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Israel must not implement a “policy of starvation” in Gaza, the US warned its ally on Wednesday, saying such an outcome would be horrific.
Washington is stepping up pressure on Israel as it encircles parts of northern Gaza and ramps up attacks. Observers fear Israel is conducting a siege to try starve Hamas fighters into submission, in the process causing death and misery for the civilian population. The UN’s World Food Programme says no food has entered northern Gaza since October 1.
Linda Thomas-Greenfield, Washington's UN envoy, told the 15-member UN Security Council that any such policy of starvation would be “horrific and unacceptable and would have implications under international law and US law”.
“The government of Israel has said that this is not their policy, that food and other essential supplies will not be cut off, and we will be watching to see that Israel's actions on the ground match this statement,” she said. The ambassador said any attempts to improve aid flows so far had been “insufficient”.
Israel has been conducting a military offensive since October 5 attacking the Jabalia refugee camp in northern Gaza, citing efforts by Hamas to rebuild its operations there.
In a letter this week, US officials told Israel it must take steps in the next month to improve the humanitarian situation in the Palestinian enclave or face potential restrictions on military aid.
Ms Thomas-Greenfield also expressed “grave concern” over eviction orders in northern Gaza and underscored that all parties must abide by UN Security Council Resolution 2720, which rejects the forced displacement of civilians.
Danny Danon, Israel's UN ambassador, said that Hamas had been hijacking aid deliveries and blamed the Iran-backed militants for any humanitarian suffering.
Wednesday's Security Council meeting also saw condemnation of Israel's conduct in Gaza after its military on Monday hit a hospital compound in Deir Al Balah, igniting fires that tore through tents sheltering displaced families. At least four people were killed and dozens wounded, many seriously, according to Hamas health officials, with women and children the majority of the injured.
Video footage from the scene showed a man being engulfed in flames while onlookers watched helplessly.
The world has witnessed images of “patients and displaced people burning alive” who had been sheltering near Al Aqsa hospital, Joyce Msuya, Acting Under Secretary General for Humanitarian Affairs, told the Security Council.
“Scores of others, including women and children, are enduring the excruciating pain of severe, life-changing burns,” she said. “If such horror does not awaken our sense of humanity and propel us to action, what will?”
Ms Thomas-Greenfield said like so many people around the world, she watched “in horror as images from central Gaza poured across my screen”.
“There are no words, simply no words, to describe what we saw,” she said. “Israel has a responsibility to do everything possible to avoid civilian casualties, even if Hamas was operating near the hospital in an attempt to use civilians as human shields … We have made this clear to Israel.”
The Israeli military said the target of the strike was a Hamas command centre in the hospital compound. The compound was packed with families who had sought refuge there from the fighting.
Palestine’s UN representative Riyad Mansour called on the Security Council to intervene and halt Israel's deadly assaults.
“Israel is repeating the same pattern over and over again,” Mr Mansour said. He accused Israel of disregarding international law by denying protected status to civilians, including children and aid workers, blocking humanitarian aid, and systematically destroying civilian infrastructure. “Kill at will and explain that it is never your fault,” he stated.
On Tuesday, 38 humanitarian organisations condemned the escalation of Israel's assault on Gaza, describing it as a “horrifying level of atrocity”.
“Northern Gaza is being wiped off the map,” they said in a joint statement. “Under the guise of 'evacuation', Israeli forces have ordered the forced displacement of some 400,000 Palestinians in northern Gaza, including Gaza city. This is not an evacuation – this is forced displacement under gunfire.”
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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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.”
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
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