Francesca Albanese urges countries to cut all ties with Israel over Gaza war


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The UN's special rapporteur for the Palestinian territories on Tuesday urged countries to make concrete moves to stop the “genocide” in Gaza.

Francesca Albanese spoke to delegates from 30 countries who met in Colombia’s capital to discuss the Israel-Gaza war and ways that nations can try to stop Israel’s military offensive in the territory.

“Each state must immediately review and suspend all ties with the state of Israel … and ensure its private sector does the same,” Ms Albanese said. “The Israeli economy is structured to sustain the occupation that has now turned genocidal.”

She stressed the importance of completely cutting ties. “Cutting ties only with the components that are in the occupied territories would only treat the symptoms,” Ms Albanese said.

She has previously accused Israel of carrying out one of the “cruellest genocides in modern history”.

The two-day conference is the first meeting of the Hague Group, a collection of developing countries who have vowed to uphold the rulings of the International Court of Justice and the International Criminal Court with respect to the Palestinian-Israeli conflict. Many of the countries attending have described what is happening in Gaza as genocide, which Israel has rejected.

It is not clear whether the conference's participating countries have enough influence over Israel to force it to change its policies in Gaza, where more than 58,300 people have been killed in Israeli military operations. They followed a deadly Hamas attack on Israel on October 7, 2023, that killed about 1,200 people.

The conference is co-chaired by the governments of South Africa and Colombia. South Africa in late 2023 filed a case with the ICJ, accusing Israel of committing genocide. Colombia in May last year cut relations with Israel in response to the Gaza war, and has requested to join South Africa's ICJ case.

Colombia’s vice minister for foreign affairs, Mauricio Jaramillo, said on Monday that the nations taking part in the Bogota meeting, which also include Qatar and Turkey, will be discussing diplomatic and judicial measures that can put more pressure on Israel to stop its attacks.

Mr Jaramillo described Israel’s conduct in the Gaza Strip and the West Bank as an affront to the international order.

“This is not just about Palestine,” he told reporters. “It is about defending international law … and the right to self-determination.”

Ms Albanese's comments and her attendance at the event come after the US imposed sanctions against her over her efforts to have the ICC take action against US and Israeli officials, companies and executives.

The move came after a February executive order by US President Donald Trump placed sanctions on the ICC and anyone assisting its work.

UAE currency: the story behind the money in your pockets

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.”

Updated: July 17, 2025, 10:07 AM