel’s allies that no one is above the law.”

Director of think tank the Counter Extremism Project, Hans-Jakob Schindler, called the request for arrest warrants “powerless” and questioned whether they would be enforced if they are issued as they are “very unlikely to ever travel to a country in which the ICC has jurisdiction”.

Director of think tank the Henry Jackson Society Alan Mendosa added: “This is the start of an arrest warrant process, not the end, and there will be no consequences for Israeli leaders unless and until the ICC judges agree to issue them.”

Last week, Israel defended its attack on the south of Gaza against claims of genocide, telling the UN’s highest court that any state would do the same.

Denying a claim by South Africa that Rafah is the “endgame” of Gaza’s destruction, Israel said it entered the city to bring down a “military stronghold for Hamas”.

It told the International Court of Justice it wishes no harm to Palestinian civilians and that Hamas militants were responsible for the war's “suffering and pain”.

The Israeli government had been worried about possible arrest warrants for its leadership and the US has been publicly opposed to any ICC investigation.

“We’ve been really clear about the ICC investigation, we do not support it,” White House spokeswoman Karine Jean-Pierre said last month. “We don’t believe that they have the jurisdiction.”

The ICC investigates and tries individuals charged with genocide, war crimes, crimes against humanity and the crime of aggression.

Israel has not ratified the ICC’s statute and does not recognise its jurisdiction. The “State of Palestine” has been a member of the court since 2015. The US has never been a party to the ICC.

The ICC prosecutor in 2021 opened a probe into Israel as well as Hamas and other armed Palestinian groups for possible war crimes in the Palestinian territories.

UAE drop aid into Gaza – in pictures

  • Palestinians rush to intercept humanitarian aid packages as they land in the northern Gaza Strip, dropped by a UAE plane in a joint effort with Egypt. All photos: AFP
    Palestinians rush to intercept humanitarian aid packages as they land in the northern Gaza Strip, dropped by a UAE plane in a joint effort with Egypt. All photos: AFP
  • Men carry boxes of aid through the rubble of damaged buildings after the airdrop
    Men carry boxes of aid through the rubble of damaged buildings after the airdrop
  • The packages are a lifeline for many amid the continuing war in the Gaza Strip
    The packages are a lifeline for many amid the continuing war in the Gaza Strip
  • A youth carries a box of aid to his family
    A youth carries a box of aid to his family
  • The additional supplies – including food – were sent by parachute into remote areas
    The additional supplies – including food – were sent by parachute into remote areas
  • The UAE has been donating humanitarian relief to Gaza since shortly after the latest war began
    The UAE has been donating humanitarian relief to Gaza since shortly after the latest war began
  • A man collects this aid package from the UAE-Egypt airdrop
    A man collects this aid package from the UAE-Egypt airdrop

Mr Khan has said this investigation now “extends to the escalation of hostilities and violence since the attacks that took place on October 7, 2023 “.

He has also called several times for all hostages in Gaza to be released and warned against Israeli military action in Rafah.

“All wars have rules and the laws applicable to armed conflict cannot be interpreted so as to render them hollow or devoid of meaning,” he said in February.

Last year, the court issued an arrest warrant for Russian President Vladimir Putin for war crimes related to the alleged abduction of children from Ukraine, a move that was dismissed by the Kremlin.

The court has issued a total of 42 arrest warrants since being founded in 2002. Half, or 21 suspects, have been taken into custody. It has secured 10 convictions, with four acquittals.

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

SUZUME
%3Cp%3EDirector%3A%20Makoto%20Shinkai%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Nanoka%20Hara%2C%20Hokuto%20Matsumura%2C%20Eri%20Fukatsu%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

The Gandhi Murder
  • 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
  • 34 - Nationalities featured in the film The Gandhi Murder
  • 7 - million dollars, the film's budget 
What is dialysis?

Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

WRESTLING HIGHLIGHTS
Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

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Balance is essential to happiness, health and wealth 

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What is a portfolio stress test? 

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What are NFTs and why are auction houses interested? 

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How gamers are getting rich by earning cryptocurrencies 

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Should you buy or rent a home in the UAE?  

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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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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Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

THE SCORES

Ireland 125 all out

(20 overs; Stirling 72, Mustafa 4-18)

UAE 125 for 5

(17 overs, Mustafa 39, D’Silva 29, Usman 29)

UAE won by five wickets

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Updated: May 21, 2024, 6:29 AM