A demonstration organised by the Salafi Party in solidarity with the Palestinians.
A demonstration organised by the Salafi Party in solidarity with the Palestinians.

Kuwait consensus on Gaza's plight



KUWAIT CITY // In their black balaclavas and green Hamas headbands, the youths protesting against Israel's air strikes on the Gaza Strip could have been in the heart of the Palestinian Territories. Except they were in the heart of Kuwait. "Move, Hamas. Go forward. We are with you," Abu Malik, a red-haired Palestinian, shouted to a thousands-strong crowd on Sunday. While relations between Kuwait and the Palestinians have been strained since the late Yasser Arafat aligned himself with Saddam Hussein during Iraq's invasion of Kuwait, Sunday's rally was the second showing solidarity for the besieged Gaza Strip. Several months ago, about 750 people showed up, but Sunday's rally drew at least 2,000, probably the biggest the country has seen, said Mohammad al Obaid, an independent MP in the Kuwaiti parliament. "I think if it was announced a few days earlier it would be bigger than what we see today," he said. Although rallies are not unusual in this politically vibrant country, politicians from the warring National Assembly are rarely on the same platform. At Sunday's protest, many stood together. "When things happen in Palestine, the effect is strong in Kuwait," said an activist for the Islamist party Hadas, who withheld his name because he said it was not important. "This is special. All parties are gathering together - the liberals, the Shiia, Hizbollah in Kuwait and even the National Union of Kuwaiti Students. They are all very angry and would like to open a channel to support Gaza." The protesters burnt Israeli flags and waved banners reading "No to hunger, no to submission", according to the Kuwait Times. One MP, Waleed al Taetabae, even brandished his shoe in the air as he addressed the crowd, as an attempt to insult the Israelis, the paper said. Mr al Obaid said Gaza's Arab neighbours should take some of the blame for allowing the situation in the territory to get so dire. The situation is "horrible", he said, "and this has not happened in Gaza without support ? from some of the Arab countries' leaders". Among the speakers at the protest was Sheikh Ahmad al Qattan, a prominent Islamist figure, who condemned the situation in the Strip and urged the demonstrators to place their faith in God and to help the Palestinians in any way possible. Mr al Obaid announced the launch of a fundraiser for the people of Gaza while charities at the protest collected donations. The fundamentalist Salafi party was a key organiser of the protest. The Islamists directed journalists towards the podium, wearing black and white Palestinian keffiyahs with their dark-coloured dishdashas. Their party's logo was as prominent as pictures of Ahmed Yassin, the co-founder of Hamas who was assassinated by Israel in 2004. The president of Kuwait University's student union, Isa al Shaheen, said despite the parties' political differences, humanitarian and Islamic issues united them. "We as Kuwaitis, and foreigners living here, are not far from Gaza. The geographical distance is large, but we are all human beings and Muslim and Arab, and that keeps us in touch." Kuwait was once home to about 350,000 Palestinians, many of whom had relocated after the creation of Israel to take up jobs in the administration. It was the largest foreign community in Kuwait and the largest Palestinian community outside the Levant. But relations soured during the first Gulf War when the Palestinian leadership supported Iraq. Those who left during the invasion were not allowed to return and others were punished for suspected collaboration with the invaders. Diplomatic relations remained frozen until Mahmoud Abbas, the chairman of the Palestinian Liberation Organisation, returned 14 years later to apologise for Palestinian behaviour. jcalderwood@thenational.ae

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

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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
Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Coming 2 America

Directed by: Craig Brewer

Starring: Eddie Murphy, Arsenio Hall, Jermaine Fowler, Leslie Jones

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.”