Israeli far-right Finance Minister Bezalel Smotrich on Saturday said he no longer had faith Prime Minister Benjamin Netanyahu was able to lead the army to a “decisive victory” in Gaza, calling for the annexation of large parts of the enclave.
A day earlier, the prime minister's office said the security cabinet had voted on seizing Gaza city and expanding operations in the enclave.
An invasion of Gaza city would be the beginning of reoccupying the entire strip, sources told The National, 20 years after Israel's “disengagement” from the Palestinian territory.
But Mr Smotrich said this was a half measure and called on Mr Netanyahu to aim at a complete victory in which Hamas would either surrender and release all hostages or be defeated. This would include the “annexation of large parts of the Gaza Strip and opening its gates to voluntary migration”, he said.
“We were striving for decisive victory,” he said, adding that he has “lost faith that the prime minister is able and wants to lead the [military] to decisive victory”.
The Israeli army already controls about 75 per cent of Gaza, displacing hundreds of thousands of Palestinians whose towns and homes have been reduced to ruins.
Under the latest plan, half the population of Gaza would be pushed forcibly to the south of the territory, an Israeli source confirmed. Israel plans to “gradually” send four to five divisions to carry out the campaign, the source added.
They did not elaborate on how long the operation is expected to take, but Israeli media reports say about five months.
Mr Netanyahu told Fox News in an as that aired on Thursday that the military intended to take control of all of Gaza but that Israel did not want to keep the territory.
Hamas on Saturday expressed willingness to reach an agreement with Israel for a ceasefire in Gaza, saying it had offered “all possible flexibility” through the Egyptian and Qatari mediators.
Sources told The National that the blueprint for a comprehensive deal was being discussed between Israel and the US on one hand and the US and mediators from Qatar and Egypt on the other.
Mr Smotrich urged Mr Netanyahu to convene the cabinet and announce “there will be no more partial deals”. The far-right minister has openly called for the annexation of Palestinian land in both Gaza and the occupied West Bank but Saturday's statement was the strongest he made against the Israeli prime minister. However, he stopped short of announcing his resignation as he has repeatedly threatened to do so.
Israeli media reported that he had threatened to bring down the Israeli government and force a new election during Thursday night's cabinet meeting.
The ruling coalition holds 60 seats in the 120-seat Knesset after the United Torah Judaism faction and far-right Knesset member Avi Maoz quit. An election can be called if the parties agree to vote in the Knesset to bring down the government.
Religious Zionism Kensset Member Zvi Sukkot appeared to also threaten to bring down the government in a video message unless it adopts a more aggressive strategy in Gaza.
National Security Minister Itamar Ben Gvir, also of the far right, told Kan radio on Sunday: "It is possible to achieve victory. I want all of Gaza, transfer and colonisation. This plan will not endanger the troops."
But while the far-right may view the plan as not being strong enough, it has led to widespread condemnation both at home and abroad.
On Sunday, the UN security council is set to meet to discuss the latest development.
Thousands of protesters took to the streets of Tel Aviv on Saturday night to oppose the decision to escalate the war in Gaza, demanding an immediate end and for the release of the hostages.
“This isn't just a military decision. It could be a death sentence for the people we love most,” Lishay Miran Lavi, the wife of hostage Omri Miran told the rally, pleading to US President Donald Trump to intervene and end the war.
Public opinion polls show an overwhelming majority of Israelis favour an immediate end to the war to secure the release of the remaining 50 hostages held by militants in Gaza. Israeli officials believe about 20 hostages are still alive.
Protesters waved Israeli flags and carried placards bearing the images of hostages. Others held signs directing anger at the government or urging Mr Trump to take action to stop Mr Netanyahu from moving forward with plans to escalate the war. A small number of protesters held images of Gazan children killed by the military.
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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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