Live updates: Follow the latest on Israel-Gaza
King Abdullah II met Pope Francis and Italian political leaders in Rome on Thursday as part of a trip focused on discussing the war in Gaza.
The Jordanian king warned President Sergio Mattarella and Prime Minister Giorgia Meloni of the dangers of a potential Israeli invasion of Rafah, in southern Gaza, as the Israeli military reportedly prepares for the operation.
In a meeting with Ms Meloni, King Abdullah "warned against the dangerous repercussions of the Israeli ground offensive on Rafah, and the deteriorating humanitarian situation in Gaza", Jordan's official news agency reported.
Jordan has a peace treaty with Israel but relations between the two countries have been strained since the outbreak of the Israel-Gaza war in October.
King Abdullah has repeatedly called for a ceasefire and a two-state solution to the Israeli-Palestinian conflict.
He reaffirmed his support for these positions in his meetings in Italy, the Jordanian royal court said.
The king also warned of extremist settler violence against Palestinians in the occupied West Bank. On Wednesday, Jordan accused “extremist Israeli settlers” of attacking its aid convoys bound for Gaza and criticised the Israeli government for failing to protect the lorries.
Jordan has provided aid to Gaza via land and airdrops but humanitarian groups have warned most of the enclave's 2.3 million people remain at risk of famine and starvation.
King Abdullah highlighted the importance of the UN agency for Palestinian refugees, UNRWA, during his meeting with Ms Meloni.
Italy was one of the countries that suspended its funding for UNRWA in January after Israel accused the agency of employing staff linked to "terrorist" groups. A UN report has since found that Israel had submitted no official evidence for its claims.
As well as meeting Italian government officials, King Abdullah also met Pope Francis in Vatican City.
The king reaffirmed Jordan's commitment to undertaking its religious and historical role in safeguarding Islamic and Christian holy sites in Jerusalem, Jordan News Agency said.
Jordan, which controlled the West Bank and East Jerusalem until the 1967 war, retains a custodian role over religious sites in the city.
King Abdullah also discussed settler violence against Palestinians and the humanitarian situation with Pope Francis, and reiterated his support for UNRWA and a two-state solution.
The Pope has called for an immediate ceasefire in Gaza.
"I renew my appeal for the exhausted and suffering civilian population to be allowed access to humanitarian aid and for the hostages to be released immediately," Pope Francis said last month.
Jordan's Foreign Minister, Ayman Safadi, and Jordan’s ambassador to Italy, Qais Abu Dayyeh, were among the delegation in Italy.
The king is expected to travel onwards to the US after his visit to Italy
“The business trip to the two countries comes in the framework of the efforts that Jordan is making to reach an immediate and permanent ceasefire in Gaza,” the Jordanian Royal Palace said.
The palace did not give any further details of the king's itinerary.
King Abdullah met US Secretary of State Antony Blinken in Amman on Tuesday after having visited Washington in February, when he met US President Joe Biden.
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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 specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
