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Israel’s top envoy to the UN has called the Hamas attack “Israel’s 9/11", likening the strikes against Israeli soldiers and civilians to the 2001 Al Qaeda attacks against the US that reshaped the course of the 21st century.
The comments by the ambassador, Gilad Erdan, came before an emergency session of the UN Security Council, where the Palestinian envoy pleaded for Israel to abandon its forceful response that he said was sure to lead to the deaths of civilians on both sides.
Mr Erdan showed journalists graphic pictures of Israeli civilians being taken captive by Hamas.
“This is Israel's 9/11 and Israel will do everything to bring our sons and daughters back home,” he said.
“These are war crimes; blatant, documented war crimes.
Apart from killing nearly 3,000 people in New York, at the Pentagon and in Pennsylvania, the September 11 attacks also mark one of America's greatest intelligence failures.
Saturday's Hamas attacks also seem to have blindsided Israeli and US intelligence services.
Mr Erdan appealed to the international community to give Israel its full support and to condemn the actions of Hamas.
Also addressing reporters was Palestinian ambassador to the UN, Riyad Mansour, who implored the international community to pressure Israel to abandon its use of force and embrace a path to peace “where neither Palestinians nor Israelis are killed".
“This is not a time to let Israel double down on its terrible choices,” he said. “This is a time to tell Israel it needs to change course, that there is a path to peace where neither Palestinians nor Israelis are killed.”
Mr Mansour said Israel should be held to the same standards as Palestinians when it comes to violence.
“You cannot say, 'Nothing justifies killing Israelis', and then provide justifications for killing Palestinians. We are not subhumans,” he said.
Mr Mansour, questioning the absence of international protection when Israel breaches international law, challenged the unequal treatment, asking: “Aren't Palestinian lives worth saving?”
Saudi-Israel deal
Mr Erdan spoke about prospects of a deal that would see Israel and Saudi Arabia establish formal relations for the first time.
The agreement has been in the works for months and some analysts say Hamas's attack on Saturday was partly aimed at derailing it.
“There doesn't seem to be any compelling reason why normalisation between Israel and Saudi Arabia should be off the table,” Mr Erdan said.
“There are moderate countries in our region that seek peaceful coexistence, and Saudi Arabia is undoubtedly among them.”
He went on to accuse Iran of actively working to hinder the chances of a deal.
Before the closed-door Security Council meeting, US deputy ambassador Robert Wood called for condemnation of the Hamas attack.
“I expect to hear from the other council members very strong condemnation of these heinous acts of terrorism committed against the Israeli people and their government,” Mr Wood told reporters.
After the Security Council session on the crisis, ambassador Lana Nusseibeh of the UAE stressed the need for all council members to use international and bilateral channels to promote calm and de-escalation, with a primary focus on protecting civilians on both sides.
Ms Nusseibeh said a few council members raised the necessity of addressing the need for a political path forward.
Russia's UN ambassador Vasily Nebenzya said the Security Council did not consider any joint statement as some member states, including Moscow, were seeking a broader agenda beyond condemning Hamas.
"My message was to stop the fighting immediately and to go to a ceasefire and to meaningful negotiations," Mr Nebenzya said.
Meanwhile, across town, demonstrators in New York's Times Square voiced their support for the Palestinians, chanting “Free Palestine".
On the other side of the street, Israelis, separated by a metal fence installed by police, displayed their opposition by waving flags and shouting, “Shame on you.”
New York's Governor Kathy Hochul criticised Manhattan's Palestinian solidarity rally as "abhorrent and morally repugnant", and ordered landmarks in the US state to be illuminated in blue and white, the colours of the Israeli flag
Mounir Attalah, a member of the Palestinian youth group who was among the demonstration's organisers, told The National that he joined the protests because the people of Gaza “refuse to die quietly and we're here to support the right of an occupied people to resist their occupation".
"What we saw yesterday was the people of Gaza breaking out of their open-air prison," Mr Attalah said.
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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.”
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
