For nine months, conflict and violence in the Middle East have raged on. The death toll and the extent of human suffering have been staggering, serving as relentless reminders of the cruelty of war. It is currently estimated that at least 38,000 Palestinians have been killed, and 90 per cent of the population of the Gaza Strip are displaced. Additionally, the spectre of famine looms over a population already on the brink, struggling daily for survival. Pervasive images on our television screens and social media feeds vividly document their dire conditions in heart-rending, macabre detail.
This series of tragedies is not new. The Palestinian people have endured severe conditions through multiple crises over the decades, each one exacerbating their suffering and misery, each one bringing with it more privation, more tragedy, more death.
Throughout these ordeals, the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) has consistently provided essential humanitarian relief to the Palestinian people, becoming the proverbial beacon of hope for a war-ravaged population. Yet even this essential lifeline is now on the brink of collapse, jeopardising the future of countless innocent Palestinian civilians.
Established on December 8, 1949 by the UN General Assembly under Resolution 302, and beginning operations on May 1, 1950, UNRWA was created to address the needs of hundreds of thousands of Palestinians displaced by the 1948 Arab-Israeli war. Tasked with offering relief and public works programmes, UNRWA set out to improve the living conditions of Palestine refugees and to foster their economic and social development. Over the past 75 years, as the refugee situation has persisted, UNRWA’s mandate has been consistently renewed, enabling the agency to continue providing critical, life-saving services.
UNRWA provides essential protection to 5.9 million registered Palestinian refugees. Additionally, 1.9 million refugees rely on UNRWA health services, and the agency addresses humanitarian needs across 58 recognised refugee camps throughout the region. Its services extend beyond Gaza, supporting Palestinian refugees scattered across Jordan, Lebanon, Syria and the West Bank, including East Jerusalem, where it delivers vital humanitarian assistance.
To many, UNRWA represents the best of what the UN stands for. The agency has the ability to take effective action that transcends routine diplomatic dialogue and empty promises, delivering crucial support to those most in need. UNRWA’s efforts are an indispensable lifeline amid a multitude of political and humanitarian challenges.
However, this lifeline is currently in serious jeopardy. Severe underfunding, together with an orchestrated campaign against its integrity, threatens the agency’s foundational support systems. Despite its mandate running until 2026, UNRWA is on the brink of collapse and could cease operations as early as this year.
The challenges facing UNRWA stem from two interrelated factors: structural financial issues and political uncertainties. Unlike most UN agencies, which are included in the overall UN budget and benefit from stable funding, UNRWA relies entirely on voluntary contributions. This dependency makes it vulnerable to the vicissitudes of political shifts, continuously threatening its operations. Additionally, the escalating humanitarian crisis in the Gaza Strip exacerbates this instability, demanding an increased allocation of resources.
Politically, UNRWA has faced and continues to face accusations that question its neutrality and motives, leading to operational restrictions, limitations on staff movements, and even proposed legislation that could label it as a terrorist organisation. These political challenges intensify the agency’s financial difficulties, jeopardising its ability to function effectively.
Despite these challenges, the UN system has remained steadfast in its support for UNRWA, reflecting our unwavering commitment to Palestinian families and individuals. UNRWA’s Commissioner-General Philippe Lazzarini has written to me on several occasions, and I have convened the General Assembly to collectively reflect on the agency’s work, as well as current challenges. I have also utilised the platform of my ongoing series of informal morning conversations with Permanent Representatives during my morning Gayap Dialogues to discuss possible options to stabilise UNRWA’s long-term financial footing.
We all have seen, and continue to see, the crucial human impact of UNRWA’s work in the eyes of young children waiting for daily meals, in the hopeful faces of students in UNRWA schools, and through the resilient spirit of families who, despite having lost homes and facing uncertain futures, still cling to hope. These are the lives that animate our mission and underscore the dire need for continued support and stability.
As President of the General Assembly, I call upon all member states to stand up and stand with this essential agency, demonstrating their commitment through real action, not just words. Tomorrow, I will convene the annual UNRWA Pledging Conference. The goal of this conference is singular: to bolster and sustain UNRWA’s lifesaving humanitarian efforts in the Gaza Strip and in the Occupied Palestinian Territories, and throughout the Middle East.
Historically, while these conferences have raised awareness among diplomats and world leaders, the financial outcomes have frankly been underwhelming. Yet this year presents a unique circumstance: global focus is already intensely homed in on Gaza. This heightened visibility provides an unprecedented opportunity to finally secure adequate funding. Extraordinary circumstances demand an extraordinary response beyond governments acting alone.
Severe underfunding, together with an orchestrated campaign against its integrity, threatens the agency’s foundational support systems
We must seize this moment to address the dire situation of the Palestinians. Member states, philanthropic organisations and the private sector are all called upon to pledge anew to UNRWA. Underwriting the continuation and pursuit of its mandate is a testament to our collective humanity, a demonstration of our impassioned global solidarity in times of crisis. And this is my solemn appeal to one and all.
We must do all that we can to ensure that UNRWA’s mission continues until a comprehensive, just, and lasting peace in the Middle East, through a two-state solution, is realised. Unless the international community restructures UNRWA’s funding, it bears the responsibility to avert its collapse. When a lifeline is severed, the outcome is inevitably catastrophic. This pledging conference must not squander the unique chance to preserve it, for the stakes are nothing less than the lives and futures of millions.
Our actions must go beyond mere charity. We have a moral obligation to sustain humanitarian assistance for thousands of Palestinians who are barely surviving, some teetering on the brink of life and death. Palestinians have endured enough injustice.
Let this pledging conference be the turning point where we collectively act to alleviate the unimaginable suffering of millions. Our efforts, now and not any later, will save lives and forge a path to a hopeful future for all the Palestinian people.
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SPECS
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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
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Sholto Byrnes on Myanmar politics
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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The specs
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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.”
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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