Palestinians crossing from northern Gaza to the south, along Salah Al Din road in the central Gaza Strip. EPA
Palestinians crossing from northern Gaza to the south, along Salah Al Din road in the central Gaza Strip. EPA
Palestinians crossing from northern Gaza to the south, along Salah Al Din road in the central Gaza Strip. EPA
Palestinians crossing from northern Gaza to the south, along Salah Al Din road in the central Gaza Strip. EPA


Calls for a Gaza ceasefire need to be strengthened


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December 08, 2023

In the two months since the Israel-Gaza war broke out, the desperation has reached a new peak. Much of Gaza has been flattened and, except for a week's pause in fighting, each day of the relentless Israeli offensive has unleashed new horrors. In addition to claiming thousands of Palestinian lives, Israel's air strikes and ground offensive have damaged or destroyed at least 45 per cent of homes, the UN humanitarian office estimates. By every measure, the crisis cannot be allowed to deepen.

“The situation is fast deteriorating into a catastrophe with potentially irreversible implications for Palestinians as a whole and for peace and security in the region,” the UN Secretary General Antonio Guterres said on Wednesday. Notably, he also invoked Article 99, a UN rule that was last used in 1989 for Lebanon, which allows the Secretary General to bring to the Security Council’s attention any matter that “may threaten the maintenance of international peace and security.”

The extent of the devastation should press the international community to be more vocal about a full ceasefire, the provision of aid and a return to diplomacy and the two-state solution, which remains the only way to resolve the issue.

On November 24, the world saw a glimpse of a breakthrough, with a temporary halt in fighting that lasted a week, during which time some of the Israeli hostages were exchanged for Palestinian detainees. A longer political solution is still the only way out, and for that all major parties need to speak in one voice and return to the path of diplomacy.

Foreign Minister Sheikh Abdullah bin Zayed said the UAE has submitted a draft resolution in the Security Council to demand an immediate humanitarian ceasefire, with the support of the Arab Group and the Organisation of Islamic Co-operation. The Palestinian Authority has echoed ceasefire calls.

In the past eight weeks, the Palestinian people have had to battle more than the grief of losing family. The Mayor of Gaza City, Yahya Al Sarraj, has said his municipality has lost 90 per cent of its water resources in the bombing, "along with everything that made people happy".

"We're starved, we're cold. But we have a tent over our head. We wouldn't know where to go if they made us leave once more," Umm Anas Al Serhi, a resident of Al Shati Camp in Northern Gaza, told The National.

There are other voices calling for the atrocities to stop and seeking accountability. These are voices that Israel will listen to, if not heed. The US is beginning to shift its rhetoric on the war and its Secretary of State, Antony Blinken, has made it clear that the rising death toll is unacceptable.

The EU foreign policy chief Josep Borrell, meanwhile, has backed Mr Guterres’s calls for a ceasefire and Belgium has banned entry of extremist West Bank settlers involved in violence.

The matter of possible war crimes by Hamas militants and Israeli forces has now come into sharper focus as well. Karim Khan, the chief prosecutor of the International Criminal Court, ended his first official visit to Israel and Ramallah saying that such an investigation “is a priority" for his office. His visit gave hope to countless people who have lamented a lack of legal recourse.

“We must show that the law is there, on the front lines, and that it is capable of protecting all,” Mr Khan said.

That will no doubt take time. But the process of ensuring an end to violence and beginning the long road for justice cannot be further delayed.

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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.”

The specs: 2017 Ford F-150 Raptor

Price, base / as tested Dh220,000 / Dh320,000

Engine 3.5L V6

Transmission 10-speed automatic

Power 421hp @ 6,000rpm

Torque 678Nm @ 3,750rpm

Fuel economy, combined 14.1L / 100km

The biog

Title: General Practitioner with a speciality in cardiology

Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India

Education: Medical degree from the Government Medical College in Nagpur

How it all began: opened his first clinic in Ajman in 1993

Family: a 90-year-old mother, wife and two daughters

Remembers a time when medicines from India were purchased per kilo

UAE currency: the story behind the money in your pockets
FIXTURES

Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)

Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)

Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)

While you're here
The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

Updated: December 08, 2023, 11:31 AM