Workers load supplies on to a cargo ship at the Lavrio port, about 60 kilometres southeast of Athens, Greece, on Friday, July 9, 2010.
Workers load supplies on to a cargo ship at the Lavrio port, about 60 kilometres southeast of Athens, Greece, on Friday, July 9, 2010.

Gaza aid ship prepares to set sail



LAVRIO, GREECE // A ship commissioned by a Libyan charity organisation made preparations today to set sail to Gaza loaded with aid. It comes over a month after Israel raided Gaza-bound ships, killing eight Turks and a Turkish-American on one of them. The flotilla was trying to break Israel's blockade on Gaza. The Moldova-flagged cargo ship Amalthea will leave by Saturday from the port of Lavrio, south of Athens, carrying 2,000 tons of food and medical supplies, according to officials from the organisation. There will be 27 people on board.

Amalthea's journey to Gaza is expected to take up to 80 hours. Aid on the Amalthea includes sacks of rice and sugar, and corn oil and olive paste - all mostly donated from Greek companies and charities, organisers said. The aid was loaded into the hull of the aging vessel by crane. "I am scared, but our lives are in God's hands," head volunteer Adburaufel Jaziri said. "Our job is to help anyone who needs it. We don't care if they are Catholics or Muslims or whatever. Now we are helping the people of Gaza who are suffering."

Israel "can check our cargo and certificates, of course they are free to do this," Mr Jaziri said. "If we cannot deliver the aid, we will let (Israel) deliver it." The Israeli military would not comment on the Libyan ship. Israel's policy has been to offer ships of this type the option of docking at an Israeli port, after which Israel will screen the goods aboard and transfer them into Gaza by land.

Humanitarian aid is allowed into Gaza through land crossings and the Israeli government had increased the flow of goods into the Palestinian territory last week, Israeli foreign ministry spokesman Andy David said. "All humanitarian aid goes in freely, therefore the Libyan intention is nothing more than a cheap provocation," he said. In addition to 15 volunteers - all from Libyan except for a Nigerian and one Moroccan - the ship has a crew of 12 from Cuba, Haiti, India, and Syria.

The head of the Gadhafi International Charity and Development Foundation said the people of Gaza are facing a "humanitarian catastrophe" unless they receive urgent aid. "We call on the international community to support this initiative," Youdsef Rawani said. "If swift and urgent help is not given there will be tragic consequences for the people of Gaza." In Gaza, activists and officials involved in previous Gaza-bound sails said they were not contacted by the organisers of the voyage of the Libyan vessel.

"There will be communication, starting in the next 24 hours," said Riyad al-Bitar, a member of a Hamas government committee for ending the blockade. "They didn't inform us of anything. We only learned about it indirectly." Israel's deadly raid on May 31 provoked international outrage. Israel says its naval commandos were acting in self-defence after being attacked by pro-Palestinian activists. Five ships were commandeered without incident, but some of the 600 activists on board the Mavi Marmara, owned by a Turkish Islamic charity, actively resisted, and the soldiers opened fire.

The soldiers, seven of whom were wounded, said their lives were in danger. Activists called their actions self-defence. * AP

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.”

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Company profile

Name: Tharb

Started: December 2016

Founder: Eisa Alsubousi

Based: Abu Dhabi

Sector: Luxury leather goods

Initial investment: Dh150,000 from personal savings