Live updates: Follow the latest on Israel-Gaza
Gaza is the "most dangerous operation" for the World Food Programme of all its recent missions, the UN body's regional director for Mena and Eastern Europe Corinne Fleischer told The National.
WFP's aid workers not only risk being injured or killed by Israeli shelling and air strikes in the enclave, but also face further danger from the "breakdown in law and order", she said.
At least 200 humanitarian staff members have been killed in Gaza since Israel's war began on October 7, which the UN said is the deadliest conflict in history for aid workers.
"The numbers speak for themselves," Ms Fleischer told The National.
In February, the WFP suspended operations in northern Gaza, where 70 per cent of the population are facing "catastrophic levels of hunger", according to the UN. The suspension came after food convoys were being attacked by starving Gazans who did not know when their next meal would be, Ms Fleischer said.
"People were so hungry that as soon as the trucks would arrive, they would not only run to the trucks but jump on them, open the boxes and eat the food before bringing some back to their families."
As the security of both those distributing aid and receiving it is essential, Ms Fleischer said the WFP began negotiations with the Israelis to expand its operations and ensure that its staff were provided with a safe pathway to the north.
The WFP resumed its operation three weeks after the suspension and is now in talks to bring food through more access points.
Other crises 'forgotten'
The WFP operates in more than 120 countries and territories, with about 23,000 members of staff worldwide.
The wars in Ukraine and Gaza have overshadowed longer, protracted conflicts and humanitarian crises such as Syria, which have been "forgotten", Ms Fleischer said.
This has exacerbated the gap between the needs of people and the funding of aid groups such as the WFP, she said.
"Twelve years ago, we supported six million people. Now, we support 36 million – six times more," she said.
People are in more need of assistance not only due to new wars, but also climate change and economic shocks, she added.
The war in Ukraine "broke the camel's back", Ms Fleischer said, as food prices went up and needs soared to "record levels".
Yemen struggling
The focus on Ukraine and Gaza has also caused NGOs such as the WFP to downgrade operations in countries that rely heavily on assistance, such as Syria and Yemen.
In Yemen, the WFP used to feed 9.5 million people and is bringing that number down to 6.5 million due to lack of funds and worsening security.
"Now we have five governorates that are at a record high in levels of hunger, unlike anything we've seen since 2018t," Ms Fleischer said. "Acute malnutrition in children has gone up by 20 per cent."
In August last year, the WFP launched an appeal for Yemen, after announcing it would have to make cuts to its food assistance programme across the country by September if the funding gap was not bridged. The situation has since deteriorated.
The war in Gaza is the latest to erupt in the region but with Israeli-Iranian tensions on the horizon, Ms Fleischer said it was imperative not to allow another conflict to break out.
"What is brewing is quite big and a lot of efforts are being made not to have it," Ms Fleischer said.
Another war would "exceed all our capabilities".
Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The years Ramadan fell in May
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.”
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Mohammed bin Zayed Majlis