TEL AVIV // Three weeks after launching its biggest-ever assault in the Gaza Strip, which has killed more than 1,150 Palestinians so far, Israel announced yesterday it is halting its attacks in a unilateral ceasefire in the impoverished territory without entering into any deal with Hamas.
Israel's 12-member security cabinet decided in a late-night meeting that the onslaught will stop, but that Israeli troops will remain in Gaza for a limited time while Egypt mediates a long-term truce with Hamas, and will return fire if attacked.
After a meeting of the security cabinet, Prime Minister Ehud Olmert said he was calling an immediate end to offensive operations but added that troops would stay in Gaza for the time being with orders to return fire if attacked.
"At 2:00 in the morning (0000 GMT) we will stop fire but we will continue to be deployed in Gaza and its surroundings," Olmert said in a speech after the vote.
"We have reached all the goals of the war, and beyond," he added.
"If our enemies decide to strike and want to carry on then the Israeli army will regard itself as free to respond with force."
In recent days, Israeli leaders had weighed a proposal by Egypt that called for a ceasefire that would be followed by a long truce and the opening of Gaza's border crossings.
Officials of Hamas said yesterday that as long as Israeli troops are in Gaza, violence will not be stopped. Osama Hamdan, the group's representative in Lebanon, was quoted by Agence France-Presse as saying: "As long as [Israel] remains in Gaza, resistance and confrontation will continue."
Israel's announcement prompted Egypt to invite several world leaders - including from France, Germany, Britain and Turkey - as well as Ban Ki-moon, the UN secretary general, and Mahmoud Abbas, the Palestinian president, for a hastily planned summit on the Gaza conflict in the Red Sea resort of Sharm el Sheikh today.
Israel has said its main objectives in the onslaught are to hinder the ability of Hamas and other Gaza militant factions to fire rockets on its southern communities, including by halting the smuggling of arms through tunnels from Egypt into Gaza.
Since its assault began on Dec 27, Israel has blown up hundreds of tunnels on the Gaza-Egypt border, but Israeli leaders are worried that smugglers will dig up new routes once the fighting subsides. However, the Egyptian government maintains that the tunnels are mainly used for food and that most weaponry was smuggled in by sea.
Hamas has demanded Israel pull out its forces from Gaza and end its blockade of the territory by opening the country's border crossings with the enclave. Israel has imposed a near-total blockade on Gaza - which included preventing the shipments of such basic supplies as fuel, medicines and food products - since Hamas took control of the territory in June 2007 by routing the rival Fatah faction. In return for lifting the siege, Hamas officials last week offered a one-year renewable ceasefire.
The security cabinet's decision followed a flurry of separate meetings in the past few days between delegations of Israel and of Hamas with Egyptian officials in Cairo. Amos Gilad, a senior defence ministry official who was in Cairo for the talks, is said to have returned with a favourable account of Hamas's intentions on accepting the terms of the Egyptian plan and of Egypt's pledges to act against arms-smuggling into Gaza.
The cabinet's vote emerged one day after Israel signed a "memorandum of understanding" with the United States on efforts to halt Hamas's arms-smuggling. The agreement was signed in Washington by Tzipi Livni, Israel's foreign minister, and Condoleezza Rice, the US secretary of state, and called for the United States to help track and hinder smugglers attempting to supply Hamas with rockets and other munitions. Yesterday, Britain, France and Germany also said they would help prevent smuggling.
The Israeli campaign has left more than 1,150 Palestinians dead and over 5,300 injured in the tiny, densely populated enclave of 1.5 million Palestinians. During the operation, 10 Israeli soldiers were killed while three civilians died from rocket fire.
Just hours before the Israeli vote on the withdrawal of troops yesterday, the army continued to pound Hamas targets in Gaza. The attacks included the shelling of a UN school where Palestinian refugees were taking shelter from the fighting. The strike - the latest in a series of hits on UN installations in Gaza since Israel's operation began - killed at least two Palestinians - a woman and a child - and drew sharp criticism from the United Nations.
The onslaught threatened to unravel delicate ties with some Arab countries, with Qatar - the only Gulf Arab state with a relationship with Israel - announcing on Friday that it would request that Israel shut its trade office in Doha. Some Arab and Muslim leaders called for a suspension of the Arab Peace Initiative. That plan, approved in 2002, offered to normalise relations with Israel in return for its complete withdrawal from all occupied territories and a just solution of the issue of Palestinian refugees.
vbekker@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
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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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What can you do?
Document everything immediately; including dates, times, locations and witnesses
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In criminal cases, you can contact the police for additional support
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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
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
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Sunday, October 1
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When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5