An Israeli soldier stands near the scene where a police spokeswoman said a Palestinian gunman killed three Israelis guards and wounded a fourth in an attack on a Jewish settlement in the occupied West Bank before himself being shot dead, September 26, 2017. REUTERS/Ammar Awad
An Israeli soldier stands near the scene where a Palestinian gunman killed three Israelis guards and wounded a fourth in an attack before he was shot dead at a Jewish settlement in the occupied West BShow more

Palestinian and three Israelis killed in firefight at Jewish settlement



Four people were killed in a shootout at the entrance to a Jewish settlement in the occupied West Bank on Tuesday.

Israeli police said a Palestinian man was shot dead after he opened fire killing three security personnel at the Har Adar settlement near Jerusalem. Another person was seriously wounded.

The gunman arrived at the rear gate to the settlement with Palestinian labourers, "pulled out a weapon and opened fire at the force at the site," police said.

The shooter was a 37-year-old man from Beit Surik, a Palestinian village near Har Adar, who carried a work permit for the settlement.

The settlement is close to several Palestinian villages.

Shay Retter, the head of Har Adar's security committee, said between 100 and 150 Palestinian labourers typically enter the community each day for work.

The attack, which came as US envoy Jason Greenblatt was due in Jerusalem for talks on relaunching the moribund Middle East peace process.

Har Adar, a well-to-do settlement north-west of Jerusalem, is located high in the hills close to the Green Line that separates the occupied West Bank from Israel.

The windows of the guard booth at its northern entrance, where Palestinian day labourers are required to undergo security checks, had been shattered by the shooting.

Many Palestinians are forced to take jobs in the settlements, which are considered illegal under international law, because of the desperate economic situation blamed on the Israeli occupation.

Israeli police spokesman Micky Rosenfeld said the gunman had concealed himself among other Palestinian workers.

"He hesitated and then all of a sudden, several metres before a security check, pulled out a nine millimetre weapon and opened fire directly at the two private security guards, who were shot and killed directly at the scene," Mr Rosenfeld said.

"He also opened fire to a border police officer that was also located here.”

He said there would have to be a security review of work permits for the thousands of Palestinians who work in Israel and the settlements.

Israel's Shin Bet internal security service identified the gunman as Nimer Aljamal, a father of four with no previous "security background".

Munir Al Jaghoub, an official from the ruling Palestinian party Fatah, said: “Israel alone is responsible for Palestinian reactions to the crimes of the occupation, and if it continues its aggressions against the Palestinian people.”

He added that Israel “must be well aware of the consequences of its continued push towards violence, the policy of house demolitions, the forced displacement of Jerusalemites, and the successive incursions of settlers to the Al Aqsa Mosque compound.”

Mr Netanyahu called on the Palestinian president to condemn the attack.

Palestinian Islamist movement Hamas, which rules Gaza, hailed the attack as "revenge for the crime of occupation against our people."

The UN envoy to the Middle East Nickolay Mladenov condemned both the attack and the Hmas reaction.

"It is deplorable that Hamas and others continue to glorify such attacks, which undermine the possibility of a peaceful future for both Palestinians and Israelis," he said.

Many Palestinians see those killed carrying out attacks against Israeli occupation forces as martyrs.

The shooting comes nearly two years after the start of a wave of unrest. The violence had greatly subsided in recent months.

Since October 2015, the violence had killed at least 295 Palestinians and 50 Israelis.

Israeli authorities say that most of the Palestinians killed were carrying out knife attacks, but human rights groups accuse Israel of excessive force and carrying out extrajudicial executions to deal with the incidents.

The violence had greatly subsided in recent months but Shin Bet chief Nadav Argaman warned in a briefing to the cabinet earlier this month that the risk of new attacks was ever present.

West Bank settlements and the rate at which they have been built under Mr Netanyahu’s government are regarded as a major sticking point in peace talks and make the prospects of a Palestinian state increasingly unlikely.

The UN envoy told the Security Council on Monday that Israel continues to build settlements "at a high rate," in defiance of Security Council demands for an end to their expansion.

The international community regards all Jewish settlements in the occupied West Bank, including Israeli-annexed east Jerusalem, as illegal.

* With reporting from Agence France-Presse and Associated Press

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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.

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“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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

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UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

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