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The US on Tuesday said it supported Israel’s “sovereign” decision to shut down the offices of the UN agency for Palestinian refugees in occupied East Jerusalem.
Israel had told the Security Council it would cut all contact with UN Relief and Works Agency within 48 hours and enforce the closure of the agency’s offices in areas that it considers to be under its control. Israel has called for UNRWA's responsibilities to be transferred to other agencies.
“UNRWA is exaggerating the effects of the laws and suggesting that they will force the entire humanitarian response to halt is irresponsible and dangerous,” Dorothy Shea, US deputy representative to the UN, told the Security Council. “What is needed is a nuanced discussion about how we can ensure that there is no interruption in the delivery of humanitarian aid and essential services.”
“UNRWA is not and never has been the only option for providing humanitarian assistance in Gaza,” she added.
UNRWA Commissioner General Philippe Lazzarini warned that attempts to dismantle the agency through the Knesset's legislation and suspending donors' funding would have far-reaching consequences, destabilising the region and undermining prospects for peace.
“The right of Palestinian refugees to protection and assistance are not derived from [the] UNRWA mandate, they exist independently of the agency,” Mr Lazzarini said. "And if one ceases to protect and assist Palestinian refugees, their rights will not only remain but there will be much greater emphasis on the right to return or to be resettled, for which UNRWA has no mandate."
Mr Lazzarini criticised the deputy mayor of Jerusalem, Fleur Hassan-Nahoum, for calling for public celebrations over UNRWA’s potential removal, noting that Israeli authorities plan to “build illegal settlements” on the land near the agency’s East Jerusalem office in Sheikh Jarrah.
The Israeli government has repeatedly accused UNRWA staff of affiliation to the Palestinian militant group Hamas, responsible for the deadly attack in Israel on October 7, 2023, which prompted the Gaza war.
Palestine's UN envoy Riyad Mansour on Tuesday slammed Israel's long-standing attacks on UNRWA, accusing it of trying to eliminate the Palestinian refugee issue. "Israel has been attacking UNRWA long before October 7 and at that time it did not try to conceal its objectives," he said. "It wanted to end the refugee problem, to erase rights that cannot be erased, that are inalienable."
Mr Mansour warned that Israel's tactics of destroying and impoverishing Palestinian communities would never lead to peace. "If you think that by destroying, displacing and impoverishing communities you will have peace, you are terribly mistaken.”
He further criticised Israel's actions in Gaza and its policies towards the Palestinian people. "Israel, that destroyed Gaza and openly aims at getting rid of the Palestinian people, does not get to pick and choose who represents the Palestinian people or who represents the UN," he told Security Council members. "It does not get to distort the law and the narrative. It does not get to claim some sort of exceptional status that allows it to commit crimes and enjoy impunity. The problem is not the rules but their breach."
Before a UN Security Council meeting on UNRWA, Israel’s UN ambassador Danny Danon said his country would terminate all collaboration, communication and contact with the agency and any other body acting on its behalf. Mr Danon did not specify any alternatives to replace the activities of UNRWA.
"In 48 hours time, as this legislation comes into effect, we will stand at a turning point: the closure of UNRWA operations in Israel. It marks the beginning of a new chapter, one focused on dignity, security and progress. It is a moment to move beyond the failures of the past and to forge a path toward a better future for all," he said.
In a strongly worded letter, UN chief Antonio Guterres demanded Israel "retract" its order for UNRWA to leave Jerusalem and rejected Israel's claims of sovereignty over East Jerusalem where UNRWA maintains an office.
Slovenia's deputy ambassador Ondina Blokar Drobic criticised the Israeli legislation for undermining the ceasefire agreement and failing to provide an alternative.
"In the event that UNRWA is compelled to cease its activities in the occupied Palestinian territories, Israel would be left to ensure that the range of services and assistance which UNRWA has been providing are provided. Regrettably, we have not heard any such assurances from the Israeli government," she said.
UNRWA, established in 1949, has long provided essential services, including schools and clinics, to tens of thousands of Palestinian refugees in East Jerusalem and beyond. The refugees, many of whom lack nationality, rely on the agency for education, health care and other critical support. East Jerusalem, occupied by Israel since the 1967 war, is home to a significant Palestinian population and remains a focal point of the Israeli-Palestinian conflict.
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Scoreline
Saudi Arabia 1-0 Japan
Saudi Arabia Al Muwallad 63’
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Name: Hassan Mohsen Elhais
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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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Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17