Protesters gather near the Israeli embassy in Amman to show solidarity with the Palestinians of the Gaza Strip. AFP
Protesters gather near the Israeli embassy in Amman to show solidarity with the Palestinians of the Gaza Strip. AFP
Protesters gather near the Israeli embassy in Amman to show solidarity with the Palestinians of the Gaza Strip. AFP
Protesters gather near the Israeli embassy in Amman to show solidarity with the Palestinians of the Gaza Strip. AFP

Amman remains largely calm amid high stakes of Israel-Gaza war


Khaled Yacoub Oweis
  • English
  • Arabic

Live updates: Follow the latest news on Israel-Gaza

Jordanian university student Raghida Fares has had to sleep at her friend’s house twice since pro-Gaza demonstrations started this month near the Israeli embassy in her Amman neighbourhood.

On both occasions, a splinter group of mostly young protesters tried to breach security cordons to the embassy, forcing police to disperse them, at one point using tear gas.

“I was out, and when I tried to get back home the police had blocked the roads,” Ms Fares said.

“Other than that, there have been no incidents. Thousands of people assemble daily in front of our house.”

As the Israel-Gaza war enters its fourth week, Jordan, which is socially intertwined with Palestine, has remained relatively calm.

Stability amid upheavals in the Middle East has been a hallmark of the country since its 1970 civil war.

But the war in Gaza has underlined the difficult position Amman often finds itself in whenever violence flares on the western side of the river Jordan.

Unemployment is officially between 22 per cent and 23 per cent, and the economy has been stagnant for the last 12 years.

The country is dependent on US aid and has a military pact with Washington, which over the past decade have helped the kingdom deal with cross-border threats from Syria and elsewhere.

A large proportion of the Jordan's 10 million inhabitants are of Palestinian origin. They fled their homes amid the creation of Israel in 1948, and during the 1967 Arab-Israeli war.

Most of the rest of the country's population are descendants of tribes and clans who inhabited what is now Jordan but often had branches and kin around the Levant and on the Arabian Peninsula.

These tribes played a key role in the formation of Jordan as a British protectorate in 1921, and underpin its security forces.

Security instructions have been widely followed since the war in Gaza broke out on October 7.

The authorities have allowed pro-Gaza rallies near the Israeli embassy in Rabieh district and elsewhere, but not near the US embassy or the border with Israel.

The protests, although angry, have remained mostly verbal.

Ms Fares said that during past anti-Israel rallies near her home, she and other members of her household had given onions to protesters to lessen the impact of tear gas.

But not this time.

“The situation is too grave to play games,” she said.

In Amman, one of the more placid capitals in the Middle East, traffic has lessened considerably at night because the police have blocked some roads near sensitive sites. People have also refrained from going out, in solidarity with Gaza.

Parts of the West Bank, where Gaza-linked violence has been rising, can be seen from Amman’s outskirts.

A Western diplomat who observed one of the Rabieh rallies said that although the rich and poor mingled at the site, a large number of the demonstrators were young and unemployed.

“There is always a risk of things going out of control in these situations,” she said

In 1994, King Hussein, father of current King Abdullah II, signed a peace treaty with Israel, five years after relinquishing Jordanian claims to the West Bank and East Jerusalem.

There remains, however, significant solidarity with Gaza across social strata.

Usually long drive-through lines at McDonald's and Starbucks were nearly empty at the weekend.

The two US franchises are being shunned in Jordan because of Washington’s support for the Israeli operation in Gaza, which has claimed more than 8,000 lives in three weeks.

“I saw the empty lines at McDonald's and I was tempted to stop and buy the kids cheeseburgers,” said Lina, an administrative manager at a law firm in Amman.

She added that she had “resisted”.

Lina was out on Friday, however, for a high-school reunion at an upper middle-class restaurant on the airport road.

“I attended because the event was planned for a long time,” she said. “The restaurant was empty and the waiters showered us with attention.”

But not everyone has reduced their social activities because of the war.

One expensive, long-established Lebanese restaurant in the central Zahran area was three quarters full for dinner on the weekend. A nearby Italian restaurant, one of the priciest in Amman, was completely full.

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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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ASTON VILLA 2015-16

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FULHAM 2018-19

Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.

LA LIGA: Sporting Gijon, 13 points in 1997-98.

BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66

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Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
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Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.

TV info
The tournament will be broadcast live in the UAE on OSN Sports.

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Family: I am happily married to my wife Liz and we have two children together.

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Updated: October 29, 2023, 3:30 PM