Live updates: Follow the latest on Israel-Gaza
The Israeli military has intensified its bombardment of the Gaza Strip, killing more than 70 people since Thursday morning as it attacks residential neighbourhoods, civilian gatherings and critical infrastructure.
Dozens more Palestinians have been injured and entire apartment blocks have been flattened by the continuing air strikes in what civilians are calling a campaign of total destruction.
The intensification comes after the US on Thursday said Israel had accepted a ceasefire proposal, which includes a 60-day truce, that is being studied by Hamas.
Aid distribution by the US-Israeli Gaza Humanitarian Foundation (GHF) also began this week, with crowds of starving Palestinians gathering to receive parcels of food after almost three months of Israel's total blockade.
According to Gaza’s Ministry of Health, the death toll has reached 54,249, with 123,492 injured since the war started on October 7, 2023.
Israel issued more eviction orders to the three main hospitals in Gaza's north - Al Awdah, the Indonesian Hospital and Kamal Adwan - as well as in the areas of Al Atatara, Jabalia Al Balad, Al Shujaiya, Al Daraj and Al Zaytoun, claiming they were "dangerous combat zones". It demanded that thousands of people move westward immediately.
But for many in the north, such as Mahmoud Dmida, moving is simply not an option.
“The shelling is relentless. People want to flee, but they can’t move, the area is under constant fire,” he told The National. “Everyone is in danger.”
Desperate for peace
As Gazans wait for Hamas's response to the ceasefire proposal, the overwhelming wish on the ground is for the war to end, regardless of the cost, even though the terms of the deal reportedly fall short of the group's core demands. Survival is what matters.
“We want Hamas to accept the deal," said Montaser Hassouna, who is displaced with his family and is sheltering in Al Yarmouk playground. "This madness needs to stop. I know it’s a bad deal, Israel just wants its hostages back and offers nothing in return, but we are exhausted. We need a break. Our children are starving. We just want to survive."
Similarly, Alaa Mokhtar in Gaza City said he realises that the intensified Israeli bombardment is a tactic aimed at forcing Hamas to accept the proposal, but civilians continue to pay the price.
"The deal doesn’t guarantee anything will improve, but Hamas should take the 60-day window and use it to clean Gaza of corruption and chaos,” he said.
“We are not only dying from Israeli bombs, we’re starving because of lawlessness and theft.”
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Company%20profile
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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.”
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
