UN, Palestinians call for $550mn in Gaza aid


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RAMALLAH // The United Nations and the Palestinian government on Tuesday called for more than Dh2 billion in aid to help hundreds of thousands of Gazans affected by a devastating war with Israel.

The appeal comes two weeks after Israel and Hamas ended 50 days of bloodshed that killed more than 2,100 people in the territory, mostly civilians, and a month ahead of a donors’ conference in Cairo.

“The scope of damage and devastation is unprecedented in the Gaza Strip,” said James Rawley, the UN’s humanitarian coordinator for the Palestinian territories.

“The crisis is far from over.”

Mr Rawley and the Palestinian deputy prime minister Mohammed Mustafa outlined the humanitarian needs for post-war Gaza, calling for US$551 million for food aid, access to clean water, healthcare and education.

“We challenge the world to be ambitious and daring in helping us realise recovery, reconstruction and a better future for Gaza,” Mr Mustafa said.

“An immediate measure is to end the blockade on Gaza and ensure our people never again experience the horrors of this summer,” he said.

Mr Rawley echoed calls for a “full lifting of the blockade.”

Israel agreed to ease restrictions on goods entering Gaza under a truce deal reached with Hamas on August 26.

But restrictions remain on building materials, which are crucial for reconstructing large residential areas that were flattened by Israeli artillery and aerial bombardment during the conflict.

Israel says steel and concrete could be used by Gaza militants to make weapons and build tunnels for attacking Israel.

Of the three crossings into the tiny coastal enclave, Israel controls two – one for people and another for goods. Egypt controls the third.

Meanwhile, the Israeli navy arrested four fishermen from Gaza and seized their boat on Tuesday , in one of the first instances of friction between the sides since the fighting ended last month.

The incident occurred off the northern town of Beit Lahiya, said Nizar Ayyash of the Gaza Fishermen’s Union. He provided no additional details.

The Israeli military said two vessels were involved in the incident. It said the vessels were operating outside of their permitted maritime limit, and after ignoring requests to move closer to shore, were boarded by naval personnel and seized.

Israel doubled the maritime area in which Gaza fishermen are permitted to operate from five to nine kilometres under the August 26 truce.

* Agence France-Presse and Associated Press

UAE currency: the story behind the money in your pockets
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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.”

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5