New York University students and faculty protest against Israel's war in Gaza, at Washington Square Park. AFP
New York University students and faculty protest against Israel's war in Gaza, at Washington Square Park. AFP
New York University students and faculty protest against Israel's war in Gaza, at Washington Square Park. AFP
New York University students and faculty protest against Israel's war in Gaza, at Washington Square Park. AFP

NYU Gaza protests continue as students demand Israel divestment


Patrick deHahn
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About 200 New York University students gathered in Washington Square Park on Tuesday, a day after a pro-Palestine protest camp on the school's grounds was cleared by police.

Demonstrators gave speeches and led “free, free Palestine” chants, while others held signs that read “Zionist donors and trustees, hands off our universities” and “Divest”.

More than 130 students and faculty were arrested when police cleared a university plaza filled with tents on Monday.

The same plaza was barricaded with a wall of wooden plywood the next day, with campus officers not allowing anyone on to the grounds.

“I watched as the NYPD [New York Police Department] arrested my thesis adviser and two of my other professors among 20 other faculty, along with nearly 100 of my classmates and colleagues,” NYU graduate student Alana told The National.

“It was really shocking to see my campus being militarised when I was in the middle of writing my thesis.”

NYU's administration said it had warned students that no more participants could join the protest, but barricades were breached.

Public safety officials “witnessed disorderly, disruptive and antagonising behaviour that has interfered with the safety and security of our community”, the administration said.

Members of faculty surrounded the protest before the arrests in an attempt to protect students.

NYU's protest camp was influenced by one set up on Columbia University's Upper West Side campus, which also saw arrests but still holds a presence at the school.

Protests continue at Columbia University after pro-Palestine encampment arrests – video

Yale University in the nearby state of Connecticut also had 60 arrests over another pro-Palestine tent camp.

At Columbia and other protests, students are calling for schools to disclose their investments in Israel and elsewhere, and divest from any financial connections to Israel's actions in Gaza and the West Bank.

“They are only interested in protecting their investments and their trustees, and many of them are deeply either invested in organisations [or] companies that fund the genocide in Gaza,” NYU student Mya told The National during a demonstration.

NYU has had a presence in Tel Aviv as part of its global study programme since 2013, and students say the campus of a few dozen students is against their “anti-discrimination policy”.

“We have been asking that NYU shut down its Tel Aviv campus because it is inherently discriminatory,” Mya said.

NYU has a history of divesting over political issues. In 1985, it eliminated financial ties to South Africa's apartheid system.

“The movement will continue, the student movement will live on, and we will not stop and we will not let up until NYU discloses and divests,” Mya said.

Student Gaza protests at US universities – in pictures

American universities have had a rise in pro-Israel and pro-Palestine protests and speech in the months since Israel launched military operations in Gaza after a deadly Hamas-led attack.

Israeli officials say about 1,200 people were killed on October 7, while Gaza's Health Ministry says about 34,200 people have been killed in the enclave.

Students expressed their hope for ceasefire in Gaza and a “free Palestine”.

“My primary objective is, of course, initially the end of the genocide in Gaza, ceasefire immediately, and an end to the occupation and to apartheid in Palestine,” Alana said.

“I also am Jewish, coming from Jewish background, and much of my family does live in Israel so, you know, I'm witnessing my family participate in a genocide.

“I'm deeply, deeply embedded, deeply, deeply invested in seeing a free Palestine in my lifetime.”

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: April 24, 2024, 12:18 AM