Thousands of Israelis took to the streets of Tel Aviv on Saturday to demand a ceasefire deal that would lead to the return of hostages being held in Gaza.
Images broadcast by Israeli media showed huge crowds lining Kaplan Street in one of the largest demonstrations in the city since October.
Protesters held signs with chanted slogans demanding the immediate resignation of Israeli Prime Minister Benjamin Netanyahu.
The latest anti-coalition protest, events that occur weekly in Israel, came after authorities announced eight soldiers were killed in an ambush in Rafah.
In a video statement issued late on Saturday, Mr Netanyahu said there was no alternative but to stick to the goals of the war to defeat Hamas and take the hostages back.
Although surveys show solid support among the Israeli public for continuing the war, the protests emphasise the divisions in Israeli society that have reopened after a period of unity at the start of the conflict.
At a rally on Saturday evening, participants watched a video message from Andrey Kozlov, who was rescued from Hamas captivity a week ago.
“More than 120 hostages are still there, and I can't feel all the happiness from this situation because I was rescued and they were not,” he said, according to the Hostages Families Forum Headquarters.
“I ask to bring them home as soon as possible. Israel, world, Hamas, I ask you to make a deal as soon as possible.”
One of the protesters, Graciela Barchilon, 68, said the deaths of soldiers in the besieged enclave were a "collective loss".
"Every soldier who dies is like a family member who dies," she said. "I feel a lot of anger and disappointment. I believe this government is not working and we have to go to elections now."
The Israeli military said the eight soldiers were killed on Saturday when their armoured vehicle was struck by a bomb. Capt Wassem Mahmud, 23, and seven other soldiers died "during operational activity in southern Gaza", the military said in a statement.
It said the vehicle was hit in the Tal Al Sultan area of Rafah, where troops are engaged in fierce street battles with militants.
Preliminary enquiries suggested the vehicle "got hit as a result of an explosion of a side bomb", the military said.
"The explosion was significant and may have been caused by the initiation of the explosive material on the vehicle. All this is not supposed to happen and therefore the incident is being examined.
"There was a very serious damage to the vehicle and those in it, and a large explosion making it difficult to identify and locate the bodies."
Military spokesman Rear Admiral Daniel Hagari said in a televised briefing on Saturday that "there was a strong explosion" that appeared to be from a device "planted in the area or from the firing of an anti-tank missile".
The deaths in the blast were among the heaviest losses for the military since it began its ground offensive in Gaza on October 27.
Twenty-one soldiers were killed on January 22 when rocket-propelled grenade fire hit a tank, the military said at the time.
Two buildings exploded because troops had planted explosives in them after the structures were linked to militants, it said. Saturday's blast takes to 306 the military's death toll in Gaza since October 27.
More than 37,000 Palestinians have been killed since Israel began its bombardment of the enclave.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE LOWDOWN
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The President's Cake
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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
THE SPECS
Engine: Four-cylinder 2.5-litre
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Power: 165hp
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Price: Dh99,900 to Dh134,000
On sale: now
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
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.”
UAE currency: the story behind the money in your pockets
