Jordan's King Abdullah II, accompanied by Crown Prince Al Hussein (R), meeting with Josep Borrell in Amman, Jordan on Wednesday. EPA
Jordan's King Abdullah II, accompanied by Crown Prince Al Hussein (R), meeting with Josep Borrell in Amman, Jordan on Wednesday. EPA
Jordan's King Abdullah II, accompanied by Crown Prince Al Hussein (R), meeting with Josep Borrell in Amman, Jordan on Wednesday. EPA
Jordan's King Abdullah II, accompanied by Crown Prince Al Hussein (R), meeting with Josep Borrell in Amman, Jordan on Wednesday. EPA

EU's Josep Borrell calls on member states to implement ICC arrest warrants against Israeli and Hamas leaders


Khaled Yacoub Oweis
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Live updates: Follow the latest on Israel-Gaza

The EU's foreign policy chief Josep Borrell called for member states to carry out the International Criminal Court's arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his former defence minister Yoav Gallant and Hamas military commander Mohammed Deif, cautioning that neither side can achieve “total victory” in the Gaza war.

"The decision of the court has to be respected and implemented," Mr Borell said during a press conference with Jordanian Foreign Minister Ayman Safadi in Amman on Thursday.

"All states parties of the court, which includes all members of the EU, are bound to implement this court decision," he said.

Mr Safadi also called for the implementation of the warrants issued against the Israeli officials but did not address the warrant for Deif, who Israel claims to have killed.

Mr Borrell’s comments come amid widespread criticism on the continent of Israel's conduct of the war in Gaza, which has strained ties with many European countries without leading to any substantial break.

Jordan's Foreign Minister Ayman Safadi, right, speaks during a joint news conference with the European Union's High Representative for Foreign Affairs and Security Policy, Josep Borrell, in Amman on Thursday. Reuters
Jordan's Foreign Minister Ayman Safadi, right, speaks during a joint news conference with the European Union's High Representative for Foreign Affairs and Security Policy, Josep Borrell, in Amman on Thursday. Reuters

The ICC announced the arrest warrants earlier on Thursday, saying Mr Netanyahu and Mr Gallant were suspected of crimes against humanity. The grounds for Deif's warrant were classified as secret to "protect witnesses and safeguard the conduct of investigations", the court said.

Mr Borrell will be replaced by former Estonian prime minister Kaja Kallas when his term ends this month. But he is using his final appearances in the region to make a moral case for peace. He will address Israeli and Palestinian civil figures In Cyprus on Saturday before travelling to Lebanon.

In a speech at Jordan University late on Wednesday, Mr Borrell appealed to both sides to stop “dehumanising” each other and seek peace based on “equal dignity”.

“There is a narrative trying to present the problem as a fight between the West and the East or against the South, or against the Muslim world. This is a caricature that has to be deconstructed and rejected. We have to avoid any kind of clashes based on religion, civilisation or ethnicity,” he said.

The war started on October 7 last year when a surprise attack on southern Israel by Hamas and other militant groups supported by Iran killed about 1,200 civilians. Palestinian health officials in Gaza say that 44,000 people have been killed in the subsequent invasion of Gaza.

“Do not listen to the ones who claim for total victory. The victory is never total. Let’s talk about inclusion,” he said. “Any message of hate,” whether from “an Israeli minister as much as if it comes from the voice of an extremist from any field” must be rejected.

He recalled his own's father's experience as a participant in the 1936 to 1939 Spanish Civil war. At least half a million people were killed in the conflict, which was followed by the dictatorship of General Francisco Franco.

“Do not play games of war,” Mr Borrell quoted his father as telling him. “He knew by his own experience how awful war could be.”

As a young university graduate in the late 1960s, Mr Borrell worked as a volunteer in a Kibbutz “not because I was supporting Zionism, but because the Kibbutz represented for the young people … in Europe, the ideal of socialism. The ideal of living together, and sharing everything.”

But he repeated criticism he has incessantly levelled against Israel's war conduct in Gaza as disproportionate, unjustifiable and contravening international law.

“There is a limit to the right of defence, and the level of destruction that we are witnessing in Gaza is not justified with the right to defence,” Mr Borrell said, calling for respect of UN principles that “push back against any kind of dehumanisation”.

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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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MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

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Updated: November 22, 2024, 11:49 AM