GAZA // Stranded at home and abroad, short of fuel and worried about going hungry, this is not what Gazans expected when Islamist leader Mohammed Morsi was elected president of Egypt in June.
Egypt closed their only passenger crossing into the Gaza Strip and has moved to seal myriad smuggling tunnels connecting the two territories after unidentified militants killed 16 Egyptian policemen in neighbouring Sinai on Sunday.
Gaza's Islamist rulers Hamas have ruled out suggestions in the Egyptian media that Palestinian gunmen took part in the Sinai massacre, and have criticised Cairo for imposing "collective punishment" on the impoverished coastal enclave.
But with Egypt showing no sign of relenting, thousands of ordinary Palestinians have found themselves stranded during the Muslim holy month of Ramadan, while traders warn of shortages if the tunnels stay stoppered.
"We had high hopes of being able to travel more freely and we actually noticed an improvement in treatment when we crossed into Egypt," said Tareq Al Husary, 32, a painter from Gaza who is on a pilgrimage to Saudi Arabia with his sick mother. "Now we are marooned out of Gaza," he said, speaking by telephone.
Home to 1.7 million, Gaza has been under tight embargo since Hamas took control in 2007. Hamas is deeply hostile to Israel, and former Egyptian leader Hosni Mubarak helped impose the embargo to peg back the Islamist allies of his domestic foes.
Since Mubarak's downfall last year, Egypt eased restrictions on the passage of travellers through the Rafah crossing - the only window on the world for the vast majority of Gazans, with Israel refusing exit visas for all but exceptional cases.
The abrupt closure of Rafah, which normally sees some 800 people a day leave for Egypt and beyond, left many visiting Palestinians fearful for their overseas jobs, while others worried their visas might expire before they could be used.
"I still hope to be able to make it back to Dubai before August 15th to catch my job," said Heyam Al Kurdi, who teaches in Dubai and came to Gaza for the wedding of her daughter.
The shutdown at Rafah has so far prevented 3,000 Gazans from heading to Saudi Arabia for "Umrah", the minor pilgrimage believed to bring greater merit if carried out during Ramadan. That has left them and their travel agents facing losses of some US$4 million (Dh14.6m) for prepaid accommodation, transport and visa fees.
"The closure of the crossing is a disaster for tourism companies," said Eid Hnaif, who works for a Gazan travel firm.
Anxious to show how seriously it took the Sinai killings, Hamas leaders ordered the closure of the smuggling tunnels on Sunday to prevent any of those involved from sneaking into Gaza.
Egypt has long turned a blind eye to the illicit, underground trade, so news on Tuesday that it had deployed heavy machinery to destroy the tunnels, which bring in everything from food to fuel and building materials, caused deep concern.
Palestinians said so far, the shafts to just a few "secondary" tunnels had been put out of action. However, Abu Awni, a tunnel owner, said Egyptian officials were also trying to find out what went through the main tunnels and had deployed four or five soldiers to various entrance points.
Although Israel has relaxed its trade embargo, introduced to prevent arms or weapons-making equipment to militants, many Gazans prefer to buy cheaper goods smuggled from Egypt.
"Eighty per cent of food materials in the markets of Gaza come from Egypt. What comes from Israel is not enough at all," said Abu Awni, whose 40 employees were idling at home.
Long lines built at petrol stations across Gaza on Monday as news broke that the tunnels were blocked. Two days later some pumps had already run dry, even though Palestinians said at least two fuel pipes to Egypt were still functioning.
But Mr Abu Awni predicted that the Egyptians would not be able to close the tunnels, believed to number some 1,000, for long.
"Unless they create other crossings for trade, we will open five tunnels for each tunnel they close. They cannot just leave our people to starve," he said.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
More on animal trafficking
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
* The top three teams progress to the Asia Qualifier
CREW
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WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
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More from Neighbourhood Watch:
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.