US will 'not be spared' if Israel assault on Hamas persists, Iran Foreign Minister says

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Iran’s Foreign Minister warned on Thursday that if Israel's assault on Gaza persists, the US will “not be spared from this fire”.

“I say frankly to the American statesmen, who are now managing the genocide in Palestine, that we do not welcome expansion of the war in the region,” Hossein Amirabdollahian told the 193 member states at the UN General Assembly in New York.

“But if the genocide in Gaza continues, they will not be spared from this fire.”

He added that “West Asia is our region” and that Iran does not compromise “when it comes to our home’s security”.

US President Joe Biden said on Wednesday that Washington has not ruled out retaliation after the Pentagon said American forces had been attacked by Iran-backed militants at least 13 times in the Middle East in recent days.

“My warning to the Ayatollah [Ali Khamenei] is that if they continue to move against those troops, we will respond and he should be prepared,” Mr Biden told reporters.

During his speech at the UN, Mr Amirabdollahian disclosed that Hamas is prepared to release civilian hostages but that “the world should support the release of 6,000 Palestinian prisoners”.

“The Islamic Republic of Iran stands ready to play its part in this very important humanitarian endeavour, along with Qatar and Turkey," said.

The UN General Assembly is scheduled on Friday to vote on a resolution calling for a ceasefire in the ongoing Israel-Gaza war.

The draft ceasefire resolution circulated by the Arab Group, which includes that UAE, featured calls for accountability, compliance with international humanitarian law and unrestricted aid.

Jordan's Foreign Minister Ayman Safadi called on member states to “unite for justice” by voting for the resolution.

“Let's unite for the rights of every Palestinian and every Israeli child to live free from the horrors of war … free from fear and looking for a life full of promise and full of opportunity.”

Israel's UN ambassador Gilad Erdan noted that this is not a war against the Palestinians but rather war with “the genocidal jihadist Hamas terror organisation”.

“Israel will continue combating the genocidal terrorists committed to our destruction,” he said. “We will not rest until Hamas is obliterated and our hostages are returned home. And we will bring them home.”

UN General Assembly resolutions lack legal binding authority, unlike Security Council resolutions.

Inside the Gaza Strip – in pictures

Hind Khoudary is a Palestinian freelance journalist documenting the devastation in the Gaza Strip. Photo: Hind Khoudary
Khoudary's husband’s family home was hit by Israeli forces. Photo: Hind Khoudary
People in Al Quds hospital refused to leave despite evacuation warnings. Photo: Hind Khoudary
Internet disruption has disconnected many residents from the rest of the world. Photo: Hind Khoudary
Palestinian Christians mourn family members after an Israeli air strike hit a building in a complex housing one of the oldest churches in the world. Photo: Abed Elhakeem Abo Riash
Palestinian Christians after an Israeli air strike on a church in Gaza. Photo: Abed Elhakeem Abo Riash
The Baptist Hospital in Gaza was bombed by Israeli warplanes. Photo: Abed Elhakeem Abo Riash
A young child awaits medical treatment. Photo: Abed Elhakeem Abo Riash

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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