No parent should ever have to see their child's ashen face in a body bag, or under the rubble of destroyed residential buildings. Neither should any child have to endure the injustice, hunger and misery of being orphaned, witnessing killing after killing and being robbed of a future, as thousands of children have for far too long in Gaza.
But the images and videos of yet another horrific Israeli attack on northern Gaza on Saturday, this time claiming at least 87 Palestinian lives in the residential area of Beit Lahia and wounding dozens more, has again provided a glimpse of the scale of human tragedy still unfolding a year after the heinous Hamas-led attacks on Israel and the subsequent start of the Gaza war. The attack on Beit Lahia, though, appears to have dispelled any notion of the war imminently coming to a halt.
After the killing of Hamas leader Yahya Sinwar last week, Israeli Prime Minister Benjamin Netanyahu said this was "the beginning of the end of the war". For the families in Gaza, however, it might appear that there is no such end in sight.
Israel's attacks on Saturday and Sunday on southern Beirut, where 36 people have been killed in 48 hours, have defied international calls for a ceasefire. Israeli aggression could even press on further, as it looks to capitalise on the momentum of the high-profile killings of its adversaries to retaliate against Iran's ballistic missile strikes on its territory this month or the Houthi attacks.
But instead of fanning a multi-front regional war, and following its assassinations of Sinwar and Hezbollah leader Hassan Nasrallah last month, this should be an "inflection point" for Israel, as the US administration put it. Israel also ought to seriously examine whether its tactic of eliminating the heads of Hezbollah and Hamas can really put an end to these organisations' ideologies.
Even without a new leader as yet, Hamas could deliver respite to the suffering people of Gaza by working towards a resolution to end the war – to start with, by accounting for and returning the hostages to their families. Israel needs to pay serious heed to Washington's recent admonishments, and its 30-day ultimatum for Israel to address the deteriorating humanitarian situation in Gaza.
The starvation of Gazans is a development that demands urgent attention. Palestinians cannot afford to wait 30 days, even as Israel persecutes UNRWA, the UN agency that supports relief and human development of Palestinian refugees and ensures food supplies and aid reach Gaza. It is with due consideration of its indispensable work that more than 120 UN member states, including the UAE, on Thursday called for its protection of the agency.
Israel, too, is facing a ticking clock, low as it is on air defences and with its economy having suffered over the past year. Friends and partners have either suspended, or threatened to suspend, arms export licences to it. Its soldiers are fatigued, with many of its reservists having been on duty for more than 200 days. Mr Netanyahu should also factor in the voices of many of his compatriots, who want most of all the return of the Hamas-held hostages.
As much as Hamas must negotiate the safe return of these hostages and bring much-needed respite to exhausted, displaced and bereaved Palestinians, Israel must end its assaults on Gaza and Lebanon. The price of continuing to violate UN resolutions and international law would be too high, and one that will be paid, most unfairly, by grieving civilians on all sides.
Live updates: Follow the latest on Israel-Gaza
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
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.”
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
WRESTLING HIGHLIGHTS
Company%C2%A0profile
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
BMW%20M4%20Competition
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20eight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20from%20Dh617%2C600%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%0D%3C%2Fp%3E%0A
