NAZARETH // Four years since Hamas's success in the Palestinian elections, a period during which there has been a crippling Israeli siege of Gaza; fruitless negotiations for the release of an Israeli soldier captured three years ago; ineffectual reconciliation talks between the rival Palestinian factions Hamas and Fatah; and the inconclusive Israeli offensive itself, known as Operation Cast Lead, Israel signalled last week that it finally had a winning card in its hand.
From May, the first batteries of "Iron Dome", a missile defence system developed at a cost of US$200 million (Dh734m) to intercept short-range rockets, will be installed around Gaza. Some Israeli officials have suggested the Iron Dome heralds the imminent demise of the Hamas rocket threat to Israeli communities close to Gaza.
Militant groups in Gaza, by contrast, have done their best to remain defiant. A spokesman for Islamic Jihad declared last week to Maan, a Palestinian news agency, that the rocket defence system "cannot stop the projectiles of the resistance", as it launched sustained volleys of rockets and shells into Israel for the first time since Cast Lead. Ehud Barak, Israel's defence minister, accused Hamas of turning a blind eye to this activity.
But a major question mark hangs over the Israeli project, even supposing it turns out to be true that Iron Dome successfully shot down rockets fired in a live test this month: does it make economic sense for Israel to try to destroy home-made rockets when each interception costs an estimated $100,000?
Military analysts reckon that, in addition, Israel will be forced to spend $1 billion on the 20 batteries needed to protect Israeli communities next to Gaza and those in Israel's north that are in the line of Hizbollah's fire from Lebanon. That cost would rise rapidly should Hamas and Hizbollah extend the reach of their arsenal, or if groups in the West Bank begin launching rockets, too.
Israel's siege of Gaza, which has denied all but the most essential humanitarian items to the Palestinian population, could quickly be matched by a Hamas war of attrition against Israel's defence budget - at a time when Israel is pondering expensive military adventures further afield, such as in Iran.
Nonetheless, signs of unease have become apparent in Gaza over the past week. Militant groups have again risked engaging in serious clashes with Israel. On Sunday, Israel claimed that more than 20 rockets and mortar shells had been fired out of Gaza, while Palestinian sources said at least eight Palestinians, including a 14-year-old boy, had been killed in Israeli air strikes. More mortar shells were fired on Monday.
Israel is hoping that this is little more than a show of strength by Gazan militants who are concerned that their hand is weakening. Israel has significantly tightened its chokehold on the enclave, which is already gasping from the long-standing ban on the entry of most goods.
Before the Iron Dome, one of Israel's most significant moves has been forcing Palestinians to abandon productive rural land in Gaza, much of it situated just inside the fence that surrounds the Strip.
According to Palestinian officials, Gaza once produced half of its own food, with one-quarter of its 1.5 million inhabitants dependent on agriculture. Today, about half of this land is no longer usable. Some of it was destroyed by the Israeli army during Cast Lead. Other areas, according to Italian researchers last week, have been contaminated with toxic metals from Israeli munitions. And yet more land is off limits because it falls within a buffer zone of 300 metres Israel has declared inside the perimeter fence, as a leaflet drop last week by the Israeli air force reminded Gazans. Farmers say in practice the zone often extends much deeper into the enclave.
As Gaza's chief means of subsistence has been steadily eroded, the lifeline provided by hundreds of smuggling tunnels from Egypt into Rafah, under the one border not controlled by Israel, has come under imminent danger of being severed, too.
Sealing the Rafah border was one of the main goals of Operation Cast Lead, but Israeli aerial bombardments only had limited success in destroying the tunnels there. Instead, Egypt is building a steel wall underground in an attempt to foil the smugglers. Although Cairo is taking the flak for the wall's construction, and has its own interests in punishing Hamas, the forces behind the scheme are almost certainly Israel and the United States. US engineers are reported to be providing the technical expertise to make the wall as effective as possible.
Another wall, this one to be built by Israel along the border with Egypt immediately south of Gaza, was announced this week. Although chiefly intended to stop the flow of refugees and illegal immigrants reaching Israel, it is also aimed "to turn the screws on Hamas" by blocking the only way into Israel for terror attacks, Yaakov Katz, an analyst with the Jerusalem Post newspaper, argued yesterday.
This significant ratcheting up of pressure, including the Dome anti-rocket system, is designed to send a message to Gaza: that Hamas has nothing to gain, and everything to lose, from resisting Israel's occupation, and that ordinary Gazans should turn their back on the Islamic movement.
But there is also a message for Hamas's rivals in the West Bank. Mahmoud Abbas, the Palestinian president, and his Fatah supporters are being daily reminded that their own chances of extracting significant concessions from Israel - through a policy of quietism - are even more anaemic than Hamas's.
The hope in Israel is that sooner or later Mr Abbas, or his successor, will realise there is no choice but to sign up to whatever territorial crumbs of the West Bank Israel is prepared to concede as a Palestinian state.
foreign.desk@thenational.ae
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MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
Results
Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.
Flyweight (52kg): Zoirov Shakhobidin (UZB) beat Amit Panghol (IND) 3-2.
Bantamweight (56kg): Kharkhuu Enkh-Amar (MGL) beat Mirazizbek Mirzahalilov (UZB) 3-2.
Lightweight (60kg): Erdenebat Tsendbaatar (MGL) beat Daniyal Shahbakhsh (IRI) 5-0.
Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.
Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.
Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.
Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.
Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.
Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
UAE currency: the story behind the money in your pockets
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The%20specs
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UAE currency: the story behind the money in your pockets
Company%C2%A0profile
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UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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.”
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
UAE currency: the story behind the money in your pockets
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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