RAMALLAH // Israel agreed to allow two boats to dock in Gaza yesterday in what activists on board called a "historic occasion" that they vowed to turn into a "regular passage from Gaza to the outside world".
"Everybody is ecstatic," said Jeff Halper, from aboard one of the two vessels, the 20-metre Free Gaza and the 18m Liberty, that set sail for Gaza on Friday from Cyprus. "We broke the siege," he said.
Throughout yesterday it appeared that Israel would not allow the two boats to enter waters near the coastal strip that has been under an Israeli blockade since 2007.
Early in the day, activists on board said their navigation system had failed and blamed "electronic piracy", suggesting that Israel had jammed their communications network.
On Friday, the Israeli foreign ministry had issued a tough-worded statement warning the Free Gaza organisation, the group behind the action, that Israel would "make sure this provocation does not take place" and that "all options are being considered".
Reports from Gaza suggested the Israeli navy had deployed and could prevent the boats from reaching the strip.
But late yesterday, Israel appeared to backtrack and said the 46 activists, carrying humanitarian aid including hearing aids for Palestinian children, could disembark in Gaza, where they were greeted by hundreds of cheering Palestinians.
"We decided to allow the boats to reach [Gaza's shores]," said Aviv Shir-on, a spokesman for the Israeli foreign ministry, who said there was no contradiction with Friday's statement. "They were looking for a media-escorted provocation and they didn't get it."
Mr Halper, the only Israeli-Jewish activist participating, said the action was a victory for "people power".
"I think it is a historic occasion," he said just after the two boats entered Gazan waters. "I think it shows people power and I think it should give hope to people all over the world under oppression that there are people out there and you can achieve things."
Israel has led an international boycott of Gaza since Hamas seized power in the territory in June 2007. Trade crossing between Gaza and Israel are closed to all but basic humanitarian supplies, causing widespread shortages of fuel, electricity and basic goods in Gaza and decimating the local economy.
Egypt, under Israeli pressure, also sealed their passenger crossings, confining Gaza's 1.5 million residents to the tiny strip of land. Only a trickle of people, 900 in July according to the United Nations, are allowed to leave Gaza for medical care, jobs abroad and the annual Muslim pilgrimage to Saudi Arabia.
Among those seeking to leave Gaza is Wael Aldayan, 34, a lecturer at Gaza's Islamic and al Azhar universities. Mr Aldayan was granted a full scholarship by the Ford Foundation to attend Bradford University in the UK but has, along with an estimated 900 other Gazan students, yet to receive an Israeli permit to leave the Gaza Strip.
Awaiting the arrival of the two boats from Cyprus at the Gaza harbour yesterday, along with hundreds of other Palestinians, Mr Aldayan spoke of his joy that the boats would make it through.
"We have to try to challenge this siege," he said. "[The Free Gaza mission] is important to spread information about the siege [on Gaza], and to send a message to the international community to end this siege."
The Free Gaza mission is primarily a political exercise to focus attention on the situation in Gaza, said activists, though they brought 200 hearing aids to distribute to Gazan children. Before they left the port in Larnaca on Friday, campaigners ensured their boats were thoroughly vetted by the Cypriot authorities to confirm they were carrying no arms.
In turn, with the activists nervous of a possible sabotage attempt by Israeli agents, Cypriot police frogmen checked underneath the boats for explosives.
"It's a victory to be leaving the port without being sabotaged," said Adam Qvist, a 22-year-old Dane, the youngest activist.
As the boats set sail, one disconsolate supporter waved them on from the dock. Hedy Epstein, a diminutive 84-year-old Holocaust survivor from St Louis, Missouri was due to be on the voyage and had even learnt to swim recently, but she suffered a setback to her health this week.
"My heart is breaking because I'm not on the boat but my spirit will be with the passengers and the people in Gaza," she said on Friday.
From aboard ship yesterday, Mr Halper said the Free Gaza Group would now seek to open a "regular passage from Gaza to the rest of the world".
"If they didn't turn away the first two boats, why would they stop others?"
Mr Halper also said the two boats would seek to take back with them students like Mr Aldayan who had secured visas and scholarships to foreign universities.
"We are going to take out students who have visas but can't leave because Israel won't allow them."
Told of this, Mr Aldayan was delighted. "I will be the first one on board," he said.
Mr Shir-on, of the Israeli foreign ministry, meanwhile, said Israel had not yet taken a decision as to what would happen when the two boats try to leave.
@email:okarmi@thenational.ae
* With additional reporting by Michael Theodoulou in Larnaca, Cyprus
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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.”
SCHEDULE
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Friday, December 7
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