An injured Palestinian boy stands next to the rubble of a family house that was hit overnight in Israeli bombardment in the Tal Al Sultan neighbourhood of Rafah in southern Gaza. AFP
An injured Palestinian boy stands next to the rubble of a family house that was hit overnight in Israeli bombardment in the Tal Al Sultan neighbourhood of Rafah in southern Gaza. AFP
An injured Palestinian boy stands next to the rubble of a family house that was hit overnight in Israeli bombardment in the Tal Al Sultan neighbourhood of Rafah in southern Gaza. AFP
An injured Palestinian boy stands next to the rubble of a family house that was hit overnight in Israeli bombardment in the Tal Al Sultan neighbourhood of Rafah in southern Gaza. AFP

Palestinian civilians paying the price for failure to end Gaza war, UN says


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Palestinian civilians are "paying the price" while a solution to end the war in Gaza remains up in the air, the UN's humanitarian chief Martin Griffiths said on Monday, hours after Israeli strikes killed dozens across the enclave.

“Civilians are paying the very highest price every single day, today perhaps even more than other days, while we failed to reach consensus on solution,” the UN undersecretary general for humanitarian affairs and emergency relief co-ordinator said in an address to a security conference in Qatar.

Mr Griffith emphasised that hundreds of thousands of Gazans are "serially" searching for safety as "hunger and the threat of disease continue to escalate".

At least 810,000 people have been forcibly displaced again from Rafah to other areas, after having fled to the southern region in previous months, the UN says.

"Every time families are displaced, their lives are at serious risk. People are forced to leave everything behind looking for safety. But there's no safe zone," the UN agency for Palestinian refugees (UNRWA) said on X.

About 1.5 million of Gaza's 2.3 million people had been sheltering in Rafah before Israel began its offensive against the area this month. Before the war began in October, the city had an estimated population of about 300,000, but it swelled as hundreds of thousands of Palestinians fled fighting in northern and central Gaza.

On Monday, Israel's Defence Minister Yoav Gallant announced the army was expanding its operations in Rafah, after Israel said it would be conducting limited incursions in the city.

Mr Gallant made the comments during talks with US national security adviser Jake Sullivan in Tel Aviv.

The US has opposed a fully fledged invasion of Rafah, citing the high number of civilian casualties that will result from such a move.

“I emphasised to him [Mr Sullivan] Israel’s duty to expand the ground operation in Rafah, to dismantle Hamas and to return the hostages,” Mr Gallant said.

War Cabinet member Benny Gantz has threatened to quit if Prime Minister Benjamin Netanyahu does not offer a plan for postwar Gaza by June 8.

At least 70 people have been killed in overnight strikes and shelling across Gaza on the 227th day of the war, local health authorities said on Monday.

The Al Awda Hospital in Jabalia in the north is on its second day under siege – as the refugee camp there remains under attack by Israeli forces.

About 300 homes have been destroyed across Jabalia since Israeli forces began an operation in the camp this month, civil defence personnel said, adding that dozens of people are still missing, presumed to be under the rubble of collapsed buildings.

Israeli tanks entered the camp in mid-May as hundreds of leaflets were dropped from the sky, with "we are coming" written in Arabic.

Health authorities have warned of severe shortages in medicine and medical consumables to provide emergency care, perform operations, first aid and other services Al Awda.

Meanwhile, shelling continued in Gaza city and Rafah, where dozens, including a one-year-old child, were killed, state news agency Wafa reported.

Gunboats also fired from the coast of Rafah into the Gaza Strip, Wafa said.

More than 35,500 people have been killed since the war began on October 7. Nearly 80,000 people have been injured, with many being denied medical assistance, food and water as the Rafah border crossing with Egypt remains closed.

Thousands more are missing under the rubble of flattened buildings across the strip, where much of the basic infrastructure has been destroyed.

RESULTS
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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.”

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

Persuasion
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Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Updated: May 20, 2024, 12:08 PM