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As part of a multinational effort to establish a humanitarian sea corridor for aid to Gaza, the UK government has announced it will be sending a Royal Navy ship to the Eastern Mediterranean.
The maritime corridor from Cyprus to Gaza, which is being supported by several governments and the UN, is expected to be operational in early May.
The UK's Foreign, Commonwealth and Development Office (FCDO) is also committing up to £9.7 million [$12.3m] for aid deliveries, including logistical expertise and equipment to support the corridor, such as forklift trucks and storage units.
The corridor initiative will see aid pre-screened in Cyprus and delivered directly to Gaza, through the new US temporary pier being constructed off the coast, or via Ashdod Port after Israel agreed to open it.
“The situation in Gaza is dire and the prospect of famine is real,” UK Foreign Secretary, David Cameron, said.
“We remain committed to getting aid to those who so desperately need it. Along with the US, Cyprus and other partners, we are setting up a new temporary pier off the coast of Gaza to get aid in as quickly and securely as possible,” Lord Cameron said.
“Land access remains crucial to deliver aid at the scale now required. The opening of Erez and the Port of Ashdod is hugely welcome and something the UK has long been calling for.
“Israel has also agreed to increase the number of aid trucks entering Gaza to a minimum of 500 a day.
“But we need to continue to explore all options, including by sea and air, to ease the desperate plight of some of the world’s most vulnerable people,” he added.
UK drops more aid into Gaza - in pictures
'Doing everything possible'
Meanwhile, the UK government said it was doing “everything possible” to get more aid into Gaza, noting that in recent weeks the Royal Air Force has conducted five airdrops along the coastline of Gaza, safely delivering over 40 tonnes of food supplies, including water, flour and baby formula.
“The armed forces are playing a central role in delivering aid, with the Royal Air Force recently completing five airdrops of food supplies for the people of Gaza,” said UK Defence Secretary, Grant Shapps.
“I would like to thank all the personnel involved in this effort, working around the clock to help provide critical aid under immensely challenging circumstances.”
Last week, the killing of the seven aid workers, including three British nationals, in an Israeli air strike in Gaza, stirred global outrage and led to the dismissal of two Israeli military officers.
The UK government said it would continue to call for “reform of deconfliction mechanisms”, along with assurances that the safety of aid workers could be guaranteed.
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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Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
