US military personnel testing how the temporary pier would work at Fort Story, Virginia. Photo: US Army
US military personnel testing how the temporary pier would work at Fort Story, Virginia. Photo: US Army
US military personnel testing how the temporary pier would work at Fort Story, Virginia. Photo: US Army
US military personnel testing how the temporary pier would work at Fort Story, Virginia. Photo: US Army

US to wind down Gaza pier operations after reinstallation fails


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The temporary pier installed by the US to deliver aid to desperate Palestinians will soon cease operations after weeks of rough seas and a recent failed reinstallation, the Pentagon said on Thursday.

Maj Gen Pat Ryder, the Pentagon press secretary, said in a statement that US military personnel “were unable to reanchor the pier to the shore” as planned this week and that a date to reattach it has not been set.

“The pier will soon cease operations,” he said.

President Joe Biden said he was disappointed that some of his plans to get aid into Gaza had not been more successful.

"I've been disappointed that some of the things that I've put forward have not succeeded as well, like the port we attached," he said at a news conference.

"I was hopeful that would be more successful."

White House National Security Adviser Jake Sullivan earlier said on the sidelines of the Nato summit: “I do anticipate that in relatively short order we will wind down pier operations. The real issue right now is not about getting aid into Gaza. It’s about getting around Gaza effectively.”

The Associated Press cited other US officials who said the Pentagon and Central Command were actively discussing an early end to pier operations because weather and maintenance problems make it far less desirable to reconnect it for a short time.

The officials, who spoke on condition of anonymity to discuss internal deliberations, said there was no final decision yet and if the weather calms there is a slim chance it could be reattached for a short time.

The initial plan this week had been to reinstall the pier for a few days to move the final pallets of aid on to the shore and then permanently remove it, but rough seas have prevented the reinstallation.

The pier was installed to deliver much-needed aid to Gaza amid the continuing war, with Israeli forces having intermittently shuttered land crossings.

It facilitated the delivery of about 8,800 tonnes of aid but distribution to those who needed it most was not assured after it reached the shore, with looting common.

Thousands of tonnes of aid built up in warehouses amid concerns for the safety of distributing organisations due to heavy fighting and Israeli bombardments.

Some aid still remains offshore and in Cyprus, but officials said they are looking at alternative plans to take the aid to the Israeli port at Ashdod, where the pier has been taken for repairs three times since it was first installed in May.

Maj Gen Ryder pointed out that the assistance delivered “represents the largest amount of aid transported by the US military over a three-month period and the largest humanitarian response in the Middle East region”.

Officials have stressed that the pier – known as the Joint Logistics Over-the-Shore, or JLOTS, capability – was always meant to be temporary.

Mr Sullivan said the pier had made a difference in helping bring in urgently needed food and humanitarian aid to Gaza, but there were now additional flows of supply coming into the Palestinian enclave through land routes.

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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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Juliot Vinolia’s checklist for adopting alternate-day fasting

-      Don’t do it more than once in three days

-      Don’t go under 700 calories on fasting days

-      Ensure there is sufficient water intake, as the body can go in dehydration mode

-      Ensure there is enough roughage (fibre) in the food on fasting days as well

-      Do not binge on processed or fatty foods on non-fasting days

-      Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates

-      Manage your sleep

-      People with existing gastric or mental health issues should avoid fasting

-      Do not fast for prolonged periods without supervision by a qualified expert

Updated: July 12, 2024, 1:03 AM