Live updates: Follow the latest on Israel-Gaza
Seventeen people were killed in early morning Israeli strikes across Gaza on Tuesday, as more deaths were confirmed from attacks on Monday in the southern city of Khan Younis.
Eight people were killed in Jabalia refugee camp in northern Gaza, with another eight killed in an attack on a family home in Gaza city, the official Wafa news agency reported.
One person was killed in shelling on the city of Deir Al Balah in central Gaza, and more strikes were reported in the south, west of Rafah.
At least 80 people have now been confirmed dead from Monday's strikes on Khan Younis, with more than 200 wounded and 30 people still under the rubble, Wafa reported on Tuesday morning.
Many were killed in strikes on eastern parts of the city that began soon after the Israeli military ordered civilians to leave the area.
The latest evacuation has reduced the southern humanitarian zone from 45 square kilometres to 28, out of an original 65 square kilometres, a civil defence official said in a statement on Monday.
The safe zone in central Gaza is only 20 square kilometres, said Dr Mohammed Al Mughir, the director of supply and equipment management at the General Directorate of Civil Defence, leaving 1.7 million people crammed into Gaza's two safe zones.
Continued Israeli operations hinder rescue efforts, he added, saying three civil defence crew members were wounded in an attack while providing relief in the southern town of Bani Suhaila, where several children were killed on Monday.
Rescue vehicles were also damaged after being targeted by the army during a fire rescue in the Sheikh Nasser neighbourhood in eastern Khan Younis.
The UN agency for Palestinian refugees (UNRWA) said the order to evacuate Khan Younis meant “more suffering and displacement” for civilians.
“Families had to pack what is left of their belongings and run, amid bombardment, and with nowhere safe to go,” the agency said.
“The situation is impossible. The cycle of fear and displacement has gone on too long. Everyone is exhausted.”
The casualties from the Khan Younis strikes were taken to the overcrowded Nasser Hospital. Videos on local media showed families huddling at the entrance and around the hospital without shelter.
Israel's military offensive in Gaza has killed more than 39,000 people and injured nearly 90,000 since the war began on October 7, according to the Health Ministry in Gaza.
Hundreds have also been killed in the occupied West Bank, where at least eight people were killed by the Israeli army on Tuesday.
Five people died in a drone strike in Tulkarm refugee camp, where a child was also reported killed by live ammunition, according to Wafa. Israeli bulldozers were seen removing the bodies, while ambulances crews were prevented from entering the camp.
Local sources said a “tight siege” had been imposed on the camp since dawn, with at least 25 military vehicles entering different neighbourhoods.
Israeli media said the strike killed commanders of the local Hamas military wing and Al Aqsa Martyrs' Brigade.
Two men were also shot dead near Hebron.
Hours earlier, Palestine's main ruling party Fatah and militant group Hamas signed a declaration to discuss forming a unity government with 12 other factions once the war is over, during talks in China.
The US has been advocating for a Palestinian Authority-ruled Gaza, and the withdrawal of Hamas as the de facto government there. Israel has rejected any future scenario in which Hamas is involved in the governance of the West Bank and Gaza after the war is over.
“China’s smooth approach to dialogue may help reach an agreement in the future, but in my opinion the Palestinian factions are waiting for the end of the war to see who is victorious so they set their conditions,” said Jehad Harb, a researcher on Palestinian politics and government.
“There is no real hope to reach a final agreement before that phase, despite a popular Palestinian desire to end the division.”
Hamas seized power in Gaza in 2007, forcing out the Fatah-dominated Palestinian Authority, which administers scattered pockets of the West Bank.
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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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