The first day of Eid in Gaza was met with barrages of air strikes and rocket fire on Thursday as the death toll from the latest violence rose to 87 killed in the blockaded strip and seven killed in Israel.
The four days of cross-border violence showed no sign of abating and Israeli Prime Minister Benjamin Netanyahu said the campaign "will take more time".
Hamas officials in Gaza said that over 530 Palestinians have been wounded so far as the Israeli military admitted mistakes had been made in the current offensive.
"There are mistakes but we are trying to do everything in our power and all of our resources are focusing on those things,” an Israeli security official said on Thursday. Every target needs to be approved by the highest rank officer in order not to harm civilians."
But the official also said that a number of Palestinians in Gaza had been killed by a miss-fired Hamas rocket.
Although an Israeli military spokesman early on Thursday that additional soldiers were being posted to the Gaza border and the army was in "various stages of preparing ground operations", the security official declined to elaborate by evening.
“When we get all of our goals, we will stop the operation, but we haven't finished yet,” they said.
Following a day of violence in Jerusalem on Monday that left over 700 Palestinians wounded after police stormed the city’s Al Aqsa Mosque, the already tense situation has exploded. Armed groups in Gaza have now fired over 1,750 rockets and Israel has hit nearly 1,000 targets in Gaza.
Survivors of Israeli air strikes on the Sheikh Zayed neighbourhood in Gaza say they feared for their lives as their homes fell down on top of them.
"I witnessed death while I was under the rubble. I wondered if we would survive or not,"
Khaled Almalfouh, 25, who was buried alive with seven of his family members when the building he lived in collapsed after an air strike, told The National.
In the densely packed and blockaded enclave, people are assessing the toll both in lives and property.
Officials say at least 500 housing units have been damaged and destroyed and traders near blast sites are counting their losses.
"There is not any joy for Eid, the destruction is everywhere and we are, unfortunately, set back years," Gaza City shopkeeper Shaban Al Helwo told The National from his destroyed women's clothing store.
According to the Associated Press, a delegation of senior Egyptian security officials are in Tel Aviv in a bid to mediate a de-escalation of the conflict having travelled into Gaza to meet Hamas leadership.
Even as word came of the mediators’ presence, Gaza militants fired a volley of some 100 rockets nearly simultaneously, raising air raid sirens around southern and central Israel.
There were no immediate reports of damage or casualties – but the barrage appeared aimed at demonstrating that Hamas’ arsenal was still full even after three nights of air strikes and the killing Wednesday of several Hamas leaders involved in the rocket programme. Israel also destroyed the home of Hamas's political bureau head, Ismail Haniyeh, although he is in exile in Doha.
There was no talk of a ceasefire when Hamas spokesman Abu Ubaida addressed the public.
Threatening Jerusalem and the Al Aqsa Mosque means “The decision to strike Tel Aviv, Jerusalem, Dimona, Ashkelon and Be'er Sheva is easier to us than drinking water.”
He reiterated the groups demand that Israel refrain from attacking Muslim worshippers at Al Aqsa Mosque and pull security forces from the East Jerusalem area of Sheikh Jarrah where Palestinian families face eviction in what they see as an attempted annexation of their lands but Israel sees as a domestic ownership despite.
In Israel, Prime Minister Benjamin Netanyahu vowed to restore order after outbreaks of intercommunal violence in mixed Arab and Israeli cities saw roving gangs and stone-throwing mobs.
"Nothing justifies the lynching of Arabs by Jews and nothing justifies the lynching of Jews by Arabs," the prime minister said after dozens of far-right ultranationalist Israelis dragged a man they believed to be Arab from his car and beat him in the street until he was unconscious late on Tuesday night.
Medical officials said the man, identified in local media as an Israeli Arab, was in a critical but stable condition after the attempting “lynching”.
Far-right lawmaker Betzalel Smotrich, head of the "Religious Zionism" party, said he was "ashamed" of the "atrocious cruelty" of the attack.
Issawi Fredj, an Arab deputy from the left-wing Meretz party, said the images were a sign that the country was heading towards "civil war".
Thousands of miles from the rockets and bombs, the ambassadors of Israel and Palestine have been waging their own diplomatic skirmishes at the United Nations. Both have sent widely shared letters condemning the actions of the other side as diplomats call the third emergency meeting on the crisis in the hopes of getting an official UN Security Council statement without another US veto.
The goal of a new meeting is "to try to contribute to peace ... and to have a Security Council able to express itself and to call for a ceasefire" a diplomat said.
Israel’s Ambassador Gilad Erdan condemned the Gaza militant group Hamas for launching hundreds of “murderous” and “indiscriminate” rockets into Israeli towns and cities while Palestinian envoy Riyad Mansour accused Israel of “unleashing all means of lethal military aggression against the defenceless Palestinian civilian population”.
US President Joe Biden on Thursday said that he was leading conversations with Israeli officials but also having discussions with “the Egyptians, Saudis and others” on “how we get to a point where there is a significant reduction in the attacks, particularly the rocket attacks that are indiscriminately fired into population centres.”
Finding an end to the fighting was, however, “a work in progress right now.”
With rockets still firing out of Gaza and air strikes pounding the strip, several international airlines cut flights to Israel and Tel Aviv airport – the only international terminal – cancelled most services.
“We saw a couple of rockets, so there is no reason for us to stay here,” Andre Valenta told The National as he travelled home to Dubai after cutting short a business trip.
Pros%20and%20cons%20of%20BNPL
%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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UAE currency: the story behind the money in your pockets
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
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arcus Ericsson (Sauber)
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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.”
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000