Israel said on Friday it will no longer observe a daily "tactical pause" to allow aid into Gaza city, as it steps up pressure for Palestinians to leave.
Gaza city is now a "dangerous combat zone", the Israeli military said, as its troops mount a new offensive to capture the area. Funerals were being held for Palestinians killed in overnight strikes on the city.
The Israeli army said it had recovered the bodies of two hostages, with only a few dozen believed to remain in Gaza. Prime Minister Benjamin Netanyahu's government is stalling on a ceasefire proposal by Egypt and Qatar that would see some captives released.
The Gaza city neighbourhoods of Al Zeitoun, Al Sabra and Abu Iskandar are among those enduring some of their heaviest shelling yet. "The bombardment and demolitions never stop, and drones constantly fire at us with bullets, smoke bombs, and shell," said Ibrahim Abu Sultan, 35, from Abu Iskandar.
Under massive pressure to ease Gaza's famine, Israel last month announced a 10-hour "tactical pause" would be held daily in Gaza city, Deir Al Balah and Al Mawasi, where there were no major Israeli offensives at the time.
The UN-backed experts who declared a famine said the increase in aid entering Gaza has been modest and "largely insufficient" to ease the crisis. They said many people in Gaza city were scavenging in piles of rubbish for food.
Now, as of Friday "the local tactical pause in military activity will not apply to the area of Gaza city, which constitutes a dangerous combat zone," the Israeli military said.
It said the army "will continue to support humanitarian efforts alongside continuing manoeuvring and offensive operations" against Israel's enemies.
The chief of Israel's military, Lt Gen Eyal Zamir, said troops were "enhancing strikes in the Gaza city area" and will "intensify our efforts in the coming weeks", hinting at a prolonged campaign to take the city.
Hamas warned that Israel's offensive would subject hostages to the "same risks" as the militants. "They will be with our fighters in the combat and confrontation zones," said Abu Obeida, a spokesman for Hamas's armed wing.
Israel has ramped up pressure on Gaza city's residents by calling for an "evacuation" and claiming conditions will be better in the south. Palestinians and Arab governments have raised fears that Israel will try to displace Gaza's population for good.
"Many families have fled, but like mine, some remain because we have nowhere to go," Mr Abu Sultan told The National. "Every hour the military pressure increases. This is not just about Abu Iskandar any more, this is the beginning of the occupation of Gaza city."
UN aid agency UNRWA warned on Friday that an intensified Israeli attack on Gaza city would put a million people at risk of being displaced again. "With famine already confirmed in the area, any further escalation would deepen suffering and push more people towards catastrophe," it said.
Although many Palestinians are defiant about not moving south, some have had to relocate within Gaza city. "We lived under unbearable pressure for days, every hour brought massive, devastating strikes," said Marwan Hamed, 41, from the Sheikh Radwan neighbourhood.
"I took my children to Beach camp in the West of Gaza city, because going south isn’t an option. We already tried that once, and it was too harsh to endure again. This time, I just wanted a place slightly safer for my children," he said.
Israel's attack on Gaza city "has already begun, no matter what they say to the world," he said. "The army has reached Abu Iskandar, which marks Gaza city’s boundary. That means the city is already being occupied."
Ihab Rayan, 54, also left Sheikh Radwan and went south to Deir Al Balah, where conditions were no better with landowners demanding huge rents. "We spent three days in the street searching for somewhere to stay, but there was no land to pitch a tent," he said.
“After all that exhaustion, we were forced to return to Beach Camp in Gaza city. Now my family, 26 of us lives in fear and under constant shelling. If the occupation goes forward with its plan to take Gaza, our only fate will be death.”
Naga
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
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Persuasion
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Profile box
Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
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%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20synchronous%20electric%20motors%20%20%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E646hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E830Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ETwo-speed%20auto%20(rear%20axle)%3B%20single-speed%20auto%20(front)%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh552%2C311%3B%20Dh660%2C408%20(as%20tested)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
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.”
MATCH INFO
What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
THE SPECS
Engine: 4.4-litre V8
Transmission: Automatic
Power: 530bhp
Torque: 750Nm
Price: Dh535,000
On sale: Now
