The US has moved from vetoing Gaza ceasefire resolutions at the UN Security Council to tabling them. AFP
The US has moved from vetoing Gaza ceasefire resolutions at the UN Security Council to tabling them. AFP
The US has moved from vetoing Gaza ceasefire resolutions at the UN Security Council to tabling them. AFP
The US has moved from vetoing Gaza ceasefire resolutions at the UN Security Council to tabling them. AFP


Is the tide turning on the Gaza war?


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March 22, 2024

On learning that the US tabled a draft UN Security Council resolution on Wednesday calling for an immediate ceasefire in Gaza, some may be tempted to think: “Better late than never.” But the human cost of this war – The Nationalreported on Thursday that more than 800 Palestinians have been killed in Gaza since the start of Ramadan – makes clear the lethal consequences of diplomatic failure.

Security Council resolutions may be legally binding, but several countries – including Israel – have ignored them in the past. Many people who want to see an immediate halt to the bloodshed will understandably wonder what practical benefit such a resolution would have for the 2.3 million Gazans living in fear of their lives. Nevertheless, the fact that it is the US, Israel’s main backer, which is now endorsing calls for a ceasefire is significant, particularly when one looks at the wider pressure being exerted on Israel’s bellicose leadership.

There is increasing divergence between the White House and the Israeli government. US President Joe Biden has publicly described an Israeli military assault on the overcrowded Gazan city of Rafah as a mistake. One of Mr Biden’s political supporters, Senate Majority Leader Chuck Schumer – a senior pro-Israel figure in Washington – recently described Israeli Prime Minister Benjamin Netanyahu as an obstacle to peace. Washington has also held talks with one of Mr Netanyahu’s main political rivals, Israeli war cabinet member Benny Gantz.

US Secretary of State Antony Blinken arrives in Cairo on Thursday. His sixth visit to the region since the October 7 attacks comes as Washington and Israel increasingly diverge over Gaza. AFP
US Secretary of State Antony Blinken arrives in Cairo on Thursday. His sixth visit to the region since the October 7 attacks comes as Washington and Israel increasingly diverge over Gaza. AFP

But pressure on the Israeli government is coming from other quarters, too. Canada's decision this week to suspend future arms exports to Israel may not be a major move in terms of weaponry – Ottawa is not a major supplier to Israel’s armed forces – but it was a significant warning shot from a long-term western ally. Elsewhere, Israel appears to be losing control of the narrative as prominent international actors make clear their objections to the Gaza war.

Last month, EU foreign affairs chief Josep Borrel urged Israel’s allies to stop sending it weapons. Last week, Dr Tedros Adhanom Ghebreyesus, the head of the World Health Organisation, appealed to Israel “in the name of humanity” not to attack Rafah. And on Monday, UN Secretary General Antonio Guterres said Palestinians in Gaza were enduring “horrifying levels of hunger and suffering”. His position was echoed a day later by the World Bank, which said half of Gaza’s population is at risk of famine.

This cascade of political, military and diplomatic pressure could soon be joined by a Security Council resolution that calls for an immediate ceasefire and the release of hostages. Such a call should have been endorsed and acted upon a long time ago; many Palestinian civilians have paid for the delay with their lives. Nevertheless, we may be beginning to see the tide turn – in this case, the US moving from a position where it vetoes ceasefire resolutions to tabling them.

When it comes to a response, the ball is not solely in Israel’s court. Contained in the US-sponsored draft – alongside “an immediate and durable ceasefire to protect civilians on all sides, enable the delivery of essential humanitarian aid and alleviate suffering” – is a call to release the remaining Israeli hostages being held by Hamas and other militant factions. Taking hostages is war crime, and these individuals – along with Palestinian detainees held by Israel – must be released. Palestinian factions must respond responsibly to calls for a ceasefire, no matter how delayed such calls may be.

There is an opportunity for progress today, as US Secretary of State Antony Blinken, currently on his sixth visit to this region since October 7, arrives in Israel for talks. Next week, Israeli Defence Minister Yoav Gallant is expected to meet US Defence Secretary Lloyd Austin at the Pentagon, an encounter that provides another opportunity for some straight talking from Israel’s main backer.

Much uncertainty remains but whatever the next steps may be, they must happen quickly; Gazans, many of whom are starving to death, do not have the luxury of time. The wheels of diplomacy must turn more quickly.

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

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Under 19 World Cup

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

 

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
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What are the regulations?
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  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

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.”

Updated: March 22, 2024, 3:00 AM