The Israeli cabinet in the early hours of Friday voted to accept the framework for the ceasefire in Gaza, approving the plan for the release of all hostages.
The office of Israeli Prime Minister Benjamin Netanyahu announced the news at 1.20am local time, after an Israeli government meeting at which US envoy Steve Witkoff and President Donald Trump's son-in-law Jared Kushner were present. Mr Netanyahu praised the pair and the wider Trump administration for their “extraordinary assistance”.
“These efforts, together with the courage of our soldiers who entered Gaza, created combined military and diplomatic pressure that isolated Hamas. I believe that these brought us to this point,” Mr Netanyahu added.
Mr Kushner said at the meeting that he thought Mr Netanyahu and Mr Trump “saw eye to eye on the ultimate goal”.
Despite the deal passing, two factions within Mr Netanyahu’s government say they oppose it, a threat that further down the line could deprive the Prime Minister of his governing majority.
With the agreement coming into effect, Israel’s military has 24 hours to move to a pre-determined line within Gaza, after which a 72-hour period begins in which Hamas must surrender living and dead hostages. The Israeli military had said it would pull withdraw when cabinet approves the plan.
An Israeli spokeswoman said the ceasefire would take effect "within 24 hours" after the cabinet’s decision. There will then be a 72-hour window for an exchange of Israeli hostages and Palestinian detainees.
Amid relief at a possible end to the war, world leaders called for aid to enter famine-stricken Gaza and the “phase one” plan to be followed by long-term peace. The initial ceasefire was agreed on during late-night negotiations in Sharm El Sheikh in Egypt.
Mr Trump said hostages held in Gaza will be returned to Israel early next week. “Getting them is a complicated process … but we are getting the hostages back on Monday or Tuesday, and that’ll be a day of joy,” he said.
He said Gaza would be “slowly redone” with the help of countries in the Middle East. “You have tremendous wealth in that part of the world,” said Mr Trump, who is expected to travel to the region in the coming days. “Just a small part of that, what they make, will do wonders for Gaza.”
The National understands that as part of phase one, Israel, the US, Egypt, Qatar and Turkey plan to form a “task force” to assist in finding the bodies of the dead hostages.
Hamas is believed to hold 48 hostages – 20 of them still alive – and the deal provides for all of them to be handed over to the Israeli army. Hundreds of Palestinian detainees could be freed in return, although Israel says they will not include perhaps the best-known detainee, Marwan Barghouti.
Israel is to withdraw its troops to an agreed “yellow line”. But it said on Thursday that this would still leave it in control of about 53 per cent of the Gaza Strip.
Israel continued to strike Gaza even after Mr Trump announced the deal had been reached, killing at least 10 people, Gaza officials said. Israeli tanks were blocking a coastal road to Gaza city on Thursday.
The current Israeli assessment, one official told The National, is that hostage releases will begin on Sunday or Monday.
Mr Netanyahu had announced overnight that he would be convening the cabinet to approve a plan for the release of hostages held by Hamas. The next steps on governing postwar Gaza, and disarming Hamas, have not yet been agreed on.
Hamas spokesman Hazem Qassem accused Israel of trying to make alterations to agreed dates and times pertaining to the ceasefire, including when it was set to begin.
Mr Qassem told Al Jazeera that hostilities were supposed to end on Thursday afternoon. But Israel said then that a ceasefire will begin only when the cabinet approves it on Thursday evening.
“Netanyahu wants to show the people that he is the one who controls matters and is the one who manages them,” Mr Qassem said, as he called on mediators to hold Israel accountable for its end of the agreement. “We have reached a formula for a ceasefire agreement, and it is left to the mediators to announce this date.”
One former Israeli hostage, Omer Shem Tov, said: "With all the joy and happiness, I have to say – this isn't over yet."
It comes after Israel and Hamas on Wednesday night agreed on the first phase of the deal put forward by Mr Trump. Israel continued to strike Gaza even after Mr Trump's announcement, killing at least 10 people and injuring 49 in strikes over the past 24 hours, Gaza's Health Ministry said.
Among the dead were two people killed while trying to receive aid. “A number of victims remain under the rubble and on the streets, as ambulance and civil defence crews are unable to reach them at this time,” local health authorities in Gaza said.
This brings the toll since October 7, 2023, to nearly 67,200 Palestinians killed and 169,890 injured. Israel launched strikes and a ground offensive in 2023, after Hamas-led militants killed about 1,200 people and abducted about 240.
As Gazans celebrate, albeit before the guns fall silent, large quantities of food stand waiting to enter on the other side of the border. The UN agency for Palestinian refugees (UNRWA) is on standby to send much needed aid and supplies into Gaza that could feed the entire population for three months, its chief Philippe Lazzarini has said.
At least 460 people, including 154 children, died from malnutrition and hunger-related problems, Gaza's Health Ministry said on Tuesday.
“Our teams in Gaza are crucial for the implementation of this agreement including to provide basic services like health care and education,” he said in a post on X, adding that hundreds of thousands of children who had missed out on education can be helped by UNRWA's services. “I call on all member states to support UNRWA to do its work to assist people in need in the coming critical period,” he added.
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WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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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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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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UAE currency: the story behind the money in your pockets
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
