Graduates at Harvard University in Massachusetts hold Palestinian flags and chant as they walk out in support of students barred from graduating due to protest activities. AP
Graduates at Harvard University in Massachusetts hold Palestinian flags and chant as they walk out in support of students barred from graduating due to protest activities. AP
Graduates at Harvard University in Massachusetts hold Palestinian flags and chant as they walk out in support of students barred from graduating due to protest activities. AP
Graduates at Harvard University in Massachusetts hold Palestinian flags and chant as they walk out in support of students barred from graduating due to protest activities. AP

Mass walkout at Harvard commencement in support of pro-Palestinian protesters


Patrick deHahn
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More than 1,000 students walked out of a Harvard University commencement ceremony on Thursday in support of 13 undergraduates who were not allowed to graduate after participating in a pro-Palestinian protest on campus.

Anti-war protests are continuing to pop up or be cleared by police amid graduation season and as Congress continues to pressure university leaders.

The Harvard Crimson newspaper reported that hundreds of students walked out as degrees were being distributed. Some faculty members were seen participating, it said.

“Let them walk,” many chanted, in reference to 13 students who were denied their degrees for being involved in an anti-war camp on the Harvard Yard lawn.

The protest followed speeches by graduating students who voiced their frustration over the administration's decision.

“As I stand here today, I must take a moment to recognise my peers – the 13 undergraduates in the class of 2024 that will not graduate today,” Shruthi Kumar said in what was reported as off-script remarks during her speech.

“I am deeply disappointed by the intolerance for freedom of speech and their right to civil disobedience on campus.”

Harvard suspended the university's Palestine Solidarity Committee in April.

Rhodes scholar Asmer Asrar Safi posted on X that he was not “allowed to graduate” and reminded fellow students that thousands of “Gazan kids will never graduate”.

Graduate Robert Clinton IV addressed the campus atmosphere in his speech, saying: “This year, I’ve been reminded of just how exposed we are. Anti-Semitism. Islamophobia. Anti-Arab bias. Doxing. Death threats. Losing jobs. Losing a president. Losing friends. Losing our right to free speech.”

The Crimson reported that many involved in the walkout waved Palestinian flags and wore keffiyehs. They went to a nearby church for a “People's Commencement”, an alternative graduation event.

American universities have seen a historic wave of student demonstrations calling for their administrations to disclose investments and divest from any funds tied to Israel's actions in occupied Palestinian territories.

Universities have either negotiated with student groups on their demands or requested police to clear protest camps, leading to more than 3,000 arrests nationwide.

In Washington, the leaders of University of California at Los Angeles (UCLA), Northwestern University in Illinois and Rutgers University of New Jersey testified before the House of Representatives on how educational institutions have addressed campus tension since the Hamas-led October 7 attack on Israel.

“With the benefit of hindsight, we should have been prepared to immediately remove the encampment if and when the safety of our community was put at risk,” UCLA chancellor Gene Block said.

UCLA was the site of a violent, hours-long clash in which a pro-Israel group attacked pro-Palestine protesters at a camp, according to reports and videos posted to social media. The camp was later cleared by police, who arrested 200 people.

Also on Thursday, campus newspaper The Daily Bruin reported that student protesters had set up a new camp shortly after Mr Block's testimony and said that private security were on the scene.

A demonstrator told the paper that they will remain until negotiations start with the university administration about their demands.

UCLA's police chief in Los Angeles has been removed from his post three weeks after campus officials came under fire for their handling of the encampment.

John Thomas, who was formally named head of the UCLA police force in January after a year as interim chief, has been “reassigned temporarily, pending an examination of our security processes”, vice chancellor Mary Osako said in a statement on Wednesday.

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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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Favourite place in UAE: Al Rams pearling village

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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Updated: May 23, 2024, 10:23 PM