Antony Blinken told the Atlantic Council in Washington on Tuesday that a deal for a ceasefire in Gaza was 'closer than it has ever been'. AFP
Antony Blinken told the Atlantic Council in Washington on Tuesday that a deal for a ceasefire in Gaza was 'closer than it has ever been'. AFP
Antony Blinken told the Atlantic Council in Washington on Tuesday that a deal for a ceasefire in Gaza was 'closer than it has ever been'. AFP
Antony Blinken told the Atlantic Council in Washington on Tuesday that a deal for a ceasefire in Gaza was 'closer than it has ever been'. AFP

Blinken outlines framework for post-conflict Gaza in his final address


Willy Lowry
  • English
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Live updates: Follow the latest on Israel-Gaza

US Secretary of State Antony Blinken on Tuesday detailed a framework for the postwar governing of Gaza as he defended the Biden administration’s legacy in the Middle East.

It is a framework Mr Blinken first outlined in Tokyo in November 2023 and one he has frequently referred to over the course of his dozen trips to the Middle East since October 7.

“The principles included that Gaza never again be ruled by Hamas, or used as a platform for terrorism or other violent attacks, new Palestinian-led governments with Gaza united with the West Bank, under the Palestinian Authority, no Israeli military occupation of Gaza or reduction of Gaza's territory, no attempt after the conflict to besiege or block aid and no forcible displacement of Gaza population,” Mr Blinken said in his farewell address at the Atlantic Council in Washington on Tuesday.

Mr Blinken said his team will “hand off” the plan to the incoming Donald Trump administration. He also called on the Palestinian Authority to “invite international partners to help establish and run an interim administration with responsibility for key civil sectors in Gaza, like banking, water, energy, health and civil co-ordination with Israel”.

For months, President Joe Biden's administration has been working with Qatar and Egypt to broker an end to the conflict and the release of about 100 hostages held in Gaza.

As he sought to define the Biden administration's positive role in the region, Mr Blinken said a deal to end the war was “closer than it has ever been before”.

Critics note, however, that Mr Trump's Middle East envoy Steve Witkoff spent much of the last week in the region also trying to push the deal forward.

About 46,600 Palestinians have been killed since Israel launched its retaliatory campaign in Gaza following the Hamas-led attacks of October 7, 2023. More than 109,000 people have been injured in what has been the bloodiest and most destructive war of the decades-long Israel-Palestine dispute.

While he focused the bulk of his address on Gaza, Mr Blinken highlighted other regional success stories. “The Assad regime has fallen and Tehran has retreated from Syria,” he said, referring to a recent blitz in the country that toppled former president Bashar Al Assad. “None of Assad's patrons, not Iran, not Russia, not Hezbollah, were in a position to save him this time – all were bogged down in crises of their own making, which the United States effectively exacerbated.”

This did not deter protesters from interrupting Mr Blinken's address three times, with demonstrators calling him “Bloody Blinken” and shouting “shame”, accusing the Biden administration of an inability or refusal to rein in Israel in Gaza.

Scoreline

Saudi Arabia 1-0 Japan

 Saudi Arabia Al Muwallad 63’

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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Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

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FIGHT CARD

Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)

Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)

Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)

Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)

Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)

Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)

Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)

Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)

Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)

Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)

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1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000

2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000

3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000

4 The Saudi Derby (TB) 1600m (D) $800,000

5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000

6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000

7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000

8 The Saudi Cup (TB) 1,800m (D) $20,000,000

Updated: January 15, 2025, 5:54 AM