Two Palestinian men stand amidst the rubble of Tayseer Al-Batsh's family house, destroyed in an Israeli air strike in Gaza City (REUTERS/Mohammed Salem)
Two Palestinian men stand amidst the rubble of Tayseer Al-Batsh's family house, destroyed in an Israeli air strike in Gaza City (REUTERS/Mohammed Salem)

Palestinians die in the most cynical of all military games



Lost amid the carnage, the key fact about the latest Israeli-Palestinian conflagration remains largely unrecognised: Egypt’s new and pivotal role. Egypt has always been the default broker between Israel and Hamas, since it is able to deal with Hamas without according it any greater international and diplomatic legitimacy.

But this time it’s different. It’s no longer about Egypt playing a crucial mediating role. Instead, Hamas is mainly seeking to extract concessions not from Tel Aviv or Ramallah, but from Cairo.

Hamas, or more likely loosely affiliated rogue elements based in Hebron, deliberately lit a fire by kidnapping and murdering three Israeli teenagers. This unleashed a brutal series of tit-for-tat attacks between Israelis and Palestinians that spiralled out of control.

Certainly, the Palestinian Authority based in Ramallah had no control over what was going on in occupied East Jerusalem, let alone unrest among Palestinian citizens of Israel.

The Israeli government, too, clearly lost control of the situation when fanatics grabbed an innocent teenager and tortured and burnt him to death. Even Israel’s security forces seemed to be acting beyond any bounds of restraint as they brutally beat a 15-year-old Palestinian-American cousin of the murder victim.

Passions ruled the day. Years of incitement and frustration on both sides boiled over.

As rocket attacks on southern Israel from Gaza increased, it also seemed that Hamas leaders perhaps didn’t control their own military, and certainly not that of other, more extreme groups like Islamic Jihad.

Yet Hamas sought some kind of benefit in the chaos.

As Israeli forces carried out a brutal crackdown in the West Bank aimed at severely degrading the Hamas presence there, rounding up hundreds of captives and terrifying villagers across the area, Hamas attempted to whip up a third intifada in order to gain a greater foothold beyond Gaza. This failed, largely because most Palestinians didn’t want another uprising because they still recall the consequences of the last one.

So Hamas was dealt a serious blow in the West Bank but remained in the parlous condition in which it had begun. It was broke. It was isolated. It had instituted an agreement with Fatah, but gained nothing. It was smarting under a major and unrelenting crackdown from Egypt. It was experiencing “an identity crisis”, and a tactical and strategic dead-end. Hamas had to do something.

So it fell back on its most familiar territory: rocket attacks against Israel designed to provoke an overreaction. The Israeli military knew better. They recalled previous violent exchanges with Hamas as strategically useless, and indeed highly counterproductive for Israel’s international image and strategic posture. But prime minister Benjamin Netanyahu allowed himself to be sucked into a brutal bombardment campaign with no clear endgame.

Now ordinary people in Gaza are dying again in large numbers. More than 160 have been killed, mostly civilians and many of them children. And significant apparent atrocities sear the conscience.

Some argue that the innocent people of Gaza are all Hamas’s “human shields”. But 1.7 million people living in wretched poverty in one of the most overpopulated places on earth cannot be reduced to that kind of instrumental dehumanisation.

Hamas has three public demands, and if it doesn’t achieve any of them when a ceasefire is finally secured, it will have suffered a massive political and military defeat, although Israel, too, will not benefit. It’s a perfect example of a lose-lose scenario.

Hamas seeks the release of “security prisoners” rearrested by Israel. But more importantly, Hamas has demands on Egypt. It wants the permanent reopening of the Rafah crossing between Gaza and Egypt. And it wants Egypt to facilitate the transfer of badly needed funds from Qatar and other sponsors. Simply, it wants to force Egypt to change its policies.

But why would Abdel Fattah El Sisi, the new Egyptian president, charge to the rescue of Hamas, the Muslim Brotherhood in Palestine?

The Egyptian authorities, and much of the population, view Hamas as co-conspirators in the terrorist campaign in their own country. The Egyptian military has virtually shut down Gaza smuggling tunnels. They reportedly killed some two dozen Hamas operatives in northern Sinai who were allegedly acting in cahoots with the terrorists there.

So Mr El Sisi and company are showing no interest in Hamas’s demands on them. Egypt is very slowly inching toward its familiar role of mediator and ceasefire broker due to humanitarian impulses, public pressure and a prudent concern about containing the growing chaos in Gaza.

Mr El Sisi met the Middle East Quartet envoy Tony Blair recently to begin to explore the prospects. But Cairo certainly doesn’t seem to be rushing to bail out Hamas, or Mr Netanyahu for that matter, for now.

Mr Netanyahu and Israel are probably as interested in a rapid ceasefire as is Hamas, since they achieved what they wanted to strategically in the West Bank before they found the bodies of the teenagers (who they knew all along were dead).

But Israel, like Hamas, is trapped in a conflict neither probably wanted and neither seem likely to gain anything from. Meanwhile, the price is paid in blood, misery and suffering by the innocent Palestinians of Gaza, playthings in the most cynical of vicious games.

Hussein Ibish is a senior fellow at the American Task Force on Palestine and blogs at www. ibishblog.com

On Twitter: @ibishblog

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Brief scoreline:

Liverpool 5

Keita 1', Mane 23', 66', Salah 45'+1, 83'

Huddersfield 0

BAD BOYS: RIDE OR DIE

Director: Adil El Arbi and Bilall Fallah

Starring: Will Smith, Martin Lawrence, Joe Pantoliano

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
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Company profile

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Founders: Amr Yussif (co-founder and CEO), Mattieu Capelle (co-founder and CTO)

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Industry: FinTech

Funding size: $1.5m pre-seed

Investors: Venture capital - Y Combinator, 500 Global, Dubai Future District Fund, Fox Ventures, Vector Fintech. Also a number of angel investors

COMPANY PROFILE

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Day 2, Dubai Test: At a glance

Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.

Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.

The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.

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 name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

The Uefa Awards winners

Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)

Uefa Women's Player of the Year: Lucy Bronze (Lyon)

Best players of the 2018/19 Uefa Champions League

Goalkeeper: Alisson (Liverpool)

Defender: Virgil van Dijk (Liverpool)

Midfielder: Frenkie de Jong (Ajax)

Forward: Lionel Messi (Barcelona)

Uefa President's Award: Eric Cantona