ISTANBUL // A Turkish aid group has decided to scale back its involvement in the planned convoy of aid ships to Gaza this month, a move likely to defuse tensions.
The Foundation for Human Rights and Freedoms and Humanitarian Relief, or IHH, was the Islamic Turkish organisation at the forefront of last year's flotilla, in which nine activists died when Israeli soldiers raided the ship as it tried to break the blockade of Gaza.
The IHH, which Israel accuses of being a militant Islamist group, said yesterday its flagship, the Mavi Marmara, would not participate in the new flotilla. The group said a few IHH activists will join the trip on board the ships of relief organisations from other nations.
Speaking in Istanbul, Bulent Yildirim, the IHH president, said "technical reasons" forced the organisation to cancel the trip of the Mavi Marmara.
The ship, a former passenger ferry, has become a symbol for the fight against what the IHH and many Turks see as an illegal and brutal Israeli policy in Gaza.
It was the Mavi Marmara that was attacked by Israeli commandos on May 31 last year. The plight of civilians in Gaza under Israel's blockade is an emotional issue for many Turks, and the IHH says 15,000 Turkish volunteers have applied to sail on the Mavi Marmara.
Mr Yildirim said he was sorry the Mavi Marmara was not going but said the ship was not seaworthy at the moment. He also referred to the situation at the Turkish-Syrian border, where thousands of refugees from Syria have sought refuge. The IHH has sent several tonnes of aid to the area. "We have another problem now, and that is Syria," Mr Yildirim said.
The new flotilla, consisting of 10 ships organised by Western European groups, is going ahead without the Mavi Marmara, but its political significance will be greatly reduced by the absence of the Turkish ship.
Dror Feiler, a Swedish spokesman for the organisers of the "International Coalition of Freedom Flotilla II" initiative, said the ships would sail from several European ports on June 25.
Serkan Nergis, a spokesman for the IHH, said in an interview that some IHH activists would be on board of the European ships that would set sail from the United Kingdom, France and Greece.
Mr Nergis added that the decision about how many Turkish activists would sail depended on the European groups sending those ships.
The decision by the IHH is likely to be welcomed by the Turkish government, which had applied subtle political pressure on the group by asking it to delay the second flotilla, while insisting that Ankara would not prevent the new flotilla from sailing.
Turkish-Israeli relations have been in crisis since the attack on the Mavi Marmara, with Ankara demanding an official apology for the attack and compensation payments to the relatives of the nine victims by Israel. The Israeli government has rejected both demands.
Turkey has said repeatedly it wants to overcome the crisis and restore a working relationship with Israel, a close partner of Ankara for decades.
Earlier this month the Turkish foreign minister, Ahmet Davutoglu, told a Turkish newspaper the recent opening of the Rafah border crossing between Egypt and the Gaza Strip had created a new situation for the people of Gaza.
"The aid flotilla must wait until it becomes clear what happens after Egypt's opening of the Rafah border crossing and how Israel will see the new government that is to be formed in Palestine," Mr Davutoglu told the Hurriyet daily on June 5. He was referring to plans by Fatah and Hamas to create a Palestinian unity government.
Mr Yildirim stressed that technical damage inflicted on the Mavi Marmara during last year's Israeli attack was the reason for the decision to take a low profile in the new flotilla.
He said the Mavi Marmara may sail to Gaza again at some point in the future, but admitted that the decision had a political dimension.
"It is not us, but technical conditions that have given the world a chance," he said.
tseibert@thenational.ae
Spec%20sheet
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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.”
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
Fifa Club World Cup quarter-final
Esperance de Tunis 0
Al Ain 3 (Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)
RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
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.
Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
Cracks in the Wall
Ben White, Pluto Press
FIXTURES
New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand
South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000