More than 20 Democratic senators are urging President Donald Trump's administration to end its support for the Gaza Humanitarian Foundation (GHF) in the wake of the deaths of hundreds of Palestinians at or near aid sites under its control.
Since May 27, the GHF has been solely in charge of aid distribution in Gaza, where in recent weeks dozens of Palestinians have starved to death. Several reports have alleged that the GHF's private guards or the Israeli military have shot desperate Palestinians as they have sought food at aid sites.
“We urge you to immediately cease all US funding for GHF and resume support for the existing UN-led aid co-ordination mechanisms with enhanced oversight to ensure that humanitarian aid reaches civilians in need,” the senators, led by Chris Van Hollen, said in a letter addressed to Secretary of State Marco Rubio.
Israel’s Prime Minister Benjamin Netanyahu has repeatedly denied starvation is occurring in Gaza, but President Donald Trump on Monday conceded that what is happening in the enclave is “real starvation”.
“I see it, and you can’t fake that,” Mr Trump said while on a visit to Scotland. “We have to get the kids fed.” He said the UK and other European countries would join in providing aid to Gaza “so we're going to set up food centres where people can walk in with no boundaries”, he said.
Shocking images of malnourished children have emerged in recent days, prompting accusations that Israel is using starvation as a weapon of war.
Since May, more than 1,000 Palestinians have been killed while waiting for food near GHF centres, according to the UN. That number prompted the senators to ask whether the State Department had its own assessment of the number of Palestinians killed since GHF took over aid distribution in the enclave.
“Does the State Department assess that civilians have been killed in or around the GHF distribution sites?” the senators wrote. “If so, how many have been killed and who was responsible for their deaths? Has the State Department requested information from the Israeli government or from GHF and contractors on the ground concerning any incidents of civilian harm?”
Global humanitarian aid organisations have condemned the GHF and called for a return to the UN-led distribution that had been in place before.
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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