Live updates: Follow the latest on Israel-Gaza
Senior officials from rival Palestinian factions Fatah and Hamas are meeting in Cairo to discuss with their Egyptian hosts the possibility of forming a committee to manage the day-to-day affairs of postwar Gaza, talks that are part of Egypt's broader mediation efforts to broker a ceasefire between Israel and Hamas.
The Societal Support committee, as the group has been named, will be made up of 15 independent Palestinian figures not aligned to any particular Palestinian movement, sources told The National on Sunday. While Fatah and Hamas officials met in Cairo last month to discuss forming the committee, which is based on a proposal by Egypt, the talks were adjourned.
The committee's mandate will not be political and it will be in charge, among other things, of distributing humanitarian assistance and health care in the war-battered Palestinian enclave. It will work alongside a proposed group of technocrats that will run postwar Gaza until elections are held, the sources said.
Talks resumed on Sunday, with separate meetings between Egyptian officials and Fatah and Hamas delegates, the sources said. A meeting with all three parties is also scheduled. Palestinian President Mahmoud Abbas, meanwhile, was due to arrive in Cairo on Sunday for talks with Egyptian officials that will touch on the proposed committee, the sources said.
Israel has repeatedly said the war in Gaza will not stop until Hamas's military and governing capabilities are dismantled and that it will not accept any role for the group in postwar Gaza. US, Egyptian and Qatari mediators have failed to secure a truce that would end the war and secure the release of Israeli and foreign hostages held by Hamas, along with thousands of Palestinians detained by Israel.
More than 43,300 Palestinians have been killed across Gaza since the war began last October, with at least another 102,000 wounded and several thousands missing across the devastated enclave. Most of the territory's 2.3 million residents have been displaced, often multiple times.
Last month, Egypt met with Israeli officials to voice “strong opposition” over Israel's plan for postwar Gaza, including the creation of a northern “buffer zone” that could displace hundreds of thousands of people.
The Israeli plan would split the northern part of the coastal enclave into five “security zones” in which no rebuilding would be allowed, sources told The National at the time.
Only displaced women and men over the age of 60 would be allowed to return to their homes in northern Gaza, where local militiamen known to be opposed to Hamas would take charge of distributing humanitarian assistance. Israel has repeatedly said it will not let Hamas rule in a postwar Gaza.
Hamas, for its part, has remained committed to its core demands for a full Israeli withdrawal from Gaza, a permanent ceasefire and the unconditional return of Palestinians displaced by the war.
The latest meetings in Cairo follow another round of talks to bring the war, now more than a year old, to even a temporary end. Discussions ended last week in Doha with no sign of a breakthrough.
Meanwhile, several people were reported killed in overnight Israeli air strikes across the enclave, with intense attacks reported across Gaza city into Sunday morning. It came a day after six people, including four children, were wounded in an Israeli strike on a polio vaccination centre in Gaza city.
Israelis continued protests on Saturday calling for the return of more than 100 people who still remain hostage in Gaza, taken captive during the Hamas October 7 attack that sparked the war. Crowds continued rallies in Tel Aviv, where weekly demonstrations have been held since the war began.
Of the estimated 100-plus hostages, about 40 are believed to have died in captivity, according to the Israeli military.
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3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
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- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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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.”
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