Children wounded in Israeli air strikes arrive at Nasser hospital in Khan Younis, Gaza. Getty Images
Children wounded in Israeli air strikes arrive at Nasser hospital in Khan Younis, Gaza. Getty Images
Children wounded in Israeli air strikes arrive at Nasser hospital in Khan Younis, Gaza. Getty Images
Children wounded in Israeli air strikes arrive at Nasser hospital in Khan Younis, Gaza. Getty Images

Gaza mass casualties 'on a new scale', says ICRC head


Mina Al-Oraibi
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Gaza is witnessing mass casualties on a scale not previously seen, the head of the International Committee of the Red Cross has said, as he reiterated the need for civilians to be protected.

Robert Mardini, director general of the ICRC, warned the collapse of a temporary truce between Israel and Hamas will lead to more civilian deaths in the coming weeks.

"We have never seen such level of mass casualties in hospitals - hospitals that are at a breaking point, where doctors and nurses are working around the clock with very little means and who are close to break down," Mr Mardini told The National at Cop28 in Dubai.

Families separated, people living in terrible conditions with temperatures now going down
Robert Mardini,
director general, International Committee of the Red Cross

"The water supply is not working anymore. People are struggling to survive with little food, little water. And the resumption of fighting recently has brought back the nightmare for civilians that are now living in fear, living in anxiety," Mr Mardini said, laying out the scale of the tragedy in Gaza.

At least 700 civilians have been killed in the past 24 hours after a temporary truce between Israel and Hamas ended.

Israel struck refugee camps in Jabalia and Khan Younis, once again uprooting displaced people.

With winter on the horizon, civilians with merely the clothes on their back are particularly susceptible to cold and disease - and the need to get aid across the border is even more crucial.

"Families separated, people living in terrible conditions with now temperatures going down."

Mr Mardini stressed that the warring parties in any conflict have "first and foremost the obligation to respect the rules to protect civilians - to do everything in their power, feasible precautions to protect civilians".

"This can come across as a broken record from ICRC. But this is important because the onus remains on the parties to the conflict. They are also responsible of ensuring minimum level of humanitarian supplies and facilitating at least the work of humanitarian organisations."

Mr Mardini also stressed that his organisation was eager to facilitate health checks for Israelis held by Hamas and support hostage swaps.

"We have been very clear in calling for access to hostages to check on their health, to ensure that they can exchange messages with their families, and we have been calling also for the release of civilian hostages because this is what needs to happen," he said.

Mr Mardini was participating in Cop28 as the issue of peace and recovery was added to the Cop agenda for the first time under the UAE Presidency.

He commended the UAE for dedicating the fourth day of Cop28 as Relief, Recovery and Peace Day, at a time of heightened conflict in the region and around the world.

The countries affected by war are so often afflicted by climate-related disasters, Mr Mardini said.

Before the war in Gaza, the ICRC had a host of programmes supporting the resilience of farms and water utilities which have been "repeatedly disrupted by cycles of violence".

"I have to recognise the leadership of the UAE for shining a spotlight officially in the Cop agenda," he said.

"It's the first time ever the plight of people affected by the combined effects of armed conflict and climate [has been on the agenda]. And this is important because it will accelerate hopefully, that climate action will be strengthened for precisely those communities who are today left behind."

Skewed figures

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Jung Han-gook (KOR) beat Max Lima (BRA)

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Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

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Bruno Machado (BRA) beat Mike Santiago (USA)

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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.”

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Updated: December 03, 2023, 3:06 PM