The Arab League on Thursday called for an international investigation into Israel's killing of dozens of protesters on the Gaza border as its foreign ministers met in Cairo to discuss their response.
"We call for a credible international investigation into the crimes committed by the occupation," Arab League chief Ahmed Abul Gheit said at an extraordinary meeting of the bloc to discuss the violence, called at the request of Saudi Arabia.
Nearly 60 Palestinians were shot dead on Monday during protests coinciding with the opening of the US embassy in Jerusalem. It was the deadliest single day of Israeli-Palestinian violence since the 2014 war between Israel and Hamas, which rules Gaza.
"We are facing a state of blatant aggression against international law and legitimacy which was embodied by the US embassy's transfer in the occupying state to Jerusalem," Mr Abul Gheit said.
Altogether Israeli forces have killed some 116 Palestinians since protests along Gaza's border with Israel began six weeks ago. One Israeli soldier was reported wounded. Tens of thousands have taken part in the protests calling for Palestinian refugees to be able to return to homes now inside Israel.
The Palestinian Foreign Minister Riyad Al Maliki called for Arab countries to recall their ambassadors to the United States in response to Washington moving its embassy to Jerusalem.
"There is no harm in Arab states collectively recalling their ambassadors in Washington to their capitals for consultations," Mr Al Maliki said in Cairo.
He also suggested that members of the Arab League summon US ambassadors "to remind them of the Arab rejection" of the US move, which was made despite near universal consensus that the final status of the city should be decided in a final peace settlement between the Palestinians and Israel.
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Read more:
[ US ambassador walks out on Palestine at UN ]
[ Palestinians left with only protests, and their bloody consequences ]
[ Stars protest Gaza deaths at Cannes Film Festival ]
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Palestinians are seeking East Jerusalem, which Israel captured in the 1967 Arab-Israeli war and later annexed in a move not recognised by the international community, as the capital of their future state.
Meanwhile, Turkish President Recep Tayyip Erdogan will on Friday host an emergency summit in Istanbul of the world's main pan-Islamic body, the Organisation of Islamic Cooperation (OIC), which he said would send a "strong message to the world".
Mr Erdogan, who also announced plans for a pro-Palestinian rally, has exchanged bitter accusations with Israeli Prime Minister Benjamin Netanyahu, calling Israel an "apartheid state" and ordering the country's ambassador to Turkey to leave.
The protests along the Gaza-Israel border began on March 30 and were supposed to end on May 15, but Hamas officials have said they want them to continue.
Israel hit a Hamas base in an air raid Thursday, saying gunfire from Gaza had targeted its soldiers and damaged a house. No injuries was reported on either side.
The Israeli army said it struck "targets belonging to Hamas in the northern Gaza Strip, including terrorist infrastructure and weapons-making facilities".
Palestinian security sources told Agence France-Presse the target was a Hamas base.
The Arab foreign ministers' meeting in Cairo came after Egyptian President Abdel Fattah El Sisi on Wednesday said his government was communicating with both sides "so that this bloodshed would stop".
Israel has rejected criticism over Monday's violence, with the United States strongly backing its ally and blaming Hamas for the deaths.
Calls for an independent probe into the deaths have come from many sides, including Britain, Germany, Canada and Switzerland.
UN Secretary General Antonio Guterres and the European Union have also called for an independent investigation.
Israel accuses Hamas, with whom it has fought three wars since 2008, of seeking to use the demonstrations as cover for violence.
It says those approaching the fence have used explosive devices and firebombs, while soldiers have been shot at.
Palestinians and rights groups say protesters are being shot despite posing no threat to Israeli soldiers on the other side of the heavily guarded fence.
Hamas denies Israeli accusations of orchestrating the demonstrations, saying it supports them but that they were organised independently.
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Read more: Wherever we go, whatever we have achieved, Palestinians can never forget our homeland
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Diriyah project at a glance
- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
UAE currency: the story behind the money in your pockets
Company profile
Name: Yabi by Souqalmal
Started: May 2022, launched June 2023
Founder: Ambareen Musa
Based: Dubai
Sector: FinTech
Initial investment: undisclosed but soon to be announced
Number of staff: 12
Investment stage: seed
Investors: Shuaa Capital
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
The years Ramadan fell in May
More on animal trafficking
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 PROFILE
Date started: 2020
Founders: Khaldoon Bushnaq and Tariq Seksek
Based: Abu Dhabi Global Market
Sector: HealthTech
Number of staff: 100
Funding to date: $15 million
WHAT ARE THE PRODUCTS WITHIN THE THREE MAJOR CATEGORIES?
Advanced materials: specifically engineered to exhibit novel or enhanced properties, that confer superior performance relative to conventional materials
Advanced components: includes semiconductor components, such as microprocessors and other computer chips, and computer vision components such as lenses and image sensors
Advanced products: includes personal electronics, smart home devices and space technologies, along with industry-enabling products such as robots, 3D printing equipment and exoskeletons
Source: Strategy&
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
More on Palestine-Israeli relations
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
BLACKBERRY
Director: Matt Johnson
Stars: Jay Baruchel, Glenn Howerton, Matt Johnson
Rating: 4/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 7-speed dual-clutch auto
Fuel consumption: 10.5L/100km
On sale: Now
Price: From Dh129,999 (VX Luxury); from Dh149,999 (VX Black Gold)
RESULTS
6.30pm Al Maktoum Challenge Round-2 – Group 1 (PA) $49,000 (Dirt) 1,900m
Winner RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm Al Bastakiya Trial – Conditions (TB) $50,000 (D) 1,900m
Winner El Patriota, Vagner Leal, Antonio Cintra
7.40pm Zabeel Turf – Listed (TB) $88,000 (Turf) 2,000m
Winner Ya Hayati, Mickael Barzalona, Charlie Appleby
8.15pm Cape Verdi – Group 2 (TB) $163,000 (T) 1,600m
Winner Althiqa, James Doyle, Charlie Appleby
8.50pm UAE 1000 Guineas – Listed (TB) $125,000 (D) 1,600m
Winner Soft Whisper, Frankie Dettori, Saeed bin Suroor
9.25pm Handicap (TB) $68,000 (T) 1,600m
Winner Bedouin’s Story, Frankie Dettori, Saeed bin Suroor
UPI+facts
More+than+2.2+million+Indian+tourists+arrived+in+UAE+in+2023
More+than+3.5+million+Indians+reside+in+UAE
Indian+tourists+can+make+purchases+in+UAE+using+rupee+accounts+in+India+through+QR-code-based+UPI+real-time+payment+systems
Indian+residents+in+UAE+can+use+their+non-resident+NRO+and+NRE+accounts+held+in+Indian+banks+linked+to+a+UAE+mobile+number+for+UPI+transactions
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
'Falling for Christmas'
Director: Janeen Damian
Stars: Lindsay Lohan, Chord Overstreet, Jack Wagner, Aliana Lohan
Rating: 1/5
COMPANY PROFILE
Company name: 3S Money
Started: 2018
Based: London
Founders: Ivan Zhiznevsky, Eugene Dugaev and Andrei Dikouchine
Sector: FinTech
Investment stage: $5.6 million raised in total
Company profile
Name:+Dukkantek
Started:+January 2021
Founders:+Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based:+UAE
Number of employees:+140
Sector:+B2B Vertical SaaS(software as a service)
Investment:+$5.2 million
Funding stage:+Seed round
Investors:+Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
