RAMALLAH, WEST BANK // Hamas officials yesterday dismissed Israeli threats of a major Gaza invasion after a senior Israeli minister warned of "another military operation" on Israel army radio.
The threat came after Israeli warplanes and helicopters struck half a dozen targets around the Gaza Strip in the early hours yesterday. Palestinian sources say the missiles struck a metal workshop, farms, a guardhouse and a cheese factory.
In the latter strike, in Sabra, a residential neighbourhood of Gaza City, three children, Malak Mas'ad al Arabid, one, her brother Sa'ad, four, and Abdul Rahman Sarsur, 11, a cousin, were injured.
The strikes mark a further deterioration of the calm along the Gaza border that has otherwise held, by and large, for more than a year since Israel's offensive there in late December 2008.
By general consensus, the calm has been well enforced by Hamas, but in the last week there have been a number of skirmishes between Palestinian fighters and the Israeli army, notably last Friday, when an Israeli military incursion into Gazan territory resulted in a clash that left two Palestinians and two Israeli soldiers dead.
On Tuesday, a Palestinian teenager was killed and several others were wounded as Israeli troops fired on protesters near the border of the blockaded territory.
The Israeli army said the air strikes early yesterday came in retaliation for a mortar strike on Thursday from Gaza into Israel that no Palestinian group claimed responsibility for and in which no one was injured.
Another homemade rocket was launched yesterday after the Israeli strikes. Again no injuries were reported.
Silvan Shalom, Israel's deputy prime minister, warned yesterday that the military would launch a new offensive on the Gaza Strip unless the rocket fire ended.
"If this rocket fire against Israel does not stop, it seems we will have to raise the level of our activity and step up our actions against Hamas," Mr Shalom told army radio.
"We won't allow frightened children to again be raised in bomb shelters and so, in the end, it will force us to launch another military operation."
But Ahmed Yousef, deputy foreign minister in the Hamas government, said he did not believe Israel was interested in any major escalation at a time of US-Israeli tensions, heightened international scrutiny of Israel as a result of the Goldstone report into its army's conduct during the 2008-2009 Gaza war, as well as a desire to keep the international community focused on Iran.
He said yesterday's strikes were partly domestic Israeli politics, a signal by the current government to Israelis that it had acted to avenge its two slain soldiers, killed in last Friday's clash. Partly, they were an attempt at provoking Hamas.
"I think Israel is just trying to test Hamas's intentions and capabilities after a long calm," Mr Yousef said yesterday. "I think Israel misinterpreted Hamas's willingness to keep Gaza calm as a sign of weakness."
In a statement issued a few hours after the air strikes, Ismail Haniyeh, the Hamas prime minister, said Hamas had contacted the other Palestinian factions in Gaza to confirm support for the "internal consensus", meaning a continued commitment to the truce.
Mr Yousef said there continued to be co-operation between the Palestinian groups to "co-ordinate any reaction to Israeli incursions or aggression".
But they would "remain careful in their reactions and would remain wary of providing Israel justification to escalate the situation".
The tension along the Gaza border has coincided with growing friction in the West Bank.
Yesterday, a Palestinian woman was killed when her car was struck by a settler's car, near Ramallah. The Israeli police said the collision was an accident, but Palestinian witnesses told the Maan news agency that it had been deliberate.
The incident came as settlers across the West Bank marked the Jewish Passover holiday.
@Email:okarmi@thenational.ae
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
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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.”
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Red cards Cahill, Fabregas (Chelsea)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Killing of Qassem Suleimani
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
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
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5