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Hamas “will not attend” Thursday’s Gaza ceasefire talks in Doha and is demanding an immediate cessation of hostilities based on previous negotiations, a senior group official told The National, hours after US President Joe Biden said achieving a deal is becoming more difficult.
Leaders of the US, Qatar and Egypt urged Israel and Hamas to resume Gaza ceasefire talks in Doha or Cairo on Thursday. A source close to the negotiations told The National that the talks will be held in Doha with the presence of Qatari, US and Egyptian officials "to discuss a ceasefire agreement in Gaza and the exchange of prisoners".
The Israeli side will be present at the negotiations in Doha, another source told The National. The office of Prime Minister Benjamin Netanyahu later confirmed that he had approved the departure of the Israeli delegation to the Qatari capital on Thursday.
Reaching a deal to stop the war in the Palestinian territory has been also linked to Iran's avowed retaliation against Israel, according to various sources, who said that Tehran would delay its response if a truce is announced.
Israel has been bracing for an expected Iranian attack since Tehran vowed to retaliate for the suspected Israeli assassination of Hamas chief Ismail Haniyeh at an Islamic Revolutionary Guard Corps guesthouse on July 31. An Iranian assault, with Lebanese ally Hezbollah, also threatens all-out war in Lebanon, where Israel has launched daily attacks since the militant group joined the Israel-Gaza war on October 8.
Hamas initially said it was considering the offer to join the talks but then called on mediators to implement what was already agreed on. Israeli officials said Prime Minister Benjamin Netanyahu put new conditions on the previously approved deal, but his office denied the allegation and confirmed that an Israeli delegation will attend despite emphasizing that a ceasefire deal won't end the war.
“Hamas is not concerned with Thursday's negotiations, and has not changed its position, and will not attend,” Hamas representative in Lebanon Ahmad Abdul Hadi told The National on Wednesday.
“Its position is clear, which is the necessity of stopping the aggression immediately, and therefore it does not want to participate because it does not want to restart the negotiations from scratch.”
Mr Abdul Hadi said Hamas will be “waiting to see what will result from tomorrow's negotiations and if they want to return to the July deal which we have already agreed to”. He accused Mr Netanyahu of “lying and deceiving. Even his Defence Minister admitted that the current government is the one who is thwarting the agreement”.
“The ball is not in our court now. Hamas will keep moving on two parallel lines, defending Gaza and demanding a ceasefire,” said Mr Abdul Hadi.
US 'not giving up'
Mr Biden outlined a three-phase ceasefire proposal in late May. The US, Egypt and Qatar have since been trying without success to broker a truce in Gaza, as well as a hostage release deal. Sources said that Hamas had softened its position and agreed to the framework of that deal.
The proposal on the table comes in three phases that firstly would comprise “a full and complete ceasefire,” the withdrawal of Israeli forces from “all populated areas of Gaza” and the release of “a number of hostages – including women, the elderly and the wounded – in exchange for the release of hundreds of Palestinian prisoners”.
The initial phase is expected to last six weeks, during which Israel and Hamas would “negotiate the necessary arrangements” to move to the second phase, which would centre on the “release of all remaining living hostages” in exchange for the withdrawal of Israeli forces from Gaza.
The final phase would include a “major reconstruction plan for Gaza” and the return of “any final remains of hostages who have been killed” to their families.
Earlier on Tuesday, Mr Biden said discussions were “getting hard” but he is “not giving up”, AFP reported. Asked if a truce between Israel and Hamas could stave off an Iranian assault, he said: “That's my expectation.”
Mr Biden was speaking in New Orleans shortly before Secretary of State Antony Blinken approved a $20 billion weapons package to Israel,
The killing of Mr Haniyeh, who was the top Hamas negotiator, froze already-fragile ceasefire negotiations that have been continuing for months. The appointment of hardliner Yahya Sinwar, the most-wanted militant in Gaza by Israel, as his successor was expected to harden Hamas's approach to the negotiations, including staying away from the table while Israel presses on with its military campaign.
Gaza’s death toll is edging closer to 40,000 after more than 300 days of war. More than 92,000 people have been wounded, almost all of the enclave’s population displaced several times, and most of its basic infrastructure destroyed.
Meanwhile, relatives of Israeli hostages still held in the enclave – estimated at around 115, although only half are said to still be alive – have repeatedly urged Mr Netanyahu to secure a deal. They accuse him of putting his own political interests ahead of the fate of the captives.
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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- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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