Live updates: Follow the latest on Israel-Gaza
Egypt has told Israel it will not reopen the Rafah border crossing with Gaza while Israeli troops remain on the Gazan side, sources told The National, as the row between the two countries deepens.
Israeli forces took control of the Gazan side of the crossing on May 7 as part of Israel's offensive in Rafah that has strained relations with Egypt. In response, Egypt announced it will no longer work with Israel to transfer aid into Gaza through the crossing.
Israel tried to persuade Egypt to allow aid to enter the enclave through Mossad agents who visited Cairo on Wednesday, the sources said.
They said Israel made it clear that its military intended to retain control of the Palestinian side of the crossing even if a ceasefire deal was reached.
“The Egyptians countered that the Israeli position undermined efforts by Cairo, the United States and Qatar to broker a ceasefire and cast serious doubts on the prospect of a complete withdrawal from Gaza as demanded by Hamas,” one source said.
“Egypt will not reopen the crossing and that’s its final position despite significant US pressure on Cairo to do so.”
There has been no official announcement from Cairo on Wednesday’s meeting between the Mossad officials and their Egyptian counterparts.
Egypt, which signed a US-sponsored peace treaty with Israel in 1979, has reacted angrily to the Israeli military's seizure of the Gaza side of the crossing and its ground assault on the city of Rafah, which it said posed a serious threat to Egyptian national security.
Like the US and many western nations, Egypt has repeatedly warned that sending troops into Rafah would cause a surge in Palestinian deaths – already at more than 35,200, mostly civilians – and could cause a mass displacement of people into the Sinai Peninsula.
Rafah was home to about 1.4 million displaced Palestinians before Israel’s military launched operations there on May 6. The UN said at least 600,000 people have fled the city since then.
Egypt said mass migration from Gaza would harm the Palestinian cause, adding to the departure of hundreds of thousands of Palestinians from their homes since Israel’s creation in 1948.
Israeli Prime Minister Benjamin Netanyahu on Sunday pressed Egypt to reopen the Rafah crossing, claiming that Cairo was holding the people of Gaza “hostage” by not working with Israel on the key aid route.
Israel supports “maximum humanitarian aid flows” through Rafah, Mr Netanyahu told US financial news network CNBC. “We want to see it open,” he said, adding: “I hope we can come to an understanding” with Egypt.
“I hope Egypt considers what I'm saying now,” he said. “Nobody should hold the Palestinian population hostage in any way and I'm not holding them hostage. I don't think anyone should.”
Egyptian Foreign Minister Sameh Shoukry said on Tuesday that Israel’s control of the Rafah crossing exposed aid workers and lorry drivers to “imminent dangers”.
He said Israel was “solely responsible for the humanitarian catastrophe” in Gaza, where the UN has warned of risks of famine.
The US, Israel's top ally, warned against a Rafah offensive and also appealed for the Rafah crossing to be reopened.
Israel’s capture of the Gaza side of the Rafah crossing has strained relations to a degree not seen since the start of the Israel-Gaza war.
In its strongest rebuke, Egypt said on Sunday it was intervening in support of South Africa’s case before the International Court of Justice, in a case that accuses Israel of genocide.
It has also placed on high alert the Egyptian forces close to the borders with Gaza and Israel. On Wednesday, sources said Egypt created a legal panel of international law and constitutional experts to identify and assess further punitive actions against Israel over its actions in Rafah.
But government leaders have been seeking to calm a wave of anti-Israeli sentiment, as well as calls on social media and by talk-show pundits to suspend the 1979 peace treaty.
The treaty, which ended decades of hostilities between Egypt and Israel, has been a cornerstone of stability in the Middle East, altering a regional political landscape defined in large part by nearly a century of conflict between the Arabs and Israel.
Moreover, it may have in many ways paved the way for Jordan to follow suit in 1994 and, more recently, four other Arab nations that established diplomatic relations with Israel.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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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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Stars: Alex and Marcus Lewis
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Stage results
1. Julian Alaphilippe (FRA) Deceuninck-QuickStep 4:39:05
2. Michael Matthews (AUS) Team BikeExchange 0:00:08
3. Primoz Roglic (SLV) Jumbo-Visma same time
4. Jack Haig (AUS) Bahrain Victorious s.t
5. Wilco Kelderman (NED) Bora-Hansgrohe s.t
6. Tadej Pogacar (SLV) UAE Team Emirates s.t
7. David Gaudu (FRA) Groupama-FDJ s.t
8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t
9. Bauke Mollema (NED) Trek-Segafredo s.t
10. Geraint Thomas (GBR) Ineos Grenadiers s.t