United Nations Secretary General Antonio Guterres at the Munich Security Conference in Germany. Getty Images
United Nations Secretary General Antonio Guterres at the Munich Security Conference in Germany. Getty Images
United Nations Secretary General Antonio Guterres at the Munich Security Conference in Germany. Getty Images
United Nations Secretary General Antonio Guterres at the Munich Security Conference in Germany. Getty Images

Guterres tells Munich Security Conference Gazans are suffering collective punishment


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Live updates: Follow the latest news on Israel-Gaza

Diplomats have converged on the southern Germany city of Munich in an attempt to make progress towards a ceasefire in Gaza, with high-level meetings between international powers and regional parties scheduled for Friday.

Speaking to get the Munich Security Conference under way, UN leader Antonio Guterres pinpointed the divisions between nations that seek their own gains over collective improvement, rendering the aggressors unaccountable for the damage felt around the world.

He lashed out at the suffering of Gazans and issued a call to stop the bloodshed by halting any plans for an offensive in Rafah. The area holds 1.5 million Gazans, many of whom fled there as Israel invaded after the October 7 attacks by Hamas.

“Nothing can justify the collective punishment of the Palestinian people in Israel’s military response,” he said.

“The situation in Gaza is an appalling indictment of the deadlock in global relations. The level of death and destruction is shocking in itself.

“The war is also spilling over borders across the region and affecting global trade. The humanitarian aid operation is now on life support. It is barely functioning.”

Mr Guterres added that a ceasefire and a return of the hostages taken on October 7 was the only path to scaling up humanitarian aid into the territory.

“Rafah is at the core of the entire humanitarian aid operation,” he said. “An all-out offensive on the city would be devastating for Palestinian civilians who are already on the edge of survival.”

Despite the harsh realities set out at the podium, officials gathered behind a tight security perimeter hope to hold a series of formal and informal talks to purse an understanding that would stop the bloodshed and alleviate the humanitarian crisis.

US Vice President Kamala Harris will also address the deadlock over fighting in Gaza when she speaks in the opening session. Ms Harris is scheduled to meet Iraqi Prime Minister Mohammed Shia Al Sudani and Israel's President Isaac Herzog.

The White House has described Ms Harris' address as a “major foreign policy speech” and comes as the US is heavily engaged in both crises in Ukraine and Gaza, and as concern swirls over an unspecified security threat from Russia that was raised earlier this week by US Representative and House Intelligence chairman Mike Turner.

A meeting between US Secretary of State Antony Blinken and a senior Chinese delegation leader is expected later on Friday. The Munich Security Conference said a similar encounter last year in Munich helped set the stage for talks between Washington and Beijing.

Forum director Christoph Heusgen said the Iranian and Russian governments had not been invited because they had not shown a serious interest in negotiations.

UK Foreign Secretary David Cameron is leading his country's delegation and will be holding regional meetings on Gaza over the course of Friday, before appearing on a panel on global economic security in the evening.

British Foreign Secretary David Cameron arrives for the Munich Security Conference. AP
British Foreign Secretary David Cameron arrives for the Munich Security Conference. AP

Ukrainian President Volodymyr Zelenskyy is expected to speak at the conference on Saturday after meetings on Friday with Germany and French leaders to sign mutual defence agreements almost two years since the start of the war with Russia.

Experts fear that EU aid alone to Ukraine must double to make up for a shortfall if the US fails to agree to a new round of military aid.

Current aid continues to be provided by a few big donors, including Nordic countries, as well as Germany and the UK, while most past backers have promised little or nothing new.

“This is a challenge, but ultimately a question of political will,” said Christoph Trebesch, research director at the Kiel Institute, a German institute that issued a report on the situation on Friday.

“The EU countries are among the richest in the world and, so far, they have spent not even 1 per cent of their 2021 GDP to support Ukraine.”

The report also noted “a large gap between promised and actual aid flows” from the EU and its member states.

Antony Blinken, the US Secretary of State, arrives at the Munich Security Conference in southern Germany.
Antony Blinken, the US Secretary of State, arrives at the Munich Security Conference in southern Germany.

The UN's High Commissioner for Refugees warned that a spillover of refugees from Gaza's Rafah into Egypt's Sinai would be a disaster.

“It would be a disaster for the Palestinians … a disaster for Egypt and a disaster for the future of peace,” Filippo Grandi said on Friday.

The Egyptian authorities had made clear that Palestinians should be assisted inside the enclave and had not asked the UNHCR to discuss possible contingency plans.

“The Egyptians said that people should be assisted inside Gaza and we are working on that,” he added.

Massive security

The three-day meeting is expected to feature more than 180 senior government representatives from all over the world, as well as hundreds of delegates and panellists.

Conference director Mr Heusgen has said that at least a quarter of the 250 people speaking at the 60 events come from the Global South, the highest share to date at the conference.

Munich police are protecting 50 heads of state and government, about 60 foreign ministers and more than 25 defence ministers, among others.

Three major rallies on issues such as Nato, climate change and Ukraine are expected on Saturday. Restrictions on air traffic cover a radius of 5.5km above the city centre, specifically for drone threats.

Munich Security Conference - in pictures

  • Israeli President Isaac Herzog, left, and American journalist David Ignatius at a panel talk. EPA
    Israeli President Isaac Herzog, left, and American journalist David Ignatius at a panel talk. EPA
  • Ukrainian President Volodymyr Zelenskyy and US Vice President Kamala Harris conclude a joint press conference at the Munich Security Conference. AP
    Ukrainian President Volodymyr Zelenskyy and US Vice President Kamala Harris conclude a joint press conference at the Munich Security Conference. AP
  • EU foreign affairs and security chief Josep Borrell speaks on the closing day of the annual conference in Munich. Bloomberg
    EU foreign affairs and security chief Josep Borrell speaks on the closing day of the annual conference in Munich. Bloomberg
  • Mr Zelenskyy and President of Azerbaijan Ilham Aliyev attend a bilateral meeting on the sidelines of the conference. EPA
    Mr Zelenskyy and President of Azerbaijan Ilham Aliyev attend a bilateral meeting on the sidelines of the conference. EPA
  • Alexander Stubb, Finland's president-elect, speaks on the closing day of the event. Bloomberg
    Alexander Stubb, Finland's president-elect, speaks on the closing day of the event. Bloomberg
  • A Ukrainian protest against Russia's invasion takes place outside the the Bayerischer Hof Hotel, the venue for the Munich Security Conference. EPA
    A Ukrainian protest against Russia's invasion takes place outside the the Bayerischer Hof Hotel, the venue for the Munich Security Conference. EPA
  • Mr Zelenskyy addresses a press conference in Munich. AP
    Mr Zelenskyy addresses a press conference in Munich. AP
  • Yulia Navalnaya, wife of late Russian opposition leader Alexei Navalny, attends the event. AFP
    Yulia Navalnaya, wife of late Russian opposition leader Alexei Navalny, attends the event. AFP
  • German Chancellor Olaf Scholz, right, and Iraqi Prime Minister Mohammed Shia Al Sudani at the conference. AFP
    German Chancellor Olaf Scholz, right, and Iraqi Prime Minister Mohammed Shia Al Sudani at the conference. AFP
  • From left, Armenian Prime Minister Nikol Pashinyan, Mr Scholz and Mr Aliyev. Reuters
    From left, Armenian Prime Minister Nikol Pashinyan, Mr Scholz and Mr Aliyev. Reuters
  • An anti-war demonstrator holds a banner with a list of names of Palestinians killed in the conflict between Israel and Hamas, outside the conference venue in Munich. Reuters
    An anti-war demonstrator holds a banner with a list of names of Palestinians killed in the conflict between Israel and Hamas, outside the conference venue in Munich. Reuters
  • Bavaria's state governor Markus Soder, left, and former US secretary of state John Kerry at a dinner reception at the Munich royal residence. Getty Images
    Bavaria's state governor Markus Soder, left, and former US secretary of state John Kerry at a dinner reception at the Munich royal residence. Getty Images
  • China's Foreign Minister Wang Yi and his German counterpart Annalena Baerbock arrive for a bilateral meeting. Getty Images
    China's Foreign Minister Wang Yi and his German counterpart Annalena Baerbock arrive for a bilateral meeting. Getty Images
  • US Representative and former speaker Nancy Pelosi in conversation. Getty Images
    US Representative and former speaker Nancy Pelosi in conversation. Getty Images
  • US Vice President Kamala Harris prepares to address the gathering. AP
    US Vice President Kamala Harris prepares to address the gathering. AP
  • UN Secretary General Antonio Guterres delivers the opening speech. EPA
    UN Secretary General Antonio Guterres delivers the opening speech. EPA
  • US Secretary of State Antony Blinken meets Indian Foreign Minister Subrahmanyam Jaishankar on the sidelines of the conference in Munich. Reuters
    US Secretary of State Antony Blinken meets Indian Foreign Minister Subrahmanyam Jaishankar on the sidelines of the conference in Munich. Reuters
  • The three-day meeting featured more than 180 senior government representatives from all over the world. EPA
    The three-day meeting featured more than 180 senior government representatives from all over the world. EPA
  • German Finance Minister Christian Lindner, left, Argentinia's Foreign Minister, Diana Mondino, second left, and Greek Prime Minister Kyriakos Mitsotakis, right, take part in a townhall at the conference. Reuters
    German Finance Minister Christian Lindner, left, Argentinia's Foreign Minister, Diana Mondino, second left, and Greek Prime Minister Kyriakos Mitsotakis, right, take part in a townhall at the conference. Reuters
  • From left, European Commission President Ursula von der Leyen, Bavarian state premier Markus Soder and Nato Secretary General Jens Stoltenberg address the opening session. AP
    From left, European Commission President Ursula von der Leyen, Bavarian state premier Markus Soder and Nato Secretary General Jens Stoltenberg address the opening session. AP
  • A sniffer dog checks a car for explosives in front of the conference venue. EPA
    A sniffer dog checks a car for explosives in front of the conference venue. EPA
  • Britain's Foreign Secretary David Cameron arrives at the Bayerischer Hof. AFP
    Britain's Foreign Secretary David Cameron arrives at the Bayerischer Hof. AFP
  • Workers check the security barriers. Bloomberg
    Workers check the security barriers. Bloomberg
  • German police officers patrol the area surrounding the conference venue. EPA
    German police officers patrol the area surrounding the conference venue. EPA

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.”

COMPANY%20PROFILE
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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

The years Ramadan fell in May

1987

1954

1921

1888

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

'Cheb%20Khaled'
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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

STAR%20WARS%20JEDI%3A%20SURVIVOR
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Respawn%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Electronic%20Arts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Playstation%205%2C%20Xbox%20Series%20X%20and%20S%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

UAE Falcons

Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Envi%20Lodges%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3ESeptember%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Noelle%20Homsy%20and%20Chris%20Nader%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Hospitality%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%20to%2015%0D%3Cbr%3E%3Cstrong%3EStage%20of%20investment%3A%20%3C%2Fstrong%3ESeries%20A%3C%2Fp%3E%0A
The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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 
Updated: February 16, 2024, 1:23 PM