US sends envoy to Israel as fighting rages with Hamas


Joyce Karam
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Washington will send senior diplomat Hady Amr to Israel to help de-escalate the fighting with Palestinian militant group Hamas.

"I've asked Deputy Assistant Secretary of State Hady Amr to go to the region immediately to meet with Israeli and Palestinian leaders," US Secretary of State Antony Blinken said.

Calling on Israelis, Palestinians and regional partners to push for de-escalation, he said: "We are deeply engaged across the board.

“Israel has the right to defend itself and Palestinians have a right to live in safety and security … [the] most important thing is for all sides to cease the violence,” he said.

"Israel has an extra burden in trying to do everything it possibly can to avoid civilian casualties even as it is rightfully responding in defence of its people."

US sources told The National Mr Amr's trip had initially been planned for next week but was moved to Wednesday due to the fighting.

Mr Blinken also spoke with Israeli Prime Minister Benjamin Netanyahu on Wednesday.

In a statement, the US State Department said the two "discussed the ongoing violence in Jerusalem, and the Secretary reiterated his call on all parties to deescalate tensions and bring a halt to the violence."

President Joe Biden's administration is leaning on Egypt and Jordan to help broker a truce before Eid on Thursday, sources said.

But those hopes have dimmed amid an intense exchange of air strikes and rocket attacks between Israel and Hamas. At least 56 Palestinians and six Israelis have been killed.

Separately, US Defence Secretary Lloyd Austin spoke with his Israeli counterpart Benny Gantz on Wednesday and conveyed Washington’s "ironclad support for Israel's legitimate right to defend itself.”

He “strongly condemned the launching of rockets by Hamas and other terrorists groups that targeted Israeli civilians” and “reiterated the importance of all involved parties to take steps to restore calm,” a statement by the Pentagon read.

Former US envoy to the region and senior fellow at the Council on Foreign Relations, Martin Indyk called Mr Amr’s trip “necessary and important”.

"It is a sign of engagement by the Biden administration. Mr Amr cannot be a mediator at this stage in the conflict but he can engage with both sides and advise Washington on possible ways to end the fighting," he told The National.

Sarah Yerkes of the Carnegie Endowment for International Peace said Mr Amr’s trip is welcome news but Washington alone can’t bring about a breakthrough.

"It is a good move by the US to send Hady Amr, who has a history of working with both sides during the Obama administration," Ms Yerkes, a former State Department official, told The National.

Mr Amr served as deputy special envoy for Israeli-Palestinian negotiations during former president Barack Obama's second term.

His trip comes amid criticism over the Biden administration's slow reaction to the crisis.

Late on Wednesday, Mr Biden, in his first comments on the crisis, told reporters that he spoke with Mr Netanyahu and hoped for an end to the fighting "sooner than later."

“The US had been rightly criticised for their tepid response to the escalating crisis and getting their hands in this, through Mr Amr as a mediator, shows both sides that Washington is paying attention and not sitting on the sidelines,” Ms Yerkes said.

But she described US leverage as constrained, given that it has no direct channel to Hamas.

“There is not likely much Mr Amr will be able to bring to the table. Hamas has very little to lose by continuing their aggression and the US is not likely to abandon its support for Israel,” Ms Yerkes said.

Washington has been pressuring Cairo to help arrange a ceasefire. On Tuesday, the White House said that National Security Adviser Jake Sullivan had spoken with his Egyptian counterpart, Abbas Kamel.

But a quick end to the fighting before Eid is unrealistic, diplomatic sources said, given the intensity of the fighting, now at its worst level in seven years.

  • Israeli artillery in action as the escalation continues between the Israeli army and Hamas at the Gaza Border. EPA
    Israeli artillery in action as the escalation continues between the Israeli army and Hamas at the Gaza Border. EPA
  • Mourners attend the funeral of Palestinian Rashid Abu Ara, 16, who was killed during clashes with Israeli troops in village of Aqaba near Nablus, north of the West Bank. AFP
    Mourners attend the funeral of Palestinian Rashid Abu Ara, 16, who was killed during clashes with Israeli troops in village of Aqaba near Nablus, north of the West Bank. AFP
  • A heavily damaged house in a residential area in the city of Yehud, in central Israel. AFP
    A heavily damaged house in a residential area in the city of Yehud, in central Israel. AFP
  • Parents of Palestinian man Abdulsalam Al-Ghazali, who was killed amid a flare-up of Israeli-Palestinian violence, react during their son funeral in Gaza City. Reuters
    Parents of Palestinian man Abdulsalam Al-Ghazali, who was killed amid a flare-up of Israeli-Palestinian violence, react during their son funeral in Gaza City. Reuters
  • Residents look at a car that was hit in an Israeli air strike, on the main road in Gaza City. Three people who were in the vehicle died. AP
    Residents look at a car that was hit in an Israeli air strike, on the main road in Gaza City. Three people who were in the vehicle died. AP
  • Palestinians mourn the death of relatives outside a hospital in Beit Lahia following a series of Israeli air strikes on the Hamas-controlled Gaza Strip. AFP
    Palestinians mourn the death of relatives outside a hospital in Beit Lahia following a series of Israeli air strikes on the Hamas-controlled Gaza Strip. AFP
  • Israeli Arabs treat a sheep that was wounded by a rocket fired from the Gaza Strip, where nearby a father and his daughter were killed, in the village of Dahmash near the Israeli city of Lod. AP
    Israeli Arabs treat a sheep that was wounded by a rocket fired from the Gaza Strip, where nearby a father and his daughter were killed, in the village of Dahmash near the Israeli city of Lod. AP
  • An injured man receives treatment at the scene after a rocket launched from the Gaza strip struck in Giv'atayim, Israel. Getty
    An injured man receives treatment at the scene after a rocket launched from the Gaza strip struck in Giv'atayim, Israel. Getty
  • A man looks at the damage in the aftermath of overnight Israeli air strikes on Gaza. EPA
    A man looks at the damage in the aftermath of overnight Israeli air strikes on Gaza. EPA
  • A Jewish man at a burnt-out synagogue after overnight riots between Arab and Jewish residents in Lod, Israel. EPA
    A Jewish man at a burnt-out synagogue after overnight riots between Arab and Jewish residents in Lod, Israel. EPA
  • Relatives of Palestinian Rashid Abu Arra, 16, who was killed during clashes with Israeli troops in the village of Aqqaba near Nablus at the hospital morgue in Tubas in the occupied West Bank. AFP
    Relatives of Palestinian Rashid Abu Arra, 16, who was killed during clashes with Israeli troops in the village of Aqqaba near Nablus at the hospital morgue in Tubas in the occupied West Bank. AFP
  • Rubble from the Hanadi tower after an Israeli air strike on Gaza City. EPA
    Rubble from the Hanadi tower after an Israeli air strike on Gaza City. EPA
  • Israeli security forces pass burnt-out vehicles in Holon near Tel Aviv. AFP
    Israeli security forces pass burnt-out vehicles in Holon near Tel Aviv. AFP
  • A huge crater in Gaza City caused by the Israeli air strikes. AFP
    A huge crater in Gaza City caused by the Israeli air strikes. AFP
  • A broken mannequin near a tower building in Gaza City that was hit by Israeli air strikes during the flare-up of Israeli-Palestinian violence. Reuters
    A broken mannequin near a tower building in Gaza City that was hit by Israeli air strikes during the flare-up of Israeli-Palestinian violence. Reuters
  • Fires at sunrise in Khan Yunish after an Israeli air strike on targets in the southern Gaza strip. AFP
    Fires at sunrise in Khan Yunish after an Israeli air strike on targets in the southern Gaza strip. AFP
  • Palestinian rescuers move an elderly woman from a building in Gaza City after Israeli air strikes in the area. AP Photo
    Palestinian rescuers move an elderly woman from a building in Gaza City after Israeli air strikes in the area. AP Photo
  • Palestinians evacuate after their tower building was hit by Israeli air strikes, in Gaza City. Reuters
    Palestinians evacuate after their tower building was hit by Israeli air strikes, in Gaza City. Reuters
  • The remains of a rocket, destroyed by Israel's Iron Dome aerial defence system, which was fired by the Palestinian Islamist group Hamas from the Gaza strip. AFP
    The remains of a rocket, destroyed by Israel's Iron Dome aerial defence system, which was fired by the Palestinian Islamist group Hamas from the Gaza strip. AFP
  • An Iron Dome aerial defence system battery is seen in the foreground as fire rages at Ashkelon's refinery, which was hit by Hamas rockets the previous day, in the southern Israeli city. AFP
    An Iron Dome aerial defence system battery is seen in the foreground as fire rages at Ashkelon's refinery, which was hit by Hamas rockets the previous day, in the southern Israeli city. AFP
  • Palestinians stand next to the remains of a tower building which was destroyed in Israeli air strikes, in Gaza City. Reuters
    Palestinians stand next to the remains of a tower building which was destroyed in Israeli air strikes, in Gaza City. Reuters
  • A Palestinian man holds an injured girl awaiting medical care at al-Shifa hospital, after an Israeli air strike in Gaza city. AFP
    A Palestinian man holds an injured girl awaiting medical care at al-Shifa hospital, after an Israeli air strike in Gaza city. AFP
  • People take shelter in the basement of a building in the Israeli city of Tel Aviv as alarm sirens wailed after 3:00 a.m. after rockets were launched towards Israel from the Gaza Strip. AFP
    People take shelter in the basement of a building in the Israeli city of Tel Aviv as alarm sirens wailed after 3:00 a.m. after rockets were launched towards Israel from the Gaza Strip. AFP
  • Israeli border police vehicles drive past an extinguished burnt vehicle in Lod near Tel Aviv, after rockets were launched towards Israel from the Gaza Strip controlled by the Palestinian Hamas movement. AFP
    Israeli border police vehicles drive past an extinguished burnt vehicle in Lod near Tel Aviv, after rockets were launched towards Israel from the Gaza Strip controlled by the Palestinian Hamas movement. AFP
  • An Israeli police officer gestures to a Palestinian woman and her daughter, frightened by clashes outside of the Damascus Gate to the Old City of Jerusalem. AP Photo
    An Israeli police officer gestures to a Palestinian woman and her daughter, frightened by clashes outside of the Damascus Gate to the Old City of Jerusalem. AP Photo
  • Israeli firefighters walk by a car with a fallen tree on it after it was hit by a rocket fired from Gaza towards Holon, Israel. Reuters
    Israeli firefighters walk by a car with a fallen tree on it after it was hit by a rocket fired from Gaza towards Holon, Israel. Reuters
  • Palestinians inspect a destroyed Hanadi tower after Israeli airstrike in Gaza City. EPA
    Palestinians inspect a destroyed Hanadi tower after Israeli airstrike in Gaza City. EPA
  • Arab Israelis gesture and wave Palestinian flags during the funeral of Mousa Hassouna in the central Israeli city of Lod near Tel Aviv. Hassouna was killed during clashes with Israeli security following an anti-Israel demonstration over tensions in Jerusalem. AFP
    Arab Israelis gesture and wave Palestinian flags during the funeral of Mousa Hassouna in the central Israeli city of Lod near Tel Aviv. Hassouna was killed during clashes with Israeli security following an anti-Israel demonstration over tensions in Jerusalem. AFP
  • Rescuers rush to help among the rubble in front of Al Sharouk tower, that collapsed after being hit by an Israeli air strike, in Gaza city on Wednesday. AFP
    Rescuers rush to help among the rubble in front of Al Sharouk tower, that collapsed after being hit by an Israeli air strike, in Gaza city on Wednesday. AFP
  • Palestinians view the smouldering remains of Al Sharouk tower, which collapsed after being hit by an Israeli air strike. AFP
    Palestinians view the smouldering remains of Al Sharouk tower, which collapsed after being hit by an Israeli air strike. AFP
  • Smoke and flames rise from Al Sharouk tower, as it collapses after being hit by an Israeli air strike in Gaza City. AFP
    Smoke and flames rise from Al Sharouk tower, as it collapses after being hit by an Israeli air strike in Gaza City. AFP
  • Al Sharouk tower block collapses after being hit by an Israeli air strike. AFP
    Al Sharouk tower block collapses after being hit by an Israeli air strike. AFP
  • A man peers out to survey destroyed buildings in Gaza city, following Israeli air strikes. AFP
    A man peers out to survey destroyed buildings in Gaza city, following Israeli air strikes. AFP
  • A plume of black smoke rises into the air in Khan Yunis, in the southern Gaza Strip, following an Israeli air strike on the area, which is controlled by the militant Hamas movement. AFP
    A plume of black smoke rises into the air in Khan Yunis, in the southern Gaza Strip, following an Israeli air strike on the area, which is controlled by the militant Hamas movement. AFP
  • Parts of a broken mannequin lie scattered near a building that was hit by Israeli air strikes in Gaza city. Reuters
    Parts of a broken mannequin lie scattered near a building that was hit by Israeli air strikes in Gaza city. Reuters
  • A Palestinian woman mourns her son Rasheed Abu Arra, who was killed during confrontations with Israeli forces, at his funeral in the village of Aqaba, near the West Bank town of Tubas. AP Photo
    A Palestinian woman mourns her son Rasheed Abu Arra, who was killed during confrontations with Israeli forces, at his funeral in the village of Aqaba, near the West Bank town of Tubas. AP Photo
  • Women mourn at the funeral of Palestinian Rasheed Abu Arra, who was killed during confrontations with Israeli forces, in the town of Aqaba, near Tubas, in the West Bank. Reuters
    Women mourn at the funeral of Palestinian Rasheed Abu Arra, who was killed during confrontations with Israeli forces, in the town of Aqaba, near Tubas, in the West Bank. Reuters
  • Israel's Iron Dome air defence system intercepts a rocket launched from the Gaza Strip, above the southern Israeli city of Ashdod. AFP
    Israel's Iron Dome air defence system intercepts a rocket launched from the Gaza Strip, above the southern Israeli city of Ashdod. AFP
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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.”

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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While you're here
Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.