With the first day of Ramadan upon us, the Muslim world is in a difficult place. Hopes pinned on a ceasefire in the Israeli war in Gaza being negotiated this week have not yielded the results hoped for, which has left Palestinians in an especially grievous situation.
Instead of family gatherings, special Ramadan prayers (taraweeh), iftars, night markets, and the sight of colourful lanterns, in Gaza – where at least 31,000 people have been killed since October – there is acute hunger, malnutrition, fear, a lack of basic amenities and persistent trauma. One Gaza resident employed at Al Shifa Hospital in the north told The National: "We’ve been fasting for five months, living on one meal."
Regardless of whether one is Muslim or not, it serves us all to be mindful of the Islamic practice of deep contemplation and its value to people of all faiths. During this particularly distressing time in the Middle East, there is much to reflect on. But the onus is on the relevant stakeholders to strengthen efforts to secure a ceasefire and eventually put in place a long-term peace that, as previously noted in these pages, requires a two-state solution agreed to by all parties.
Ordinary Gazans have their will tested every single day. Families have been ripped apart and displaced across camps. There are few homes to decorate with Ramadan lights, as Israeli bombardment has destroyed or damaged more than 60 per cent of homes in the territory. Celebrations have little room for the 3,000 women who have been widowed since the war broke out, and for the 10,000 children who have lost their fathers, according to a UN report in January.
The West Bank continued to witness terrible attacks and the arrest and killing of Palestinians on a regular basis. Little relief is expected from the burden of occupation.
Amid all this, there also looms the spectre of conflict in Jerusalem over access to Al Aqsa Mosque, the third holiest site in Islam. Prayer at the mosque, particularly during Ramadan, is deeply important to many Palestinians. But at innumerable times in the past, including last year and the year before, restrictions by Israeli police, limiting access to the site, have led to violence.
As it stands, no Palestinian from the occupied West Bank can access Jerusalem. Around Ramadan, it is not unusual for extremist Israeli politicians to stoke tensions leading to violence around the holy sites – with Al Aqsa being the historical example and a central flashpoint in the Palestinian-Israeli conflict.
While the situation today is tense amid the war, Israel has said it will not impose additional restrictions on access to Al Aqsa. There are, however, hardliners in the Cabinet, such as National Security Minister Itamar Ben-Gvir, who have been vocal about banning Muslims from the holy sites.
Such a dangerous provocation should have no place in an already volatile time. On all sides, any temptation to give in to divisive politics and sow even more unrest must not be allowed. Cool heads and responsible leadership is of utmost importance in these times.
The situation is dire in other parts of the world, too. On Friday, the UAE welcomed a UN Security Council resolution on Sudan – where 18 million people are facing acute hunger – to call for a ceasefire during Ramadan. It is a reminder that turmoil in the wider region must end and the international community needs to push for it. There has to be a point where lives can begin to get rebuilt and for there to be peace in Gaza. As one displaced Palestinian resident, Umm Mohamed, from Rafah, told this paper: “We will hang the lanterns outside our tent.” It is, in some ways, the spirit of Ramadan that needs to prevail.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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
Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')
Bournemouth 1
(Ake 45 2')
Red card: Eric Bailly (Manchester United)
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
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In criminal cases, you can contact the police for additional support
UAE currency: the story behind the money in your pockets
