Israeli military vehicles drive through the Salah Al Din corridor area in southern Gaza. Reuters
Israeli military vehicles drive through the Salah Al Din corridor area in southern Gaza. Reuters
Israeli military vehicles drive through the Salah Al Din corridor area in southern Gaza. Reuters
Israeli military vehicles drive through the Salah Al Din corridor area in southern Gaza. Reuters

Israeli troops remain in Salah Al Din corridor despite expiry of deadline to withdraw


Thomas Helm
  • English
  • Arabic

Live updates: Follow the latest on Israel-Gaza

Israeli forces on Monday appeared to remain stationed along the Gaza-Egypt border despite the deadline for full withdrawal having passed. It was set out in the ceasefire-hostage deal struck between Israel and Hamas in January.

As part of the agreement, Israeli forces were supposed to have completely withdrawn from the 14km strip of land called Salah Al Din, also known as the Philadelphi Corridor, on the 50th day of the agreement, which was reached on Monday. Israel’s military did not comment on the status of its forces in the area but sources told The National some troops were still present and an Israeli official told CNN late last month that the country would not be withdrawing as originally agreed.

The ongoing Israeli military presence in the corridor is yet another challenge to the stalling ceasefire deal after the expiry of the first phase of the agreement and the failure to start negotiations on the second. Israel wants to extend the first phase, under which Israeli hostages were freed in exchange for the release of Palestinian prisoners and detainees. Hamas wants the deal to proceed to the second phase, as per the original timetable, during which both sides would work towards achieving a permanent ceasefire alongside more hostage and prisoner exchanges.

Former Israeli military spokesman Rear Admiral Daniel Hagari speaks at the entrance to a tunnel leading to Egypt in the Salah Al Din area of southern Gaza. Reuters
Former Israeli military spokesman Rear Admiral Daniel Hagari speaks at the entrance to a tunnel leading to Egypt in the Salah Al Din area of southern Gaza. Reuters

Israeli Prime Minister Benjamin Netanyahu has long touted the corridor as a key strategic priority for Israel in its Gaza campaign, saying cross-border smuggling over it allows Hamas to restock on military equipment. Dismantling Hamas’s military capability is a key part of Mr Netanyahu’s promise for “total victory” over the group after the October 7 attacks in 2023.

The Israeli official quoted in CNN’s February report said: “We will not allow Hamas murderers to roam again with trucks and rifles on our borders, and we will not let them strengthen themselves again through smuggling.”

The same day, Israeli Defence Minister Israel Katz said the military “maintains a defined buffer zone in Gaza” that includes the Salah Al Din corridor.

“I will tell you, as Defence Minister, that I visited there and saw penetrating tunnels – some blocked and some still penetrating from Gaza to the Egyptian side," he added. "What does this mean? Smuggling."

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

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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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  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
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