Israel launches more strikes on Gaza as Cairo ceasefire talks stall


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Israel carried out more strikes in the Gaza Strip on Friday after Hamas and Israeli negotiators and mediators left talks in Cairo without securing a ceasefire deal.

Heavy shelling continued across the Palestinian enclave, while artillery strikes on Rafah, on the border with Egypt, killed several people including children, reports said.

Witnesses reported overnight air strikes and fighting in Jabalya, in the north of Gaza.

Fighter jets also hit sites in Gaza city’s Al Zeitoun district, while warplanes and helicopter gunships struck targets in the central area of the Palestinian territory, the Israeli military said.

Islam Emad, who is renting a house in the centre of Rafah city south of the Gaza Strip, after fleeing from Gaza city to the southern border city, told The National that she had not been able to calm her children since the overnight strikes.

“It was a hard night; the shelling didn't stop and my children keep telling me that they are afraid. I feel paralysed, I don't know what to tell them,” she told The National.

“I was thinking of leaving this morning, but where to go? There is no safe place, and seeing the bodies of little children who were killed drives me crazy. What should I do to protect my children?”

Palestinians mourn relatives killed by Israeli bombardment in the Gaza Strip, at a hospital in Rafah. AP
Palestinians mourn relatives killed by Israeli bombardment in the Gaza Strip, at a hospital in Rafah. AP

Another internally displaced resident in Rafah city, Sami Abed Al Wahab, told The National that Gazans feel they have been abandoned.

“We lived through a hard night, with shelling everywhere, and there is no news about a truce. We feel abandoned, and the only fate we are awaiting is death,” Mr Abed Al Wahab said.

“The artillery shelling didn't stop, and the shrapnel reached all Rafah cities in the central and west,” he said.

Stalled negotiations

Negotiating teams for Israel and Hamas left Cairo on Thursday evening after what Egyptian hosts described as a “two-day round” of indirect talks over the possible terms of a Gaza truce.

Hamas, which runs the Gaza Strip and whose unprecedented October 7 attacks on Israel sparked the war, said its delegation had left for Qatar, home to the Palestinian Islamist group's political leadership.

“The negotiating delegation left Cairo heading to Doha. The occupation [Israel] rejected the proposal submitted by the mediators and raised objections to it on several central issues,” Hamas said in a message to other Palestinian factions, adding that it stood by the proposal.

“Accordingly, the ball is now completely in the hands of the occupation.”

Hamas had said on Monday that it accepted a ceasefire proposal put forward by mediators.

Displaced Palestinians arrive in Deir Al Balah, central Gaza, after fleeing from the southern city of Rafah. AP
Displaced Palestinians arrive in Deir Al Balah, central Gaza, after fleeing from the southern city of Rafah. AP

Saeed Al Shamali, a 50-year-old resident of Gaza city, spent most of last night awake following the news that the negotiations in Cairo for a ceasefire did not materialise into a deal.

“I couldn't sleep tonight. The sound of bombing was loud and didn't stop,” Mr Al Shamali told The National.

“Each time we think that the war will end and everything is over, they come to invade a new area as if the war starts from the beginning.

“It seems that [Israeli Prime Minister Benjamin Netanyahu] doesn't want to end the war. He will go through with his plans and destroy all of Gaza.”

Egypt has said Hamas and Israel must show “flexibility” if they are to strike a deal for a ceasefire and hostage-prisoner exchange in the seven-month war in the Gaza Strip, according to a foreign ministry statement released on Friday.

The readout of a phone call between Egyptian Foreign Minister Sameh Shoukry and US Secretary of State Antony Blinken said they both agreed on “the importance of urging the parties to show flexibility and make all the necessary efforts to achieve a ceasefire agreement and put an end to the humanitarian tragedy in Gaza”.

CIA director William Burns, who is also part of the truce efforts, was due to return to the US from the Middle East on Friday, the White House said.

“That doesn't mean there aren't still continuing discussions,” White House National Security Council spokesman John Kirby said.

“We still believe that there's a path forward, but it's going to take some leadership on both sides.”

The UN General Assembly is expected to vote on Friday on a resolution that would grant new “rights and privileges” to Palestine and call on the Security Council to favourably reconsider its request to become the 194th member of the UN.

The US vetoed a widely backed council resolution on April 18 that would have paved the way for full UN membership for Palestine, a goal the Palestinians have long sought and Israel has worked to prevent.

US deputy ambassador to the UN Robert Wood made clear on Thursday that the Biden administration is opposed to the assembly resolution.

Under the UN Charter, prospective members of the UN must be “peace-loving”, and the Security Council must recommend their admission to the General Assembly for final approval. Palestine became a UN non-member observer state in 2012.

Spain and Ireland are among a group of EU member states that plan to recognise a Palestinian state on May 21, said the bloc's foreign policy chief Josep Borrell.

“This is a symbolic act of a political nature. More than a state, it recognises the will for that state to exist,” Mr Borrell said, adding that countries such as Belgium could soon follow suit.

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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.

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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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Updated: May 10, 2024, 10:13 AM