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The man-made humanitarian crisis has turned Gaza “into the abyss”, the UN’s most senior official overseeing aid and reconstruction in the enclave warned on Monday, adding that time is slipping away to address urgent needs.
“It cannot be repeated enough: we need an immediate ceasefire, the immediate and unconditional release of all hostages and unimpeded, continuous humanitarian access to deliver aid at scale throughout the Gaza Strip,” Sigrid Kaag told the 15-member Security Council.
Ms Kaag, who was appointed nine months ago by the council to improve the delivery of urgently needed aid into the enclave, said her mission has negotiated and strengthened supply systems as well as additional routes to enable humanitarian delivery in a transparent and expedited way.
She added, however, that humanitarian operations are impeded by lawlessness, Israeli evacuation orders, fighting and operating conditions for aid workers. She cited Israeli denials of access, delays, a lack of safety and security, and “poor logistical infrastructure.”
Ms Kaag said that “deconfliction”, a procedure designed to ensure the safety of aid missions, is constraining operational feasibility.
Israeli forces last week blocked an aid convoy en route to northern Gaza, while an air strike reportedly hit a UN school being used as a shelter, resulting in the deaths of 18 civilians.
Israel has alleged that Hamas was using it as a command centre. The UN confirmed the deaths of six staff members in the attack.
US ambassador to the UN Linda Thomas-Greenfield said Washington has been “unequivocal” in its communications with Israel in insisting there is “absolutely no basis” for forces to fire on clearly marked UN vehicles, which has reportedly occurred on several occasions.
“The IDF [Israeli army] is a professional military and knows how to prevent such incidents,” she said, calling on Israel to implement “fundamental changes” in its operations, including revisions to the rules of engagement and addressing “obvious shortcomings” in the deconfliction procedures.
Ms Kaag described the recent medical evacuation patients and family members to the UAE, the largest to date, as a positive step but stressed that significantly more is required.
“Over 14,000 patients still require specialised treatment outside Gaza. I call on all member states to extend solidarity by hosting these patients and their families,” she said.
According to the World Health Organisation, the Gaza conflict has heavily damaged the health system in the enclave and only 17 out of 36 hospitals are currently partially functioning.
The main Rafah crossing for medical transfers out of Gaza to Egypt has been shut since May when Israel increased its military campaign in the south.
The UN official called for immediate action on recovery and reconstruction efforts in Gaza and stressed the need for swift action on governance and security arrangements.
“The UN’s position is clear,” Ms Kaag said. “The Palestinian Authority must fully resume its responsibilities in Gaza. Prime Minister [Mohammad] Mustafa's cabinet has developed detailed plans to restore governance, security and the rule of law.”
She added that her mission has also devised financing options for the international community to support Gaza's rebuilding efforts, noting that the reconstruction presents an opportunity to engage all sectors of Palestinian civil society.
Slovenia’s UN ambassador, Samuel Zbogar, currently serving as president of the Security Council, stressed that the international community’s political will to rebuild Gaza must be matched by Israel’s commitment to engage in a political process ensuring its security and mutual recognition with Palestine.
“The international community will not accept any other solution to the Palestinian situation,” Mr Zbogar said. “It is time for the council to listen and hear the requests of the global public and great majority of member states.”
RESULTS
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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.”
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Persuasion
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
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Abu Dhabi
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UK
From Dh400
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
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Watford 1 (Deulofeu 80' p)
Chelsea 2 (Abraham 5', Pulisic 55')
Jetour T1 specs
Engine: 2-litre turbocharged
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CREW
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RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
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