An American trauma surgeon who worked in Gaza accused Israel on Wednesday of deliberately destroying the enclave’s healthcare system.
Dr Feroze Sidhwa's accusations, which came amid heightened global scrutiny over Israel’s latest military offensive in Gaza, also said he had borne witness to the “targeting of my colleagues and the erasure of a people”.
“The medical system has not failed, it has been systematically dismantled through a sustained military campaign that has wilfully violated international humanitarian law,” Dr Sidhwa, a critical care surgeon from Stockton, California, said in an emotional address to the UN Security Council in New York.
“I did not see or treat a single combatant during my five weeks in Gaza. My patients were six-year-olds with shrapnel through their hearts and bullets in their brains, pregnant women with their pelvises obliterated and their foetuses cut in two while still in the womb.”
Dr Sidhwa carried out two medical missions in Gaza, first at the European Hospital in Khan Younis in early 2024, and then at Nasser Medical Complex in April this year.
He recounted scenes of families sheltering in hospitals, baking bread on hotplates in emergency wards as air strikes rained down.
“Most of my patients were pre-teen children, their bodies shattered by explosions and torn by flying metal. Many died. Those who lived often awoke to find their entire families gone,” he said.
The surgeon warned that civilians are dying not only from bombardment but from starvation, disease, sepsis, exposure and despair. He accused Israel of denying Palestinians the “conditions necessary for life” and said preventing genocide means not normalising atrocities.
“Parents memorise their children’s clothing in case they must identify their remains. They pray for one piece of bread to give them before they sleep, so their children die a little less hungry if they are killed at night,” Dr Sidhwa said.
The UN World Health Organisation has documented around 700 attacks on health care facilities in Gaza during the war. Israel accuses Hamas of using hospitals as command centers and to hide fighters, although it has only provided evidence for some of its claims.
Since Israel escalated its military offensive in Gaza earlier this month, Palestinians have grown increasingly desperate for food, with nearly three months of border closures pushing the territory to the brink of famine.
The aid that is now coming in “is comparable to a lifeboat after the ship has sunk,” Sigrid Kaag, the UN Special Co-ordinator for the Middle East Peace Process, told the council.
“Since the resumption of hostilities in Gaza, the already horrific existence of civilians has only sunk further into the abyss. This is man-made,” Ms Kaag said.
Ms Kaag called for collective action to revive a two-state solution, stating that the high-level international conference at the UN in June presents a “critical opportunity”.
“It must launch a concrete path towards ending the occupation and realising the two-state solution,” she said.
Israel has vowed to seize control of Gaza and fight until Hamas is destroyed or disarmed and exiled. It also continues to demand that the militant group return the remaining 58 hostages, only about a third of whom are believed to be alive.
More than 54,000 people have been killed in Gaza and at least another 123,000 injured since Israel started its war in the Palestinian strip after the October 7, 2023 Hamas attacks killed about 1,200 people in Israel.
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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