US Secretary of State Antony Blinken discussed a three-phase Israeli proposal for a Gaza ceasefire with his Saudi, Jordanian and Turkish counterparts. EPA
US Secretary of State Antony Blinken discussed a three-phase Israeli proposal for a Gaza ceasefire with his Saudi, Jordanian and Turkish counterparts. EPA
US Secretary of State Antony Blinken discussed a three-phase Israeli proposal for a Gaza ceasefire with his Saudi, Jordanian and Turkish counterparts. EPA
US Secretary of State Antony Blinken discussed a three-phase Israeli proposal for a Gaza ceasefire with his Saudi, Jordanian and Turkish counterparts. EPA

Blinken discusses Israel's Gaza ceasefire proposal with Middle East counterparts


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US Secretary of State Antony Blinken has discussed a three-phase Israeli proposal for a ceasefire in Gaza in a series of phone calls with his UAE, Saudi, Jordanian and Turkish counterparts.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, said the ceasefire deal announced by US President Joe Biden on Friday should be treated seriously and positively, Wam reported on Saturday.

In a phone call with Mr Blinken on Saturday, Saudi Foreign Minister Prince Faisal bin Farhan emphasised the kingdom’s support for immediate ceasefire efforts in Gaza, as well as a complete Israeli withdrawal from the strip.

Israel's proposal for a ceasefire, in return for the release of Israeli hostages, was announced by US President Joe Biden at the White House on Friday.

Jordan supports the efforts made by Egypt, Qatar and the US to reach an exchange deal as quickly as possible, Jordanian Foreign Minister Ayman Safadi told Mr Blinken.

“Jordan stresses the need to deal seriously with every proposal that achieves a permanent ceasefire, ends the suffering of the Palestinian people in Gaza, and ensures the return of the displaced to their areas and the withdrawal of the Israeli occupation forces from Gaza,” Mr Safadi said after the call.

Speaking to Turkish Foreign Minister Hakan Fidan, Mr Blinken “emphasised that Hamas should accept the deal and that every country with a relationship with Hamas should press it to do so without delay”, the US State Department said.

The first phase of the proposal involves a six-week ceasefire when Israeli forces would withdraw from “all populated areas” of Gaza, some hostages – including the elderly and women – would be freed in exchange for hundreds of Palestinian prisoners, Palestinian civilians could return to their homes in Gaza and 600 lorries a day would take humanitarian aid into the enclave.

The three-phased ceasefire would begin with Hamas and Israel negotiating a permanent ceasefire that Mr Biden said would last “as long has Hamas lives up to its commitments”.

If negotiations took more than six weeks, the temporary ceasefire would extend while they continued.

In the second phase, Mr Biden said there would be an exchange for all remaining living hostages, including male soldiers, Israeli forces would withdraw from Gaza and the permanent ceasefire would begin.

Internally displaced Palestinians walk next to destroyed buildings in Khan Younis town, southern Gaza Strip. EPA
Internally displaced Palestinians walk next to destroyed buildings in Khan Younis town, southern Gaza Strip. EPA

The third phase would include a major reconstruction plan for Gaza and the return of the “final remains” of hostages to their families.

“It's time for this war to end and for the day after to begin,” said Mr Biden, who is under election-year pressure to stop the Gaza conflict, now in its eighth month.

Hamas, which Mr Biden said received the proposal from Qatar, released a statement reacting positively.

The Palestinian group which controls the Gaza Strip said it was ready to “deal positively and constructively” with any proposal which was based on a permanent ceasefire in addition to the “complete withdrawal from the Gaza Strip, reconstruction, the return of the displaced to all their places of residence, and the completion of a serious prisoner exchange deal if the occupation declares its explicit commitment to that.”

Prime Minister Benjamin Netanyahu, however, on Saturday insisted on Hamas's destruction as part of the Israeli plan to end the war.

“Israel's conditions for ending the war have not changed,” Mr Netanyahu said on Saturday.

“The destruction of Hamas's military and governing capabilities, the freeing of all hostages and ensuring that Gaza no longer poses a threat to Israel,” he stated.

Israel's opposition leader on Saturday urged Mr Netanyahu to heed the call for a Gaza truce.

“The government of Israel cannot ignore President Biden's consequential speech. There is a deal on the table and it should made,” Yair Lapid said in a post on X. “I remind Netanyahu that he has a safety net from us for a hostage-release deal if [Itamar] Ben-Gvir and [Bezalel] Smotrich leave the government.”

The ceasefire proposal comes as Israel's assault on Rafah, in southern Gaza, has sparked global outcry.

Egypt is set to host a meeting with Israel and the US on Sunday to discuss the reopening of the Rafah crossing, a key gateway of much-needed aid supplies, Egyptian media reported.

A woman checks the hair of a girl at a temporary camp for displaced Palestinians in Rafah, in the southern Gaza Strip, on May 31, 2024, amid the ongoing conflict between Israel and the Palestinian Hamas group. EPA
A woman checks the hair of a girl at a temporary camp for displaced Palestinians in Rafah, in the southern Gaza Strip, on May 31, 2024, amid the ongoing conflict between Israel and the Palestinian Hamas group. EPA

Gaza residents react to proposal

Residents in Gaza told The National they welcomed the plan and urged the international community to immediately work towards making the ceasefire proposal a reality. Some said the proposal is an indication of how difficult the war in Gaza has become for the Israeli military.

“The declaration aims to save Israel from defeat, which has already occurred,” Azmi Ahmad, 45, told The National.

“All we want now is for the war to end. Of course, we had hoped for a ceasefire earlier to save lives, but we hope it happens now because we are truly fed up.”

Ola Aboud, who now resides in Mawasi in western Rafah after fleeing central Gaza, said she believes that Mr Netanyahu can no longer reject the ceasefire as Mr Biden announced publicly.

“He does not want to appear intransigent in front of the families of the hostages,” she said.

“He will prolong the negotiations and employ evasive tactics to appease his allies in the far-right, while at the same time, he will have agreed to Biden's proposal to enter negotiations.”

Jihad Mohsen, 35, who now lives in Deir Al Balah in the centre of the Gaza Strip, told The National he is less optimistic.

“It is clear that this is an Israeli proposal presented by Biden. They believe that Hamas will reject it, bringing negotiations back to square one,” he said.

“We want the war to end, but at the same time, we don’t want our sacrifices to be in vain. Gaza has been set back 100 years. We want an honourable deal, reconstruction, and a return to our normal lives.”

The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

On sale: from January 2022 

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.8%22%20edge%20quad-HD%2B%20dynamic%20Amoled%202X%2C%20Infinity-O%2C%203088%20x%201440%2C%20500ppi%2C%20HDR10%2B%2C%20120Hz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%204nm%20Qualcomm%20Snapdragon%208%20Gen%202%2C%2064-bit%20octa-core%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F12GB%20RAM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%2F1TB%20(only%20128GB%20has%20an%208GB%20RAM%20option)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20quad%2012MP%20ultra-wide%20f%2F2.2%20%2B%20200MP%20wide%20f%2F1.7%20%2B%2010MP%20telephoto%20f%2F4.9%20%2B%2010MP%20telephoto%202.4%3B%203x%2F10x%20optical%20zoom%2C%20Space%20Zoom%20up%20to%20100x%3B%20auto%20HDR%2C%20expert%20RAW%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%208K%4024%2F30fps%2C%204K%4060fps%2C%20full-HD%4060fps%2C%20HD%4030fps%2C%20full-HD%20super%20slo-mo%40960fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20f%2F2.2%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%205000mAh%2C%20fast%20wireless%20charging%202.0%2C%20Wireless%20PowerShare%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%2C%20Wi-Fi%2C%20Bluetooth%205.2%2C%20NFC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3B%20built-in%20Galaxy%20S%20Pen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESIM%3A%3C%2Fstrong%3E%20single%20nano%20%2F%20nano%20%2B%20eSIM%20%2F%20nano%20%2B%20nano%20%2B%20eSIM%20%2F%20nano%20%2B%20nano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20cream%2C%20green%2C%20lavender%2C%20phantom%20black%3B%20online%20exclusives%3A%20graphite%2C%20lime%2C%20red%2C%20sky%20blue%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh4%2C949%20for%20256GB%2C%20Dh5%2C449%20for%20512GB%2C%20Dh6%2C449%20for%201TB%3B%20128GB%20unavailable%20in%20the%20UAE%3C%2Fp%3E%0A
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Schedule:

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

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.”

Racecard
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Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

MATCH INFO

Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')

Aston Villa 0

Red card: Fernandinho (Manchester City)

Man of the Match: Raheem Sterling (Manchester City)

Updated: June 02, 2024, 2:38 PM