Live updates: Follow the latest on Israel-Gaza
Palestinian and Israeli delegations are expected to return to Egypt this week to discuss details of a deal outlined by US President Joe Biden to end the war in Gaza, sources told The National on Tuesday.
The talks will focus on plans for the Rafah border crossing between Gaza and Egypt, the technical details of the Israeli army's forces in the enclave, the names of Palestinian detainees to be released, and the future governance of Gaza.
On Monday, the US said it was seeking support from the UN Security Council for the proposed ceasefire.
It sent a draft resolution stressing “the importance of the parties adhering to the terms of the deal once agreed, with the aim of bringing about a permanent cessation of hostilities,” Reuters reported.
The three-phase plan announced by Mr Biden on May 31 would involve a “complete ceasefire” and an increase in aid to Gaza, with the release of some of the remaining Israeli hostages held by Hamas in the first phase.
The second phase proposes a “permanent end to hostilities” and the withdrawal of Israeli forces from Gaza, with the rest of the hostages released, while the final phase brings in the reconstruction of Gaza and the return of the remaining hostages to their families.
Israel believes that more than a third of the remaining Gaza hostages are dead, a government tally showed on Tuesday.
“A top Israeli delegation made up of the Mossad, its domestic security sister, and the army is expected in Cairo later this week,” said one of the sources.
The delegation is expected to bring Israel's response to a joint plan by the Palestinian Authority and Egypt for the Rafah border crossing, currently under Israeli control, and the technical details of the redeployment of forces in the first phase before the full withdrawal.
Rafah and detainees
In the meantime, a Hamas-led delegation of Palestinian factions “is also expected in Egypt later this week to discuss the lists of names of prisoners they want Israel to release and the future governance of Gaza,” said the source.
The implementation of the deal will be preceded by 48 hours during which the warring parties will stand down major combat operations.
The idea is for the two parties to be reassured of the other's readiness to commit to a ceasefire, the sources said.
“Egypt and the PA are already in contact to come up with a formula for running the Palestinian side of the Rafah crossing that would be acceptable to Israel before it pulls out from the Gaza side of the facility,” said one source, adding that Egypt wants this issue sorted out before the first phase of the plan begins.
According to the sources, Mr Biden wants his plan “to be enforced by next week”, but “a great deal of distrust and suspicion” between the warring sides is hindering the process.
The proposal, which Mr Biden described as an “Israeli proposal”, has widened the rift among members of Israel's war cabinet as it waits for a Hamas response.
Centrist politicians Benny Gantz and Gadi Eisenkot have spent recent weeks amplifying calls for elections and threats to abandon the administration, accusing Prime Minister Benjamin Netanyahu of not setting clear objectives for the war and abandoning Israeli hostages held in Gaza.
Far-right ministers Itamar Ben-Gvir and Bezalel Smotrich have threatened to bring down the government if Mr Netanyahu pursues anything other than a full-throttle war effort in Gaza, despite mounting international concern over the humanitarian toll.
There is also growing uncertainty among the Israel public that total victory over Hamas is possible.
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Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
The five pillars of Islam
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government