Hundreds of Israelis lined up outside a Tel Aviv auditorium to attend a controversial Memorial Day ceremony that also honoured the lives of Palestinians.
Hundreds of Israelis lined up outside a Tel Aviv auditorium to attend a controversial Memorial Day ceremony that also honoured the lives of Palestinians.
Hundreds of Israelis lined up outside a Tel Aviv auditorium to attend a controversial Memorial Day ceremony that also honoured the lives of Palestinians.
Hundreds of Israelis lined up outside a Tel Aviv auditorium to attend a controversial Memorial Day ceremony that also honoured the lives of Palestinians.

Palestinians and Israelis remember war victims


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TEL AVIV // For years, Sarit, a 48-year-old Israeli Jew from Tel Aviv, took part in state-backed Memorial Day events grieving the deaths of Israeli soldiers in conflicts with Israel's Arab neighbours.

On Sunday night, the eve of Memorial Day, she did something different. She attended a ceremony, along with more than 2,000 other Israeli Jews, held by an Israeli-Palestinian group that mourned the loss of not only Israeli lives but also those of Palestinians.

"I wanted to hear the Palestinian side - it's difficult to hear them speak of their losses. It makes me think of how stupid it is to continue this conflict for so long," said Sarit, who would only provide her first name, as she left the packed auditorium.

She said that none of her friends or colleagues at a financial company with a staff of some 13,000 would participate in such an event.

"Most Israelis say they need to glorify soldiers and they pat themselves on the back and say that we are the good guys and the Arabs are the bad ones."

With Sunday's event, Combatants for Peace, an organisation founded in 2005 by former Israeli soldiers and ex-Palestinian militants, aimed its sights on persuading mainstream Israeli Jews like Sarit to question Israel's near-sacred view of its army and wide approval of its actions against Palestinians in the West Bank and Gaza Strip.

Most Israelis observed Memorial Day yesterday in the more traditional way, with the usual ceremonies at military cemeteries, a nationwide pause for a two-minute siren in honour of fallen soldiers during which even cars on the road come to halt, as radio stations play songs that mourn those who were killed.

Ceremonies today to mark Independence Day, which falls a day after Memorial Day, glorify Israel's resilience in the face of its enemies.

However, the Israeli-Palestinian group's bid to break the consensus on the military has faced controversy.

On Friday, the Israeli defence ministry imposed a ban on West Bank Palestinians entering Israeli territory to attend the event.

It was the first such prohibition encountered by the ceremony's organisers since they launched the annual function eight years ago.

After rights lawyers filed a petition to the Israeli state attorney's office, the defence ministry cancelled the ban and allowed the entry of 44 Palestinians out of a total of 109 requested by the group.

The ceremony also has drawn opposition from the far right. In the past week, an online petition demanded that the Tel Aviv municipality cancel the event.

On Sunday, as it took place, about two dozen ultranationalist youths demonstrated outside the auditorium.

Wrapping themselves in Israeli flags, the protesters chanted "Shame on you for desecrating the fallen" and "You have no place in Israel".

Despite such calls, the leaders of Combatants for Peace said they were encouraged by the hundreds of people who stood in line to enter the two-hour-long ceremony, in which several Israelis and Palestinians spoke of how losing family members in the conflict moved them to reach out to the other side.

Bassam Aramin, whose 10-year-old daughter, Abir, was shot dead by an Israeli border policeman in January 2007 as she walked down a street with her sister and two friends in the West Bank village of Anata, told the audience that both sides are losers in the long-simmering dispute.

Mr Aramin, 45, a co-founder of Combatants for Peace, said after the ceremony: "It was amazing to see the 44 Palestinians standing together with the Israelis on the stage. It really drove home that we feel the same pain."

Mr Aramin, who works at the Palestinian Authority's higher council for sports and youths, said signs such as dozens of Palestinian youths becoming members of the group in the past year or an encounter on Sunday with an Israeli soldier who expressed interest in joining, made him optimistic about drawing both sides together to end the conflict.

"We don't want to invest another 50 years in competing on who is right and who is wrong. We have killed Israelis because we are under occupation and Israelis killed us because they are the occupiers. Both sides have an interest to stop this," he said.

Ben Kfir, whose 22-year-old soldier daughter, Yael, was killed in 2003 at a bus stop by the entrance to a military training camp in a suicide bombing by a Palestinian, told participants: "We've paid a terrible price and we keep on paying it every day. A stubborn and consistent bid to advance peace will be our comfort and a tremendous way to commemorate those who fell."

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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.”

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.