Live updates: Follow the latest news on Israel-Gaza
Much more must be done to protect civilians in the Gaza Strip as “far too many” Palestinians have died, US Secretary of State Antony Blinken said on Friday, a day after the White House announced Israel would begin humanitarian “pauses” in its military offensive.
Thousands of Palestinians are fleeing the combat zone in the north after Israel announced a window for safe passage.
But there appeared to be something of a disconnect between the clearly defined four-hour pauses that the White House had described and the reality on the ground, where the Israeli military pushed deeper into dense urban neighbourhoods in its battle with Hamas militants.
Speaking in New Delhi, Mr Blinken said the US “appreciates” Israel’s formalisation of pauses in their military operations to allow Palestinians to move from northern to southern Gaza and its creation of a second safe corridor for them to use to escape harm.
“At the same time, much more needs to be done to protect civilians and to make sure that humanitarian assistance reaches them,” Mr Blinken said.
“Far too many Palestinians have been killed. Far too many have suffered these past weeks.”
Israel launched a military offensive on the Gaza Strip after Hamas militants killed more than 1,400 people in southern Israel on October 7. Gaza authorities say more than 11,000 people have been killed in Israel's war on Hamas.
Israel has reacted coolly to America's detailed announcement of the daily pauses.
Asked if there would be a “stoppage” in fighting, Israel's Prime Minister Benjamin Netanyahu told Fox News: “No. The fighting continues against the Hamas enemy, the Hamas terrorists, but in specific locations for a given period of a few hours here or a few hours there, we want to facilitate the safe passage of civilians away from the zone of fight and we're doing that.”
An Israeli official told The National on Friday that the measure “is a tactical, localised pause each day in a specific area, to be announced, to allow people to move to the south, and to get food and medicine”.
Following the White House announcement, Israel's chief military spokesman Admiral Daniel Hagari stressed that “the battle continues” and Israel and the US have repeatedly ruled out any possibility of a ceasefire.
“We continue to fight at this time,” Admiral Hagari said.
“Today [Thursday] we saw over 50,000 Gazan civilians from the north of the Gaza Strip moving southward. They understand very well that we are fighting significantly in Gaza city and its surroundings, and that Hamas has lost control.
“We are now fighting a ground operation that we will only deepen. In the heart of Gaza city, we will reach more and more Hamas strongholds.”
Israel has also agreed to open a second route for people fleeing, the White House said.
President Joe Biden on Thursday called the pauses a “step in the right direction” and noted that Israel is “fighting an enemy embedded in the civilian population, which places innocent Palestinian people at risk”.
Francesca Albanese, the UN special rapporteur on the Palestinian territories, described Israel’s decision to allow a four-hour humanitarian pause each day as “very cynical and cruel”.
“There has been continuous bombings, 6,000 bombs every week on the Gaza Strip, on this tiny piece of land where people are trapped and the destruction is massive. There won’t be any way back after what Israel is doing to the Gaza Strip,” Ms Albanese told reporters in Adelaide, Australia, on Friday.
The Israeli embassy in Washington did not immediately respond to a request for comment on that assessment.
More than 850,000 of the 1.1 people in northern Gaza have left, according to Israeli military spokesman Jonathan Conricus, who called the pauses “quick humanitarian windows” that allow southward movement “while we are fighting”.
The latest from the Israel-Gaza war – in pictures
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Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
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Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
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- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
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Always use only regulated platforms
Stop all transactions and communication on suspicion
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Courtesy: Crystal Intelligence
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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Company Profile
Name: Thndr
Started: 2019
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Sector: FinTech
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Current number of staff: More than 150
Funds raised: $22 million
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