Live updates: Follow the latest on Israel-Gaza
Global attention is now focused on finding a lasting solution to the war in Gaza, said Borge Brende, president of the World Economic Forum, on the sidelines of its Riyadh summit this week.
Resolving the conflict can no longer be considered only a Palestinian issue, but is a global concern, Mr Brende said, as it "has the potential of escalating conflicts so much in the region".
The continuing crisis in Gaza featured heavily at the WEF's Special Meeting on Global Collaboration, Growth and Energy for Development 2024, which was held in Riyadh on Sunday and Monday.
The forum's first meeting in Saudi Arabia was attended by global leaders and diplomats including Palestinian President Mahmoud Abbas, US Secretary of State Antony Blinken, and UK Foreign Secretary David Cameron, who used the summit to bring renewed focus on Gaza.
Mr Brende hosted a panel with Mr Blinken to discuss the path to a ceasefire.
Speaking to The National afterwards, he said that Mr Blinken is "under pressure" from growing protests at US universities calling for a ceasefire in Gaza, and widening polarisation over the issue.
Mr Blinken said the latest ceasefire proposals, which are being indirectly negotiated between Israel and Hamas, were an "extraordinarily generous" offer for Hamas.
Mr Brende said Mr Blinken has put a lot of pressure on Hamas to accept the deal on the table, which has received support from Qatar and others as a way to a long-term resolution.
“My feeling is that there is a strong wish now, including from Arab countries,” he added.
While the administration of US President Joe Biden has also pressured Israel to accept a ceasefire, it has come under criticism for continuing to supply arms and support for Israel's war in Gaza.
That is despite more than 34,500 Palestinians being killed in the enclave, according to local health authorities.
A continuing concern is who will commit to rebuilding Gaza, which has been devastated by more than six months of war.
Mr Brende said that acute humanitarian support must get into Gaza much faster, but at the same time, the early recovery and reconstruction will need a political path before seeing any action.
“After the last Gaza war it was rebuilt but I think this time there will be big reluctance to do so,” he said.
Mr Brende also discussed the regional implications of the war.
He said that the fear of the conflict escalating across the region had helped focus on the need for a solution.
Israel and Iran came close to all-out war this month, after Israel killed senior Iranian commanders in an attack on Iran's embassy compound in Damascus.
Less than two weeks later, Iran launched a barrage of more than 300 missiles and drones in retaliation, bringing fears of a greater regional conflict.
“There is much more pressure now for a political path and the future two-state solution that I have seen, I would say, maybe in decades,” said Mr Brende, the former foreign, trade and industry, and environment minister of Norway.
A potential regional agreement between the US, Saudi Arabia and Israel was also discussed at the WEF.
Saudi Foreign Minister Prince Faisal bin Farhan said that US-Saudi agreements were “very, very close” and “most of the work has already been done”.
Mr Brende said that many elements are involved in any agreement that would lead to Israel and Saudi Arabia normalising relations, particularly after October 7.
But he said that if a realistic path towards a two-state solution was agreed to, the two countries normalising relations is definitely more likely.
He said the war in Gaza has influenced how Arab leaders act in future.
“I think leaders today will be very particular about what can be done,” Mr Brende said.
The mood has also changed in Israel after the October attack from Hamas, he said.
“They’re very traumatised from what they saw in the atrocities,” Mr Brende said of Israel’s response in Gaza.
“I think the pressure on Israel in the years to come will increase. In the coming months, we will see if we are at an impasse or if it is possible to create a political path."
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
Killing of Qassem Suleimani
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
Company%20profile
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Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
SPECS
%3Cp%3E%0D%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20750hp%20at%207%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20800Nm%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%207%20Speed%20dual-clutch%20auto%0D%0D%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20332kph%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%2012.2L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EYear%20end%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C430%2C000%20(coupe)%3B%20From%20Dh1%2C566%2C000%20(Spider)%3C%2Fp%3E%0A
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
COMPANY%20PROFILE
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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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.”
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office