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Barely a day after ending the Gaza ceasefire with a massive bombing campaign on the strip, Israeli Prime Minister Benjamin Netanyahu has secured a number of personal victories that help to shore up his political future in the months ahead, stoking an impression among many critics that he is renewing the war for his own gain.
Despite significant domestic opposition, condemnation from key allies – but crucially not the US – and the social and economic toll a renewed military campaign will have on a country exhausted after more than a year of war, Mr Netanyahu vowed to step up attacks after Tuesday's bombardment. It killed more than 400 Palestinians in one of the deadliest assaults since the early days of the conflict.
“From now on, Israel will act against Hamas with increasing intensity … negotiations will only take place under fire,” he said, connecting his decision to stalled talks over the return of 59 hostages, most of them Israeli, from Gaza.
Mr Netanyahu did not mention that the offensive also allowed him to cancel giving testimony during his corruption trial, bring back a far-right minister who represents an important bloc in the governing coalition, and to dodge public anger about his attempt to fire the director of Shin Bet, Ronen Bar, all key victories that set him on track to pass the state budget at the end of the month. If he fails to do so, the parliament would be dissolved and new elections called.
“Many Israeli citizens asked themselves the awful question: was the resumption of the fighting in Gaza and the collapse of the ceasefire by Israel done for operational security reasons or perhaps for reasons related to the political survival of Netanyahu?” commentator Avi Issacharoff wrote in the Yedioth Ahronoth newspaper on Wednesday.
The prospect of renewed fighting in Gaza reignited a protest movement calling for the government to prioritise the release of the hostages. The protesters, who say Israeli bombardment and the breakdown of negotiations with Hamas for their release puts the captives' lives in danger, are now also openly accusing the prime minister of advancing his own goals at the expense of the country.
On Wednesday, several thousand demonstrators marched down a motorway towards Mr Netanyahu’s official residence in Jerusalem, where they planned to set up a tent camp. Scuffles broke out with police, as protesters tried to break through barriers chanting “democracy” in Hebrew, a refrain from the mass protests against judicial reforms proposed by the government that gripped the country before the war was triggered by Hamas's attack in October 2023.
The new demonstrations have attracted leading figures in Israeli security circles. At a rally in Tel Aviv on Tuesday, former Mossad chief Tamir Pardo described the prime minister as “dictator Netanyahu”.
“You, the suspect Benjamin Netanyahu, pose a clear and present danger to the nation’s security,” he added, hinting at the years-long corruption trial Mr Netanyahu has been battling.
After finally taking the stand at the end of last year, Mr Netanyahu has been trying to delay his court appearances, often citing security concerns. Tuesday’s fighting allowed him to do exactly that.
It also allowed him to get National Security Minister Itamar Ben-Gvir and his party back into the coalition, despite the attorney general advising that to do so was not legally sound. Mr Ben-Gvir, a far-right leader convicted of terror charges, left the coalition in protest at January’s ceasefire agreement. He was also reportedly pleased by the attempts to fire Mr Bar.
Mr Ben-Gvir’s re-entry came a day after the coalition reached an agreement with him for his party to abstain from voting on the first bill in the upcoming state budget, giving the government a comfortable majority. Passing the budget without his support would have been almost impossible, given threats from ultra-Orthodox coalition members to vote against the government if young men in their community are not exempted from military service, a demand that is deeply unpopular throughout Israeli society.
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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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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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UAE currency: the story behind the money in your pockets
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
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- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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