Palestinian factions pledge to continue struggle after Haniyeh's death


Mahmoud Rida
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Palestinian faction leaders expressed defiance over the killing of Hamas leader Ismail Haniyeh in Tehran on Tuesday, suggesting a united front amid derailed ceasefire talks.

The National spoke to several Palestinian figures who were in Doha for the funeral prayer service for Mr Haniyeh, as fears of a wider regional war grow, with Iran expected to strike Israel or increase military support to its allies significantly.

The service was attended by several international delegations, including from Turkey and Malaysia, while Fatah, previously Hamas’s main Palestinian rival, also sent representatives.

The Israeli-occupied West Bank is controlled by Fatah, a coalition of Palestinian parties based in Ramallah, while Gaza is run by Hamas, the political side of an armed group, Ezzedine Al Qassam Brigades.

What happened in recent days will have international and regional repercussions
Fahd Suleiman,
secretary general, Democratic Front for the Liberation of Palestine

Hamas also has allied factions in Gaza, such as the Popular Front for the Liberation of Palestine (PFLP).

On July 23, Hamas, Fatah and 12 other groups signed an agreement to discuss forming an “interim national reconciliation government”, mediated by Chinese Foreign Minister Wang Yi in Beijing.

Fatah leader and Palestinian President Mahmoud Abbas called Mr Haniyeh’s killing a “heinous and cowardly act”.

Youssef Al Makdah, the secretary general of the Fatah-aligned Palestine Liberation Front, said the death was “a great loss for the resistance”.

But he said that “our strength will increase and whenever they assassinate a leader, there will be another leader who will lead the resistance until all of Palestine is liberated and our national and historical rights are restored”.

Mr Al Makdah said he believed Mr Haniyeh’s killing had “frozen” peace negotiations, but warned that the assassination “will be met with a harsh response, whether it comes from Lebanon, the Palestinian resistance, or Iran”.

Mr Haniyeh’s assassination was a “cowardly action”, according to Marwan Abdullah, a member of the political bureau of the PFLP.

He said Israel had “failed in the confrontations taking place on the ground and failed to achieve the goals they have announced in this war. This is a big indication that their war goals have changed.”

Youssef Al Makdah, PLF secretary general, says Ismail Haniyeh's death represents 'a great loss for the resistance'. Mahmoud Rida / The National
Youssef Al Makdah, PLF secretary general, says Ismail Haniyeh's death represents 'a great loss for the resistance'. Mahmoud Rida / The National

Vowing that the Palestinians will not be defeated, Mr Abdullah said his movement has “concerns because the enemy has dragged matters to positions that now pose a threat to many aspects of life in this region”.

An ideologically Marxist group, the PFLP was formed in the late 1960s by George Habash, a former doctor whose sister was killed during the 1948 Arab-Israeli war.

Its military wing, the Abu Ali Mustafa Brigades, is so called in honour of Mr Habash’s successor, who was assassinated while sitting in his office in 2001.

Fahd Suleiman, secretary general of the Democratic Front for the Liberation of Palestine, said Mr Haniyeh’s death would reverberate around the region, in addition to another strike – within the space of 12 hours – that killed Fouad Shukr, a senior Hezbollah commander, in Beirut.

That strike claimed the lives of two children and drew sharp condemnation from the Lebanese government, as well as stronger international calls for de-escalation.

“What happened in recent days, the assassination of commander Fouad Shukr on the one hand in Lebanon and the assassination of commander Ismail Haniyeh on the other hand, led to a set of repercussions that are not limited to the Palestinian side, but will have international and regional repercussions,” said Mr Suleiman.

People praying inside the funeral house of the assassinated Ismail Haniyeh, who was head of Hamas's political movement. Mahmoud Rida / The National
People praying inside the funeral house of the assassinated Ismail Haniyeh, who was head of Hamas's political movement. Mahmoud Rida / The National

“The United States has now intervened directly and announced that it will not allow Israel to be harmed, and on this basis it brought the naval fleet in the territories to Israel, Palestine and Iran. Today, we are facing a major crisis that is not easy to solve through diplomatic means,” he added.

The US has recently added to its naval strength in the region, sending more warships in a move analysts say is in anticipation of an Iranian strike on Israel.

“The Palestinian-Israeli confrontation continues and will become more intense,” Mr Suleiman said.

“Gaza will continue to resist, and it will also spread throughout the West Bank and in the influential regional countries.

"Iran and its allies, the Axis of Resistance, and all the forces seeking to achieve national goals are all on alert and ready to continue this confrontation.”

Israel’s nearly 10-month war on Gaza has claimed nearly 40,000 lives, mostly civilians.

Concurrent fighting between Israel and Hezbollah in Lebanon has killed about 500, mainly fighters, while dozens of soldiers and civilians have been killed in Israel.

Additional reporting by Robert Tollast in Abu Dhabi.

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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: August 05, 2024, 5:45 AM