Live updates: Follow the latest on Israel-Gaza
At least 25 people were killed and dozens injured by an Israeli air strike on a house in Gaza city on Friday, relatives of victims told The National.
Rescuers reported people calling for help from beneath the rubble, but said they have been unable to reach them.
The strike targeted the home of the Al Tabatibi family in the Sidra area of the Daraj neighbourhood, in the north-west of Gaza's old city.
Witnesses told The National about 30 members of the Al Tabatibi family and people from the Shaban and Humad families were in the house, which had several floors.
“The Israeli warplanes targeted my cousin's house,” said Shadi Al Tabatibi, 33. “There were displaced people from the Al Tabatibi family and their relatives gathered there.
“The air strike killed more than 25 who were my relatives. They are normal people and don’t belong to any resistance activities.”
Neighbour Hussein Al Hallou also said the family had no connection to armed groups.
“The house was bombed after midnight. It had many levels and was filled with people who, as we know them, have no affiliation with any group or military activity,” Mr Al Hallou, 28, told The National.
Dozens of injured people were taken on donkey carts to Al Ahli Hospital, he said.
“Civil defence teams attempted to search for those injured, but they were unable to, despite hearing many voices calling for help,” said Mr Al Hallou.
“Unfortunately, there were no resources available to assist those under the rubble.”
Mr Al Hallou said neighbours and civil defence teams were continuing to search for survivors and bodies, though usually without success.
“There are no tools or equipment available to help us, so we have not had any luck,” he said.
The Israeli military also launched air strikes on the northern areas of the Nuseirat camp in central Gaza while its troops blew up a number of buildings north of the camp.
Israeli warships shelled a primary school in the camp, killing one civilian and injuring dozens of others, Wafa said.
The attacks follow an air strike on the popular Firas Market in Gaza city on Thursday that killed at least six people and injured 20 others.
Civil defence teams were working to recover bodies and people trapped under the rubble after the market was hit by two missiles, Wafa said.
The news agency said more deaths and injuries were reported after Israel bombed another market in the Nuseirat refugee camp in central Gaza, without providing figures.
Gaza’s Health Ministry said at least 63 Palestinians have been killed and 45 injured in Israeli attacks across the enclave in the past 24 hours.
The number of people killed in the Gaza since the war began on October 7 rose to 33,545 on Thursday, most of whom were women and children, the ministry said. The number of injured reached 76,094.
Israeli Prime Minister Benjamin Netanyahu said on Thursday that he planned to keep up the war in Gaza but was also preparing for scenarios in other areas.
Israel is concerned that Iran is preparing to retaliate for the killing of a senior general and six other Iranian officers in an air strike on the country's embassy compound in Damascus on April 1.
“Whoever harms us, we will harm them. We are prepared to meet all of the security needs of the State of Israel, both defensively and offensively,” Mr Netanyahu said in comments released by his office following a visit to the Tel Nof air force base in southern Israel.
Israel has not said it was responsible but Iran's supreme leader, Ayatollah Ali Khamenei, said on Wednesday that Israel “must be punished and it shall be” for the Damascus attack.
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Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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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UAE currency: the story behind the money in your pockets
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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TOP 5 DRIVERS 2019
1 Lewis Hamilton, Mercedes, 10 wins 387 points
2 Valtteri Bottas, Mercedes, 4 wins, 314 points
3 Max Verstappen, Red Bull, 3 wins, 260 points
4 Charles Leclerc, Ferrari, 2 wins, 249 points
5 Sebastian Vettel, Ferrari, 1 win, 230 points
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
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
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
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