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Israel intensified attacks on northern Gaza's Indonesian Hospital on Monday, leaving it out of service and trapping patients inside without food, water or a source of heat.
The grim report follows the destruction last month of Kamal Adwan Hospital, also in the north of the enclave. Israel forced patients and medics to leave the hospital during that operation, with more than 240 people detained, including the hospital's director, Dr Hussam Abu Safiya, whose whereabouts remain unknown.
“This past Saturday, the [Indonesian] hospital completely ceased operations and is no longer providing any services to patients, despite patients and others still being trapped inside," Dr Munir Al Bursh, general director of Gaza's Ministry of Health, told The National. “There are no medical supplies, electricity, water, or any other resources necessary to treat patients and provide them with adequate care."
The destruction of Kamal Adwan means it is vital that the Indonesian Hospital reopens. About 75,000 Gazans are at risk from the "systematic dismantling of the health system and a siege for over 80 days on north Gaza", the World Health Organisation said in December.
Most of the patients forced to leave Kamal Adwan moved to the Indonesian Hospital. Roaa Basala, 27, is among 23 people trapped inside the site, after she went there with her injured brother.
There are patients, their companions and medical staff inside the hospital, she told The National. She said she was worried about what would happen if they did not receive help quickly.
“The Israeli army has forced us to remain in the hospital after destroying Kamal Adwan Hospital a few days ago, providing us with no supplies, food, or water," she told The National.
Ms Basala said delegations from international NGOs visited the hospital and saw the scale of destruction and lack of resources. She said fires had burnt for days, while Israeli military vehicles remain outside – advancing and sometimes retreating from certain areas.
"We are hungry, thirsty and extremely cold," she added. "We don’t have enough blankets to protect us from the harsh winter and the heavy rain that has poured down in recent days.
"In the past few days, the army has detonated several explosive robots in the area, completely demolishing the remaining homes of civilians. We can’t move outside the hospital for any reason, as any movement could lead to immediate targeting and death, because the occupation [Israeli forces] monitors every movement inside and outside the hospital."
Rushdi Hamad, 31, is in the Tel Al Zaatar neighbourhood, near the hospital. “The army has burnt several homes and buildings in the vicinity and advanced its vehicles towards the hospital," he explained. "Fires continue to rage, with plumes of smoke still visible days after the burning incidents.
"Reaching the area to assess the damage is extremely dangerous, as Israeli drones target any movement in the vicinity. The occupation forces are systematically destroying what remains of civilian homes and infrastructure in northern Gaza. They have intensified these efforts, especially during the past day and night, using numerous explosive devices and robotic technologies to achieve their objective."
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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.”