The Palestinian ambassador to the UN broke down in tears on Wednesday as he pleaded with the Security Council to address the deepening crisis in Gaza.
“I have grandchildren. I know what they mean to their families, and to see the situation of the Palestinians without us having hearts to do something is beyond the ability of any normal human being to tolerate,” Riyad Mansour said, his voice shaking, at one point pounding the table during his emotional speech.
He condemned attacks on civilians, whether Palestinian or Israeli, but denounced what he called “double standards” in global responses.
“Nothing can justify attacking civilians … we are human beings. We are proud Palestinians. We should be treated exactly like everybody else,” he said.
Mr Mansour accused the international community of ignoring the plight of Palestinians. “You cannot just see what you want in the mirror and ignore the huge elephant in the room, the Palestinian people,” he said.
“I can assure you that we are rooted in Palestine more than the olive trees … we will not wither away. We are staying in our homeland, and we will attain our inalienable rights, hopefully sooner than later."
Israel’s UN envoy, Danny Danon, reminded Mr Mansour of the words of Israel’s former prime minister, Golda Meir, who held office five decades ago: “Peace will come when you will love your children more than you hate us.”
Mr Danon accused UN agencies of blocking aid deliveries to Gaza, claiming hundreds of lorries loaded with supplies were stuck at border crossings due to the UN’s failure to distribute them.
“As we speak, there are more than 400 lorries already on the other side of the fence, waiting to be distributed, but the UN has failed to pick them up,” he told reporters before the Security Council meeting on Gaza. “We opened the crossings. We provided safe routes for those lorries. But the UN did not show up."
About 600 lorries entered the enclave daily during a ceasefire this year, according to the UN.
Mr Danon also rejected allegations by UN and Gaza health officials that Israeli forces opened fire on Palestinians trying to gain access to aid through a new US-backed distribution system on Tuesday. At least one Palestinian was killed and 48 others were wounded, according to the Gaza Health Ministry.
“There were a few riots. It took the American teams some time to take control of the situation, but I can say it out loud: We didn’t shoot anyone over there,” Mr Danon said.
He said Israel would continue allowing UN-facilitated aid into Gaza while the new US-backed mechanism expands across the enclave.
A day after the incident, the World Food Programme said “hordes of hungry people” broke into one of the agency's warehouses in central Gaza on Wednesday, with initial reports indicating that two people had died and several were injured.
“Gaza needs an immediate scale-up of food assistance. This is the only way to reassure people that they will not starve,” the WFP said in a statement.
With severe shortages of food, water and medicine, Palestinians in Gaza have grown increasingly desperate. There have been long queues forming at aid centres and reports of violent clashes over limited supplies.
The EU's High Representative for Foreign Affairs and Security Policy, Kaja Kallas, condemned Israel's military operations in the enclave.
“The disproportionate use of force and the deaths of civilians cannot be tolerated. The continued targeting of civilian infrastructure is unacceptable,” she said in a statement.
Ms Kallas repeated that humanitarian aid “must never be politicised or militarised” and recalled the role of the UN in distributing humanitarian assistance.
“The EU reiterates its urgent call for the immediate, unimpeded and sustained resumption of aid at scale, according to the needs of the civilian population in Gaza.”
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.”
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
The five pillars of Islam
UAE%20PREMIERSHIP
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Duminy's Test career in numbers
Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons