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Hamas releases three Israeli hostages from Gaza under ceasefire agreement

The truce will feature the release of 33 Israeli captives and about 2,000 Palestinian detainees

The National

January 19, 2025

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Three Israeli hostages were released on Sunday from Hamas captivity in Gaza as part of the initial list of 33 hostages to be freed in the first phase of the ceasefire deal, which eventually came into effect between Israel and Hamas on Sunday.

The Israeli military said the Red Cross has told it the three Israeli hostages were transferred into its care and were on their way towards military and security forces in the Gaza Strip.

Romi Gonen, Emily Damari and Doron Steinbrecher were taken to the war-ravaged enclave following Hamas's unprecedented attack on Israel on October 7, 2023 where a total of 251 Israelis were kidnapped and about 1,200 people killed. In response, Israel launched a devastating war on the Gaza Strip which has killed about 46,900 Palestinians and injured twice that number.

The Palestinian Commission of Detainees' Affairs, the Palestinian Prisoners' Club and the Prisoners' Media Office on Sunday announced the names of the first 90 detainees to be released in the first phase of the exchange, which includes females and minors.

Hamas said it was waiting for Israel to reveal a list of 90 Palestinians set to be freed from Israeli prisons on Sunday. “The occupation is expected to hand over shortly a list containing the names of 90 prisoners from the categories of women and children who are set to be released on the first day of the ceasefire,” the group said.

During a 42-day first phase of the ceasefire, Palestinian militants are due to free dozens of hostages, starting with the three women. The Israeli military believes another 34 dead captives are still in Gaza.

About 2,000 Palestinian detainees in Israeli prisons are also set to be released as part of the agreement that came following more than one year of relentless negotiations.

Ahead of their release, the UK said it welcomed the decision to free Ms Damari who is dual British citizen. “The UK government welcomes the reports that British national Emily Damari is on the list of hostages to be released by Hamas today. We stand ready to support her upon her release,” the UK Foreign Office said.

A short-lived truce in November 2023 featured the release of 105 Israeli hostages, including Thai workers, in exchange for 240 Palestinians held in Israeli prisons.

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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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Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

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Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

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