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Sheikh Khaled Nabhan, 54, whose touching farewell to his three-year-old granddaughter Reem – killed in Israeli bombing – went viral on social media, died on Monday in an attack on Nuseirat refugee camp in central Gaza.
The father of five, known as Abu Diyaa, gained widespread recognition in November after the video in which he describes his granddaughter as "soul of the soul" was widely on social media. An Israeli air strike on their home killed both his grandchildren, Reem and Tarek.
Saeed Nabhan, Mr Nabhan's nephew who accompanied him on his charity work during the Israel-Gaza war, said that his children and grandchildren were "his entire world, and he spent much of his time playing with and caring for them”.
Known for his cheerful demeanor, Mr Nabhan brought joy to those around him. “In his final days, Abu Diyaa dedicated himself to charitable work, visiting shelters to check on displaced families and striving to provide support and assistance to those in need," Saeed told The National.
"He played a significant role in organising communal kitchens to distribute meals to displaced people and those affected by the harsh conditions of the Israeli aggression. Just days before his martyrdom, he participated in one of these food distributions.”
Hundreds gathered for Mr Nabhan's funeral in central Gaza. Mourners prayed and wiped blood and dust from his face. Condolences and praise for the positive impact he made in life have flooded social media, which he used to encourage support for Gaza’s needy.
“His compassion extended beyond people to animals, as he cared for stray cats in Nuseirat Camp. Even during the war, he went to great lengths to provide food and water for the cats, despite the immense challenges of accessing supplies during the conflict,” said Saeed.
“Abu Diyaa was one of the most influential figures in Nuseirat Camp, widely known for his role as a man of faith and a model of virtuous Islamic values," Saad Taha Abu, a neighbour and friend, told The National.
"Renowned for his wisdom and dedication to fostering goodwill, people often sought his counsel to mediate disputes. His warm relationships and high regard among the community made him an exceptional peacemaker.”
With one million followers on Instagram, Mr Nabhan shared videos of his family and voiced his hopes for his grandchildren. According to online accounts, he and Reem shared a birthday which would have been celebrated in late December. Reem would have been four years old.
Mr Nabhan carried keepsakes of his grandchildren. On the first anniversary of their deaths, he built a new gravestone, planted flowers and surrounded it with white stones.
His humanitarian initiative, Reem, Soul of the Soul, gave gifts to lift the spirits of children traumatised by Israeli bombardment. "In every hurt child, I see Reem and Tarek," said Mr Nabhan.
He gave toys that belonged to his grandchildren to orphans and comforted injured people of Gaza, while he often visited his daughter, Reem and Tarek's mother.
"I don't believe Abu Diyaa's targeting was random," Mr Taha said. "The occupation has consistently targeted influential Palestinian figures who inspire resilience and unity among the people throughout this war of extermination that has lasted over 14 months.
“Abu Diyaa had dreams of an end to the war, a return to peace and safety. Yet, the occupation extinguished these hopes, along with the life of a man who had dedicated himself to the well-being of his community.”
Two weeks ago, Mr Nabhan posted a video of his brother Asaad Nabhan's house, which was destroyed by the Israeli forces. He was seen helping civil defence forces put out the fire.
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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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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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