Live updates: Follow the latest on Israel-Gaza
The US announced on Wednesday that it will end aid delivery to Gaza through its temporary pier and instead send relief for the Palestinian enclave to Ashdod port in Israel.
The pier was plagued by many issues including severe weather damage, ensuring security and increasing aid to Gazans, who are wrestling with worsening humanitarian aid crises.
But the US insists the temporary pier was "successful" despite the challenges.
“The past few weeks, we've begun utilising this new hybrid pathway from the sea and land to deliver aid from Cyprus to the port of Ashdod, Israel and into north Gaza via the UN and WFP [World Food Programme], and it's been successful,” Vice Admiral Brad Cooper, deputy commander of US Central Command, told reporters.
US officials said that humanitarian aid for Palestinians would still be sent in Cyprus for delivery to the Port of Ashdod in Israel, the closest major port to Gaza.
“While a pier represents a temporary measure to surge aid from the sea, the Cyprus-Ashdod maritime corridor offers a more sustainable path,” Vice Admiral Cooper said.
“Having now delivered the largest volume of humanitarian assistance ever into the Middle East, we're now mission-complete and transitioning to a new phase.”
Last week, the Pentagon said the temporary pier installed by the US to deliver aid to Palestinians in Gaza would soon end operations after weeks of rough seas and a recent failed reinstallation.
Three service members suffered minor injuries, including one who was flown to the US for medical care.
These complications ultimately limited the food and supplies that parties could deliver through the pier.
Critics, including Gazans, point to the $230 million investment in a pier that was not reliable for more than 20 days, and failed to reach its mission in delivering aid for many experiencing famine-like conditions.
Vice Admiral Cooper said that in the coming weeks, the US expected “millions of pounds of aid” will enter into Gaza through the new route.
“The establishment of this new route builds on logistics and co-ordination best practices from the JLots [joint logistics over the shore] pier," he said.
"And while the US military pier is no longer required, the US will maintain co-ordination elements in place in the near term to ensure humanitarian assistance continues to flow into Gaza through this new maritime pathway."
He said that Israel has been “fully supportive” of this effort.
The pier was installed to deliver much-needed aid to Gaza, with Israeli forces having intermittently closed land crossings.
Hundreds of thousands of civilians in Gaza are suffering famine-like conditions after Israel launched military operations against Hamas militants over a Hamas-led attack on Israeli soil on October 7.
The pier enabled 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 has built up in warehouses amid concerns for the safety of distributing workers because of heavy fighting and Israeli bombardments.
Adding to the complication of growing aid piling up onshore near the pier, the UN briefly suspended its humanitarian aid distribution in Gaza before resuming its operations.
President Joe Biden's administration has repeatedly insisted that aid delivery through border crossings are the best option, and officials have directly expressed that to Israeli leaders.
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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.”
