RAFAH, EGYPT // One day after the Egyptian government opened its border with the Gaza Strip, hundreds of Palestinians were still waiting to leave their isolated coastal enclave.
Egypt decided to temporarily open its border with Gaza on Tuesday in response to Israel's deadly attacks early this week on a flotilla of aid ships that were trying to breach Israel's three-year-old blockade.
The opening of the border at Rafah may indicate that Egypt has reached the limits of its patience with Israel's blockade of the Gaza Strip - a policy with which Egypt has collaborated since Hamas took control there in 2007.
"I see this as a capitulation on the part of Egypt," wrote Nadim Shehadi, an associate fellow at Chatham House, a London-based think tank, in an e-mail yesterday. "It is an indication of how negative the impact of Israeli action is on countries that have a peace treaty with it. Egypt has been adamant about this for over four years and has paid a high price for its position. This became untenable after last weekend."
For most of yesterday, the scene at the border remained placid, as Palestinians trickled through in small groups. Security officials reported that by 4pm - two hours before the border station closed - more than 500 Palestinians had been allowed passage into Egypt.
Those who were allowed through reported that several hundred people were still waiting on the Gaza side of the border.
The security official blamed the delays on the Hamas authorities who he said were "disorganised" and were allowing people to approach the border without the proper documentation.
Those in need of medical care were among the first to be processed. Mohammed Badie, a confectioner from Gaza, was on his way to Cairo yesterday with his wife and two daughters to seek treatment for recurring heart attacks and his wife's back problems. Neither has seen a doctor since last summer, when Palestinian officials gave him a rare permission to visit an Israeli hospital.
"We wish such a crisis had never happened, but we actually took advantage of this decision by the president of Egypt. We were very lucky," said Mr Badie, as local bedouin luggage carriers wrestled with each other to carry his baggage. "A person who has a heart attack in Gaza is as good as dead."
Israel's attacks on the flotilla, which according to the most recent reports killed nine pro-Palestinian activists, have attracted the sort of global opprobrium that recalls Israel's three-week assault on Gaza in December 2008 and January 2009.
During last year's air and ground attacks, Egypt elected to keep its border with Israel shut, even as casualties mounted among Palestinian civilians. That decision came at a high diplomatic price for Egypt, which has seen its influence in the Arab world wane as new players - many of whom are more willing to co-operate with political Islamists such as Hamas - take on more influential roles.
But as the tone and tenor of the international community's outrage sharpened again this week, Egypt may have decided it can no longer collaborate with an Israeli security policy that so frequently violates international norms on human rights.
"Egypt is taking the right stance. It is responding to international demands" to relieve the plight of the Palestinians, said Abdul Raouf el Reedy, a foreign policy expert and a former Egyptian ambassador to the United States.
Egypt hopes that opening the border to allow aid and supplies into the Gaza Strip will relieve some of the Palestinians' suffering and may avert further violence, he added. "Egypt does not want to have more bloodshed, either on the borders or on the sea." Other observers, however, took a more cynical view of Egypt's motives and the level of help the Egyptian government will be willing to provide the Palestinians.
"Opening the borders, I think, will be temporary to only absorb the rage and anger," said Mohammed Habib, a spokesperson for the Muslim Brotherhood, an Egyptian Islamist opposition political group. Mr Habib said two Brotherhood members of parliament were among the 10 Egyptians on board the flotilla this week. "Egypt just wants just to pass this critical situation and after that, everything will return as it used to be between Egypt and Israel."
The same state of normality, he might have said, that has persisted for several generations. Among the littered baggage and chaotic comings-and-goings at the Rafah crossing yesterday was Raisa Falouna, 75, who was en route to Jordan via Cairo. Once in Jordan, she plans to receive medical care for her hypertension, diabetes and other ailments.
She also hopes to finally see her daughter who lives in the UAE and whom she has not seen in five years. "Since I was 12 I have been seeing wars. And now I keep hearing that we may go back home, but all of this is nonsense. Nothing ever happens," said Ms Falouna. The home she referred to was the town of Majdal, what is now the city of Ashkelon in Israel.
"This is an injustice. I left Majdal when I was 12 and now I am a grandmother. I wish I could go back to Majdal."
@Email:mbradley@thenational.ae
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
COMPANY%20PROFILE
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
The biog
Age: 35
Inspiration: Wife and kids
Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow by Daniel Kahneman
Best Travel Destination: Bora Bora , French Polynesia
Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track
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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