Ships sailing east from the Atlantic must pass through the Strait of Gibraltar, separating Spain and Morocco, to enter the Mediterranean. AFP
Ships sailing east from the Atlantic must pass through the Strait of Gibraltar, separating Spain and Morocco, to enter the Mediterranean. AFP
Ships sailing east from the Atlantic must pass through the Strait of Gibraltar, separating Spain and Morocco, to enter the Mediterranean. AFP
Ships sailing east from the Atlantic must pass through the Strait of Gibraltar, separating Spain and Morocco, to enter the Mediterranean. AFP

Moroccans call on government to block ship suspected of carrying weapons to Israel


Ghaya Ben Mbarek
  • English
  • Arabic

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An activist group in Morocco has called on the government to prevent the passage of the Japanese-owned cargo ship, Vertom Odette, through its territorial waters over suspicion it is carrying weapons bound for Israel.

The commercial ship, which is sailing under the flag of Luxembourg, left India on April 18 and is set to arrive at the Spanish port of Cartagena on Wednesday, the Moroccan Front to Support Palestine and Against Normalisation said.

Ships sailing east from the Atlantic must pass through the Strait of Gibraltar, separating Spain and Morocco, to enter the Mediterranean.

In a letter to Moroccan Prime Minister Aziz Akhnoush, the group expressed concern that the Vertom Odette is carrying a shipment of ammunition and weapons for Israel and called on the government to act swiftly to prevent what it described as the implication of Morocco "in war crimes".

"The aim of this letter is to avoid the involvement of Moroccan authorities, before the eyes of the world and international law, in accusations relating to complicity in committing war crimes and crimes against humanity,” the letter read.

"The International Court of Justice’s recent decision stated that the occupying state must desist and be careful not to commit any act of genocide against the Palestinians. This decision makes every government that supplies Israel with weapons vulnerable to accusation of complicity in this genocide."

Hundreds have shared online posts urging authorities to take all necessary measures to prevent the Vertom Odette ship from entering Moroccan waters and to ensure it does not reach Israel.

Dozens of activists with the Boycott, Divestment and Sanctions (BDS) movement in Luxembourg staged a sit-in outside their country’s Foreign Ministry headquarters on Monday to demand their government prohibits the ship from sailing under the country's flag.

“The Vertom Odette, currently headed to the Spanish port of Cartagena, must be stopped and searched – and all countries have the duty to stop arms deliveries to Israel, including in transit and by ships under their flag,” BDS said in a post on X.

On May 21, Spain refused to give permission for the Israel-bound Danish ship Marianne Danica to dock at Cartagena, after reports it was carrying 26.8 tonnes of explosives, Spanish newspaper El Pais reported.

Activists believe that due to the similarity in the two ships' routes, it is likely the Vertom Odette is also carries a shipment of explosives to Israel.

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Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

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Brighton 1 (Dunk 79')

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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.”

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Updated: June 04, 2024, 2:43 PM