GAZA CITY //The opening of Egypt's border crossing into Gaza today will bring relief to the territory's 1.6 million Palestinians, who have spent four years living under a crushing Israeli blockade.
Israel, along with US backing and Egyptian support, applied stifling sanctions on Gaza following Hamas' takeover in 2007. As a result, Gazans have been hemmed in by travel restrictions and deprived of basic commodities.
But the decision by Egypt's transitional rulers to permanently open the Rafah crossing is not only a sign that Israel's stranglehold on the territory may be drawing to a close, it is also symbolic of the regional power shift brought about by the Arab world's popular uprisings.
Israel relied heavily on the support of Egypt's deposed president, Hosni Mubarak, who was also a dependable ally of the US, to enforce the sanctions against Hamas.
The Islamist group, a foe of the secular-minded Mr Mubarak, is considered a terrorist organisation by Israel, the United States and the European Union and the border opening has rankled both Israeli and American officials.
But for Gazans, an easing of the blockade has stirred new hope.
"The last time I left Gaza was in March 2007," said Hasan Zeyada, a psychologist and manager of the Gaza Community Centre, which runs mental and other health programmes.
"Just the expectation that the border will be opened normally means that the people will feel that they can finally move in and out of this big prison."
Egypt's official Middle East News Agency announced a raft of changes to the crossing's requirements. Women and children, as well as men over 40, will no longer need visas and can pass freely. As many as 1,000 people are expected to pass through it daily, up from the sporadic 300 or less, many of them students or the infirm, who were allowed through before.
From a psychological perspective, Mr Zeyada said, the move would help reduce the "high levels of stress, trauma, and general pressure on Gazan society".
Politically, though, others questioned how far Egypt could go in scaling back its Gaza restrictions before it risked antagonising Israel, with which it maintains a peace treaty. Israel has long been wary of weapons passing into Hamas hands from Egypt and has used this as a reason for imposing its restrictions.
"Egypt is still committed to the Camp David agreement and the rules regarding the movement of people and material," Talal Okal, a political analyst in Gaza, said in reference to the Egypt-Israel peace accord.
There were still few details about who would be allowed through the crossing, as well as the issue of identification documents for Palestinians, he said. While the documents are distributed by officials in Ramallah, the de facto West Bank capital, ultimately it is Israel that decides who receives the documents, necessary for travel.
Mr Okal said the lack of detail may have been a result of the more pressing concern of Palestinian officials in demonstrating the benefit of the recently struck reconciliation accord between Hamas and its rival in the West Bank, Fatah.
"It's a first step that they are using to show to the people," he said. "The people are still waiting for more such steps from the Egyptians, but that does not mean the Egyptians are going to challenge Israel by completely resolving the problem of the siege."
There is also a question of whether the opening will increase the flow of goods and construction materials, the importation of which has been heavily curtailed.
Naji Sarhan, Gaza's deputy minister of public works, said the territory is short of about 100,000 housing units because of the blockade. This has been aggravated by high population growth and the destruction of buildings from Israel's three-week war that began in December 2008. His ministry has been unable to begin a number of housing projects because of the lack of construction materials, such as cement, rebar and aggregate.
"Until now, we don't know what's happening with this," he said.
Still others worry about how, and if, they can actually enter Egypt once they reach Rafah. For those who could in recent years, the act of actually getting into Egypt became an hours-long ordeal when Mr Mubarak's border regime was in place.
"To wait an entire day just to cross 100 metres, it chokes you. It's an overly complex procedure. The passport has to go from one person to another to another. Too much time!" said Said Zuroub, a former mayor of Rafah.
"What we want is a solid, easy procedure."
Still, he was quick to express his satisfaction with Egypt's decision.
"If the border's open to all the sick people, the students, the families, if they can go on holiday in Egypt, then of course we welcome this freedom," he said.
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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Chatto & Windus
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