Live updates: Follow the latest on Israel-Gaza
US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu separately said on Thursday that American troops would not be needed in Gaza, which was mentioned as a potential part of the US leader's much-criticised plan to redevelop the Palestinian enclave.
Mr Trump said Israel would hand over the Gaza Strip to the US after the fighting ends. By then, Palestinian residents would have already been resettled elsewhere in “far safer and more beautiful communities with new and modern homes in the region”.
“No soldiers by the US would be needed! Stability for the region would reign!” Mr Trump wrote on his Truth Social platform. On Tuesday, he had said he would send US troops if it was necessary.
Mr Netanyahu, who is in Washington this week, visited the US Capitol on Thursday, where he, too, said US troops are not needed in Gaza.
Gathering with bipartisan members of the US Senate ahead of a meeting with Republican majority leader John Thune, Mr Netanyahu simply answered, “no”, when asked if he supported a US posting to the strip.
Mr Trump proposed at a Tuesday press conference with Mr Netanyahu that the US should take “long-term ownership” of Gaza. He also said he wanted to see the Gaza Strip redeveloped into the “Riviera of the Middle East”. The comments have drawn widespread condemnation in the Middle East and elsewhere.
Despite the apparent walk-back of comments regarding US troops being posted to Gaza, a US military contractor, UG Solutions, last week told Reuters that it is hiring nearly 100 special forces veterans to help run a checkpoint in the enclave during the initial phases of the Israel-Gaza ceasefire.
Mr Netanyahu was on Capitol Hill meeting with a new Republican majority that has promised to ramp-up Washington's support of Israel. Mr Thune delivered a message to Israelis after clinching party leadership in the Senate chamber: “Reinforcements are on the way.”
Among the senators posing for a photo-op with Mr Netanyahu was Republican Tom Cotton, who is leading legislation aimed at eliminating all official US references to the “West Bank” and refer to the occupied Palestinian territory as “Judea and Samaria” instead.
The Israeli Prime Minister was also due to meet Speaker of the House Mike Johnson.
Senate foreign relations committee ranking member Jeanne Shaheen said she had a “frank and productive” conversation with Mr Netanyahu.
“I also stressed to Prime Minister Netanyahu the importance to Israel’s long-term security of maintaining stability in the West Bank and the need to work with our partners in the region towards a negotiated two-state outcome with a Palestinian state living side by side with Israel in equal measures of peace, security and mutual recognition,” Ms Shaheen said.
Mr Trump's Gaza comments prompted an immediate response from some members of his own Republican Party, who expressed confusion at the off-the-cuff reversal of US policy on the Israeli-Palestinian conflict.
Alaska Republican senator Lisa Murkowski said she does not “even want to speculate to that question, because I think that is quite frightening”, she said.
Democratic senator Chris van Hollen, among the few senators to vocally condemn Israel's Gaza war and who has pledged to oppose all of Mr Trump's State Department nominations over the recent shuttering of the US Agency for International Development (USAID), called the plan “ethnic cleansing by any other name”.
match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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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.”
