Three Israelis killed in shooting attack on vehicles in occupied West Bank


Thomas Helm
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Three Israelis were killed and at least eight wounded in a shooting attack on a bus and two other vehicles in the occupied West Bank on Monday morning, the latest in a round of deadly violence in the territory.

Two women in their sixties and a man, about 40, were killed, Israeli ambulance service said. Paramedics said they provided treatment to eight people, including the driver of the bus, who was critically wounded. Militant activity, settler violence and an economic crisis have spiralled in the occupied West Bank since the Gaza war began.

All three vehicles had Israeli licence plates. The Israeli army said it was “setting up roadblocks and encircling several towns in the area”, to search for two suspected attackers who fled.

The shooting took place on Route 55 in the Palestinian village of Al Funduq, which is close to the illegal settlements of Kedumim and Karnei Shomron. Unlike most roads used by settlers in the region, the section on which the attack took place does not bypass Palestinian urban areas. There are plans to build a detour route around the village, although construction has not yet begun.

The site of the attack in Al Funduq. Israel's military said it is pursuing two suspected attackers. AFP
The site of the attack in Al Funduq. Israel's military said it is pursuing two suspected attackers. AFP

Israeli Prime Minister Benjamin Netanyahu sent condolences to the families of those killed and pledged that Israel “will reach the abominable murderers”.

In response to the attack, far-right Israeli Finance Minister Bezalel Smotrich, a settler who lives on Kedumim, said Al Funduq, along with the northern West Bank cities of Jenin and Nablus, should look like Gaza’s Jabalia refugee camp, which has been largely destroyed after months of Israeli bombardment and military assaults. Mr Smotrich has previously called for the destruction of Palestinian towns after attacks.

Far-right National Security Minister Itamar Ben-Gvir called for Israel to stop engaging with the Palestinian Authority, the body that administers some Palestinian areas of the West Bank.

“The Palestinian Authority sponsors terrorism and therefore all collaboration with it should be stopped,” he said, referring to a long-held stance among some in Israel that the PA encourages violence against Israelis. No one has claimed responsibility for the attack, but Hamas described it as a “heroic response”.

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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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