About 743 tonnes of aid have been dropped into Gaza under the Birds of Goodness operation. Photo: Wam
About 743 tonnes of aid have been dropped into Gaza under the Birds of Goodness operation. Photo: Wam
About 743 tonnes of aid have been dropped into Gaza under the Birds of Goodness operation. Photo: Wam
About 743 tonnes of aid have been dropped into Gaza under the Birds of Goodness operation. Photo: Wam

UAE and Egypt send 79 tonnes of aid to northern Gaza


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The UAE and Egypt have dropped more aid to northern Gaza in a joint operation to support Palestinian citizens.

Aircraft carrying 79 tonnes of food and relief aid were dropped over isolated and inaccessible areas in the Gaza Strip.

It brings the total amount of aid provided to 743 tonnes since the operation began in February, Wam reported.

Footage released showed aircraft parachuting aid parcels in northern Gaza to reach those struggling in that part of the enclave.

It comes a day after the UAE delivered 124 tonnes of relief in an aid drop operation with Egypt and Jordan.

It was the largest drop since the operation began, the Ministry of Defence said on Wednesday.

The operation, which is set to run for several weeks, is part of Gallant Knight 3, which was launched last year by President Sheikh Mohamed to support Palestinian civilians.

Also on Wednesday, a plane carrying 32 patients and 64 of their family members arrived at Zayed International Airport on a flight from Al Arish in Egypt.

The initiative is part of a directive from Sheikh Mohamed to provide treatment for 1,000 wounded children and 1,000 cancer patients from the Gaza Strip.

The patients were taken to hospital. Their family members are to be housed at Emirates Humanitarian City, in Abu Dhabi.

The death toll in Gaza has risen to more than 32,400, with 74,889 injured since the conflict broke out in October. Most of Gaza's 2.3 million population have been displaced during the fighting.

The war in Gaza began after raids led by Hamas into southern Israel killed 1,200 people.

Countries drop aid into war-torn Gaza – in pictures

  • Humanitarian aid is dropped over Gaza from an RAF aircraft. AFP
    Humanitarian aid is dropped over Gaza from an RAF aircraft. AFP
  • Maj Mohammed Bashabseh of Jordan's Royal Special Forces attempts to track the flight path, a task made difficult due to Israel's move to scramble GPS over Gaza. Matthew Kynaston / The National
    Maj Mohammed Bashabseh of Jordan's Royal Special Forces attempts to track the flight path, a task made difficult due to Israel's move to scramble GPS over Gaza. Matthew Kynaston / The National
  • Humanitarian aid is dropped into the Gaza Strip. AFP
    Humanitarian aid is dropped into the Gaza Strip. AFP
  • Jordan's air force is providing meals for hungry residents in the northern part of the enclave but the UN says land routes must be opened to avert famine. AFP
    Jordan's air force is providing meals for hungry residents in the northern part of the enclave but the UN says land routes must be opened to avert famine. AFP
  • The aid drop carried out on Wednesday was the first flight the Jordanians had managed in three days. AFP
    The aid drop carried out on Wednesday was the first flight the Jordanians had managed in three days. AFP
  • The RAF prepares to drop humanitarian packages over Gaza. PA
    The RAF prepares to drop humanitarian packages over Gaza. PA
  • A US military aircraft full of relief parcels to be dropped by parachute into Gaza. Reuters
    A US military aircraft full of relief parcels to be dropped by parachute into Gaza. Reuters
  • Aid agencies have warned that these aerial deliveries are only a drop in the ocean of the aid that is needed to avert famine. AFP
    Aid agencies have warned that these aerial deliveries are only a drop in the ocean of the aid that is needed to avert famine. AFP
  • The UAE and Egypt combine to drop aid into northern Gaza. Wam
    The UAE and Egypt combine to drop aid into northern Gaza. Wam
  • US air force members prepare to load relief pallets to be dropped into Gaza. Reuters
    US air force members prepare to load relief pallets to be dropped into Gaza. Reuters
  • Since Jordan and the US began their drops at the beginning of March, Singapore, Belgium, France and the Netherlands have joined the campaign to deliver aid from the air. Reuters
    Since Jordan and the US began their drops at the beginning of March, Singapore, Belgium, France and the Netherlands have joined the campaign to deliver aid from the air. Reuters
  • Belgian Air Force personnel load a cargo plane with humanitarian aid for Palestinian civilians in Gaza, at the military airport in Melsbroek. AFP
    Belgian Air Force personnel load a cargo plane with humanitarian aid for Palestinian civilians in Gaza, at the military airport in Melsbroek. AFP
  • A US Air Force C-17 Globemaster aircraft during an aid drop over the Gaza Strip. AFP
    A US Air Force C-17 Globemaster aircraft during an aid drop over the Gaza Strip. AFP
  • A Royal Jordanian Air Force C-130 Hercules aircraft on its way to deliver humanitarian aid to the Gaza Strip. AFP
    A Royal Jordanian Air Force C-130 Hercules aircraft on its way to deliver humanitarian aid to the Gaza Strip. AFP
Company%20profile
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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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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.”

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Updated: March 28, 2024, 6:09 PM