Palestinians walk by a destroyed mosque following an Israeli air strike in Khan Younis. AP
Palestinians walk by a destroyed mosque following an Israeli air strike in Khan Younis. AP
Palestinians walk by a destroyed mosque following an Israeli air strike in Khan Younis. AP
Palestinians walk by a destroyed mosque following an Israeli air strike in Khan Younis. AP

G7 ministers express support for 'humanitarian pauses' in Israel-Gaza war


Willy Lowry
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Live updates: Follow the latest news on Israel-Gaza

Foreign ministers from the Group of Seven nations expressed support for “humanitarian pauses” in the Israel-Gaza war that would allow aid to get into the besieged enclave and help hostages and foreign citizens to leave, as the conflict enters its second month.

The statement from the G7 foreign ministers comes amid growing calls for a ceasefire as the conflict continues to escalate.

“We stress the need for urgent action to address the deteriorating humanitarian crisis in Gaza,” the ministers said in the statement, which was released following a meeting in Japan.

“All parties must allow unimpeded humanitarian support for civilians, including food, water, medical care, fuel and shelter, and access for humanitarian workers.”

More than 10,500 Palestinians have been killed in Gaza, according to the enclave’s Health Ministry, since Israel declared war following an attack by Hamas on October 7 in which militants killed more than 1,400 people and kidnapped about 240.

In the statement, top diplomats from Japan, Canada, France, Germany, Italy, the UK and the US also expressed concern over settler violence in the occupied West Bank.

“The rise in extremist settler violence committed against Palestinians is unacceptable, undermines security in the West Bank and threatens prospects for a lasting peace,” the foreign ministers said.

Since October 7, the UN has recorded more than 170 instances of settler attacks on Palestinians in the West Bank. In some instances, whole communities have been forced to flee their homes.

In addition, the G7 members reiterated their support for a “two-state solution” to the Palestinian-Israeli conflict.

“The G7 members are committed to working closely with partners to prepare sustainable long-term solutions for Gaza and a return to a broader peace process in line with the internationally agreed parameters,” they said.

“We underscore that a two-state solution, which envisions Israel and a viable Palestinian state living side by side in peace, security and mutual recognition remains the only path to a just, lasting and secure peace.”

Israel Gaza war one month on - in pictures

  • A girl stands by the rubble outside a building that was hit by Israeli bombardment in Rafah, Gaza. AFP
    A girl stands by the rubble outside a building that was hit by Israeli bombardment in Rafah, Gaza. AFP
  • Thick smoke rises following an Israeli air strike on Gaza city. Reuters
    Thick smoke rises following an Israeli air strike on Gaza city. Reuters
  • Palestinians watch rescue efforts following an Israeli strike on the Rafah refugee camp in Gaza. AFP
    Palestinians watch rescue efforts following an Israeli strike on the Rafah refugee camp in Gaza. AFP
  • Kibbutz Nir Oz resident Hadas Kalderon, whose children were taken hostage breaks down. Her mother and niece were also killed. Getty Images
    Kibbutz Nir Oz resident Hadas Kalderon, whose children were taken hostage breaks down. Her mother and niece were also killed. Getty Images
  • Image grab from a video released by Hamas shows three Israeli women held hostage in Gaza. AP
    Image grab from a video released by Hamas shows three Israeli women held hostage in Gaza. AP
  • President Biden is welcomed by Israeli Prime Minster Benjamin Netanyahu, as he visits Israel. Reuters
    President Biden is welcomed by Israeli Prime Minster Benjamin Netanyahu, as he visits Israel. Reuters
  • US Secretary of State Antony Blinken departs the International Zone after meeting Iraqi Prime Minister Mohammed Shia Al Sudani in Baghdad. Reuters
    US Secretary of State Antony Blinken departs the International Zone after meeting Iraqi Prime Minister Mohammed Shia Al Sudani in Baghdad. Reuters
  • Palestinians wait to cross into Egypt at the Rafah border crossing. AP
    Palestinians wait to cross into Egypt at the Rafah border crossing. AP
  • A Palestinian woman walks past tents after fleeing their homes amid Israeli strikes. Many opted to take shelter in a tent camp at a UN-run centre. Reuters
    A Palestinian woman walks past tents after fleeing their homes amid Israeli strikes. Many opted to take shelter in a tent camp at a UN-run centre. Reuters
  • Palestinians, who have fled their homes due to Israeli strikes take shelter in a UN-run school. Reuters
    Palestinians, who have fled their homes due to Israeli strikes take shelter in a UN-run school. Reuters
  • A Palestinian man stirs one of several large cooking pots simmering on wooden fires due to the lack of cooking gas. AFP
    A Palestinian man stirs one of several large cooking pots simmering on wooden fires due to the lack of cooking gas. AFP
  • A child is recovered from the rubble of a residential building levelled in an Israeli air strike, in Khan Younis. EPA
    A child is recovered from the rubble of a residential building levelled in an Israeli air strike, in Khan Younis. EPA
  • Rockets are fired from the Gaza Strip toward Israel following Israeli air strikes on Gaza city. AP
    Rockets are fired from the Gaza Strip toward Israel following Israeli air strikes on Gaza city. AP
  • Smoke rises across Gaza as the Israeli army conducts air attacks. Reuters
    Smoke rises across Gaza as the Israeli army conducts air attacks. Reuters
  • A Palestinian man surveys a destroyed area after Israeli air strikes in Gaza city. EPA
    A Palestinian man surveys a destroyed area after Israeli air strikes in Gaza city. EPA
  • A wounded Palestinian woman and her child are wheeled into the Nasser hospital following Israeli strikes in Khan Younis. AFP
    A wounded Palestinian woman and her child are wheeled into the Nasser hospital following Israeli strikes in Khan Younis. AFP
  • Palestinians wait to collect the bodies of their relatives outside the Nasser Hospital. AFP
    Palestinians wait to collect the bodies of their relatives outside the Nasser Hospital. AFP
  • Palestinians who were killed are buried in Rafah, Gaza. Reuters
    Palestinians who were killed are buried in Rafah, Gaza. Reuters
  • A Palestinian child is treated in Al Aqsa Hospital in Deir al Balah. AP
    A Palestinian child is treated in Al Aqsa Hospital in Deir al Balah. AP
  • A man mourns as bodies are returned to relatives for burial. Reuters
    A man mourns as bodies are returned to relatives for burial. Reuters
  • Wounded Palestinians lie on the floor in Al-Shifa Hospital in Gaza city after arriving from al-Ahli Hospital following an explosion there. AP
    Wounded Palestinians lie on the floor in Al-Shifa Hospital in Gaza city after arriving from al-Ahli Hospital following an explosion there. AP
  • A doctor at Al Ahli Hospital after an air strike in Gaza city. EPA
    A doctor at Al Ahli Hospital after an air strike in Gaza city. EPA
  • People head to Place de la Republique for a pro-Palestinian protest in Paris. Reuters
    People head to Place de la Republique for a pro-Palestinian protest in Paris. Reuters
  • Members of the Jewish community and supporters of Israel attend a rally in New York calling for the release of hostages held by Hamas. AFP
    Members of the Jewish community and supporters of Israel attend a rally in New York calling for the release of hostages held by Hamas. AFP
  • A man waves a Palestinian flag from atop Neptune Fountain during a "Freedom for Palestine" protest at Alexanderplatz in Berlin. Getty Images
    A man waves a Palestinian flag from atop Neptune Fountain during a "Freedom for Palestine" protest at Alexanderplatz in Berlin. Getty Images
  • The scene of destruction at Al Ahli hospital after an air strike in Gaza city. EPA
    The scene of destruction at Al Ahli hospital after an air strike in Gaza city. EPA
  • Debris of Orthodox Cultural Centre at Tel Al Hawa after it was hit by an Israeli air strike in Gaza city. Reuters
    Debris of Orthodox Cultural Centre at Tel Al Hawa after it was hit by an Israeli air strike in Gaza city. Reuters
  • Palestinians collect water with their carts from a water desalination plant, amid water shortages. Reuters
    Palestinians collect water with their carts from a water desalination plant, amid water shortages. Reuters
  • A view of Gaza amid widespread power cuts after the main power plant ran out of fuel and shut down. Reuters
    A view of Gaza amid widespread power cuts after the main power plant ran out of fuel and shut down. Reuters
  • Al-Shifa Hospital following an Israeli air strike at Al-Ahli Hospital in Gaza city. Reuters
    Al-Shifa Hospital following an Israeli air strike at Al-Ahli Hospital in Gaza city. Reuters
  • Palestinians flee following an Israeli air strike in Gaza. EPA
    Palestinians flee following an Israeli air strike in Gaza. EPA
  • Scores of injured people were taken to Al-Shifa Hospital following an Israeli air strike on Al Ahli Hospital in Gaza city. Reuters
    Scores of injured people were taken to Al-Shifa Hospital following an Israeli air strike on Al Ahli Hospital in Gaza city. Reuters
  • A Palestinian man walks amid the rubble of buildings hit in Israeli air strikes in Khan Younis in the southern Gaza Strip. AFP
    A Palestinian man walks amid the rubble of buildings hit in Israeli air strikes in Khan Younis in the southern Gaza Strip. AFP
  • Palestinians search for casualties at the site of Israeli strikes on houses in Jabalia refugee camp. Reuters
    Palestinians search for casualties at the site of Israeli strikes on houses in Jabalia refugee camp. Reuters
  • An injured man in front of a smouldering building in the aftermath of an Israeli strike. AFP
    An injured man in front of a smouldering building in the aftermath of an Israeli strike. AFP
  • Palestinians gather during the funeral of several men killed during an overnight raid by the Israeli army at the Jenin refugee camp in the occupied West Bank. AFP
    Palestinians gather during the funeral of several men killed during an overnight raid by the Israeli army at the Jenin refugee camp in the occupied West Bank. AFP
  • A screen grab shows Hamas targeting Israeli tanks. Reuters
    A screen grab shows Hamas targeting Israeli tanks. Reuters
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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.”

Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club:

1st ODI, Wednesday, April 10

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test Thursday-Monday at Colombo
  • 3rd Test August 12-16 at Pallekele
The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

Updated: November 08, 2023, 5:51 PM