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US Secretary of State Antony Blinken was scheduled to embark on Thursday on another trip to the Middle East, where he will hold talks with UAE officials and others as the Israel-Gaza war continues, the State Department announced.
Mr Blinken will also travel to Jordan, Qatar, Saudi Arabia, Israel, the West Bank and Egypt “for meetings with foreign counterparts and others”, State Department spokesman Matthew Miller told reporters.
“The secretary will focus on a number of critical issues on this trip,” Mr Miller said.
Among the topics to be addressed during his meetings with regional officials will be the need to “substantially” increase humanitarian assistance into Gaza. He will also hold talks with Israeli officials on the continuing military campaign against Hamas.
Discussions with Israelis will include “plans to transition to the next phase of operations”, including steps Israel can take “to better protect civilians”, Mr Miller said.
This will be Mr Blinken’s fourth trip to the region since October 7, when Hamas militants stormed southern Israel in an attack that killed 1,200 people. The attack led to Israel's continuing invasion and bombardment of Gaza that has killed more than 22,000 people in the enclave.
The secretary’s first trip, which came days after the October 7 attack, showed the Biden administration's support for Israel.
Each subsequent trip has taken on its own tenor. As the war has dragged on and the devastation and death toll increased in Gaza, Mr Blinken has shifted his focus to calling for an increase in humanitarian access to Gaza and the protection of civilians, while still defending Israel’s war efforts.
“I think there's more and more focus in terms of what would the military operations look like after the high intensity phase,” said Ghaith Al Omari, a senior fellow at the Washington Institute for Near East Policy.
“And what do you do for Gaza during that time, what do you do for humanitarian efforts? I think this is going to be more and more part of the conversation this time.”
This trip comes amid increased regional tension. On Tuesday, Saleh Al Arouri, the deputy leader of Hamas, was killed during a strike on Beirut that has been attributed to Israel. He was the highest-ranking Hamas official killed since the war began.
The targeted strike that killed Mr Al Arouri occurred in Beirut's southern suburbs, far from the border with Israel and in the heart of Hezbollah-controlled territory.
The killing prompted Hezbollah leader Hassan Nasrallah to warn Israel that it would “regret” a war with the militant group.
“Whoever thinks of war with us will regret it,” Mr Nasrallah said in a televised speech. “War with us will be very, very, very costly.”
On Wednesday, at least 84 people were killed in twin explosions at a ceremony marking the fourth anniversary of the death of Iranian military commander Qassem Suleimani. ISIS has claimed responsibility for the attack, putting the region on even higher alert.
As the threat of a broader regional conflict continues to percolate, the Biden administration has made clear that such a conflict should be avoided at all costs.
“It is in no one's interest – not in the interest of any country in the region, not in the interest of any country in the world – to see this conflict escalated any further than it already is,” said State Department spokesman Matthew Miller.
Washington said Mr Blinken will hold discussions on steps needed to prevent the conflict from spilling over into the region.
"He will discuss specific steps parties can take including how they can use their influence with others in the region to avoid escalation," Mr Miller said.
Mr Blinken's trip comes as White House adviser Amos Hochstein is in the region as well. Mr Hochstein, who was involved in helping broker the Israel-Lebanon maritime border deal in 2022, met Israel Defence Minister Yoav Gallant on Thursday.
Separately, Mr Blinken will visit Greece and Turkey to hold Ukraine and Nato-related talks.
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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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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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