Live updates: Follow the latest news on Israel-Gaza
King Charles III made a "generous donation" to a British Red Cross fundraising appeal for Gaza after being briefed by aid agencies about the deteriorating humanitarian situation on the enclave.
The UK king, who is president of the British Red Cross, discussed the “acute humanitarian situation” in the region, a Buckingham Palace representative said.
"We are immensely grateful to HM King Charles for his generous donation to our Israel and Occupied Palestinian Territory appeal," the charity said on social media.
The monarch also met charity leaders from Medical Aid for Palestinians, Unicef UK and Christian Aid.
Aid groups have called for a ceasefire in the Israel-Gaza conflict to protect civilians and humanitarian workers, and ensure safe and sustained access to aid.
UK Prime Minister Rishi Sunak has emphasised the need for temporary breaks in the bombings to allow Israeli hostages and British citizens to be freed.
Buckingham Palace did not comment on whether the king discussed the hostages during the private meeting.
The International Committee of the Red Cross, in its neutral intermediary role, has assisted with the recent release of four Israeli hostages. Hamas is still holding more than 200 people.
The latest from the Israel-Gaza war - in pictures
Those the audience were the chief executive of Unicef UK Jon Sparkes, Medical Aid for Palestinians chief executive Melanie Ward, vice chairwoman of the board of trustees for Medical Aid for Palestinians Shireen Jayyusi, Christian Aid chief executive Patrick Watt, and Rory Moylan, head of region for the Middle East, North Africa and Europe at the British Red Cross.
The British Red Cross has described the situation in Gaza as an “unprecedented humanitarian crisis” with vital resources unable to get through.
It said the most pressing issue is the lack of food and water and that recent aid convoys were merely “a drop in the ocean”.
Israel has only in recent days agreed to allow aid into Gaza, having besieged the Hamas-ruled area, preventing essentials such as water, food and fuel from reaching more than two million Palestinians.
But the UN has warned it is on the verge of running out of fuel in the Gaza Strip, forcing it to sharply curtail relief efforts in the territory.
The king also held an audience with the Crown Prince of Kuwait on Wednesday, when he also discussed the continuing conflict, which has already claimed at least 8,000 lives on both sides.
Israeli Prime Minister Benjamin Netanyahu has said the military is preparing for a full-scale ground invasion to crush Hamas.
In a landmark speech last week, King Charles stressed the “vital” need for mutual understanding among religions in times of “international turmoil and heart-breaking loss of life”.
Earlier in the month, he held talks with Sir Ephraim Mirvis, the Chief Rabbi, at the palace to discuss the horrors of events in Israel and how to support interfaith harmony in Britain in distressing and difficult times.
Buckingham Palace said King Charles condemned Hamas’s “barbaric acts of terrorism” after its October 7 attack on Israel – which killed 1,400 people.
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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.”
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
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