Egyptian President Abdel Fattah El Sisi and Foreign Minister Badr Abdelatty host US Secretary of State Antony Blinken in El Alamein, Egypt, on August 20. Reuters
Egyptian President Abdel Fattah El Sisi and Foreign Minister Badr Abdelatty host US Secretary of State Antony Blinken in El Alamein, Egypt, on August 20. Reuters
Egyptian President Abdel Fattah El Sisi and Foreign Minister Badr Abdelatty host US Secretary of State Antony Blinken in El Alamein, Egypt, on August 20. Reuters
Egyptian President Abdel Fattah El Sisi and Foreign Minister Badr Abdelatty host US Secretary of State Antony Blinken in El Alamein, Egypt, on August 20. Reuters

Israel recovers bodies of six hostages as Blinken pushes for Gaza ceasefire


Nada AlTaher
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Live updates: Follow the latest on Israel-Gaza

US Secretary of State Antony Blinken met President Abdel Fattah El Sisi in Egypt's coastal city of New Alamein on Tuesday, in the latest effort towards a Gaza ceasefire agreement as Israel said the bodies of six hostages killed in Gaza had been found.

After the bodies were recovered, Israel bombed a school housing displaced people in the west of Gaza city, killing at least nine Palestinians, news agency Wafa reported.

Mr Blinken, who met Israeli President Isaac Herzog and Prime Minister Benjamin Netanyahu in Tel Aviv on Monday, said the US had put forward a “bridging proposal” that Israel had accepted. Hamas has yet to formally accept or reject the latest terms.

A presidential statement realeasd in Cairo after Mr El Sisi's meeting with Mr Blinken quoted the Egyptian leader as telling his guest that the time has come to "resort to the voice of reason and wisdom" and end the war in Gaza, warning about the danger of the conflict expanding regionally "in a way that is difficult to imagine".

"Stopping the bloodshed must be the main motive for all parties," Mr El Sisi said.

Mr Blinken was scheduled to fly from Egypt to Qatar for a meeting with Emir Sheikh Tamim in Doha, the scene of ceasefire talks last week, sources close to the negotiations told The National.

On Tuesday, Hamas reiterated support for the three-phase deal the group accepted on July 2 and disputed US President Joe Biden's claim that it had changed its position.

“Israel says they can work it out … Hamas is now backing away," Mr Biden said at the Democratic National Convention on Monday evening.

Hamas said it watched Mr Biden's comments with "astonishment and disapproval", and that they constituted a "green light" for the Israeli government to "commit more crimes against defenceless civilians, in pursuit of the goals of exterminating and displacing our people".

The group accused the Israeli prime minister of obstructing an agreement by adding new conditions and demands to the original US proposal, which called for an immediate ceasefire and withdrawal of Israeli forces to border areas, the return of people to their homes and entry of humanitarian aid as well as the release of hostages in the first phase.

It said the newer conditions included no Israeli withdrawal from the Rafah border crossing with Egypt, the Salah Al Din along the Gaza-Egypt border or the Netzarim Corridor created by Israel between Gaza's north and south.

Amendments to the prisoner exchange deal with Israel have also been sticking points for the group.

“The US is attempting to delay negotiations in order to pressure the mediators into accepting Mr Netanyahu's new conditions as necessary,” a senior Hamas official told The National on Tuesday.

“Washington and Tel Aviv are responsible for delaying and procrastinating in the negotiations and Hamas cannot accept that,” added the official.

“The international community must put pressure on Mr Netanyahu, who took advantage of Hamas’s flexibility to make amendments to the agreement and change the conditions.”

A Palestinian flag flies near a section of the wall in Salah Al Din between Egypt and Gaza, on the background, near the southern Gaza Strip town of Rafah in July 2007. AP
A Palestinian flag flies near a section of the wall in Salah Al Din between Egypt and Gaza, on the background, near the southern Gaza Strip town of Rafah in July 2007. AP

Previously, Hamas had opposed Israel's requirement that the list of hostages to be released should specify whether they are alive or dead. Israel had also set conditions, requiring that Hamas agree to the other terms of the proposal, in exchange for the entry of humanitarian aid and reconstruction efforts in Gaza.

Mr Blinken is on his ninth trip to the region since October 7 when Hamas launched an attack in Israel that killed about 1,200 people. More than 40,100 Palestinians have been killed in Gaza since the war started, with at least 92,743 injured and thousands more missing under rubble, Ministry of Health figures indicate.

Egypt, the US and Qatar are parties to the possible ceasefire agreement to end the 10 month-long war in Gaza.

Meanwhile, the Israeli forces entered Hamas tunnels in Khan Younis in the south to recover the bodies of hostages Yagev Buchshtab, Alexander Dancyg, Avraham Munder, Yoram Metzger, Nadav Popplewell and Haim Perry, Israel's Defence Minister Yoav Gallant said on X.

Hours later, Israeli war planes struck the Mustafa Hafez school in Al Rimal neighbourhood west of Gaza city, killing at least nine people, Wafa reported.

Israel claims that it hit a “command centre” where Hamas militants were embedded.

The attack came 10 days after Israel killed at least 100 people and injured 150 others in a strike on Al Tabaeen school in eastern Gaza city during dawn prayers.

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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.”

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Updated: August 21, 2024, 6:54 AM