Palestinian fishermen ride boats at the seaport of Gaza City February 18, 2019. REUTERS/Mohammed Salem
Palestinian fishermen ride boats at the seaport of Gaza City February 18, 2019. REUTERS/Mohammed Salem
Palestinian fishermen ride boats at the seaport of Gaza City February 18, 2019. REUTERS/Mohammed Salem
Palestinian fishermen ride boats at the seaport of Gaza City February 18, 2019. REUTERS/Mohammed Salem

Gaza sea restrictions loosened as Egypt-led talks between Israel and Hamas progress


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Israeli Prime Minister Benjamin Netanyahu is viewed as wanting to avoid a severe escalation before April 9 election

Gaza’s sea restrictions imposed by Israel were loosened to the largest distance in years on Monday as Egyptian-led talks between the enclave’s rulers Hamas and Israel progressed.

Hamas said that the Egyptian-led talks involved relaxing Israel’s decade-long siege in return for calm on Israel’s border.

Israel has not commented on the negotiations. Prime Minister Benjamin Netanyahu is widely seen as wanting to avoid a severe escalation in the Gaza Strip ahead of April 9 Israeli elections.

"The fishing zone in the Gaza Strip has been expanded to a maximum of 15 nautical miles (28 kilometres)," said Cogat, the Israeli defence ministry unit that oversees such regulations.

It did not say in which areas the zone would extend to 15 nautical miles. Israel has in the past extended the distance in certain areas but not others.

The distance is the largest allowed in years by Israel, which has fought three wars with Palestinian militants in the enclave and has blockaded it for more than a decade, said Miriam Marmur, spokeswoman for Gisha, an NGO that monitors restrictions on Gaza.

She however noted that it remains short of the 20 nautical miles agreed to under the Oslo accords of the 1990s.

The distance has fluctuated in recent years from between three nautical miles up to 12 in certain areas.

The relaxation of the sea blockade comes after a week-long trading of fire between the Israeli military and Palestinian groups that threatened to spark another conflict between the two.

A long-distance rocket fired from the territory injured seven Israelis near Tel Aviv last week. Israel then carried out dozens of air strikes on Hamas positions. Hamas denied any responsibility in the rocket fire but Israel holds the group responsible for any military action that emanates from the enclave.

On Saturday, tens of thousands of Palestinians protested on the Gaza border to mark the one-year anniversary of the Great March of Return rallies began to oppose Israel’s siege. Nearly 200 Palestinians have been killed by Israeli fire since March 30 last year, while one Israeli soldier was killed last summer by a Palestinian sniper in Gaza.

Four Palestinians were killed on Saturday during protests and clashes, but unrest was limited and fears of mass bloodshed were averted after Egyptian-led negotiations.

Mr Netanyahu, accused by far-right rivals of being too soft on Hamas, said on Sunday he ordered Israeli forces to remain at "full strength" along the Gaza frontier.

But in public remarks on Thursday, he said Israel would would only undertake a broad military campaign in Gaza after exhausting all other options. Hamas and Israel last fought a war in 2014.

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Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

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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Ms Yang's top tips for parents new to the UAE
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  2. Look beyond school fees
  3. Keep an open mind
The biog

Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha

Favourite book: One Hundred Years of Solitude

Holiday destination: Sri Lanka

First car: VW Golf

Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters

Driverless cars or drones: Driverless Cars

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail

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Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

UAE currency: the story behind the money in your pockets