Israeli troops are operating on the ground in the Gaza Strip. AFP
Israeli troops are operating on the ground in the Gaza Strip. AFP

Israeli attacks on Gaza kill dozens ahead of promised humanitarian pause



Israel's military killed at least 29 Palestinians in intensified attacks across the Gaza Strip on Saturday, just a day before it agreed to a limited pause in the war to enable the UN to start a polio vaccination drive for children.

Medical workers from the Palestine Red Crescent took three dead and a number of injured people to Al Ahli Arab Hospital after Israeli warplanes attacked a house in Al Sabra neighbourhood south of Gaza city, news agency Wafa reported. Three more were killed in an attack on Al Zeitoun neighbourhood to the south-east of Gaza city.

A Palestinian man was killed and others were injured in an attack on Jabalia camp in northern Gaza. Nine were killed by an artillery barrage on Nuseirat refugee camp in central Gaza. In another attack on Nuseirat, eight people were killed and others were injured in attacks when two homes were hit. In Khan Younis, five people were killed and 15 were injured in a strike on a house.

The latest attacks came as the United Nations is slated to start vaccinating some 640,000 children in the Gaza Strip against polio on Sunday, a campaign that relies on daily eight-hour pauses in fighting between Israel and Hamas militants in specific areas of the besieged enclave.

The latest Israeli-Palestinian conflict was triggered on October 7, when Hamas militants attacked Israel, killing 1,200 and taking about 250 hostages, according to Israeli tallies. Israel's subsequent assault on the Hamas-ruled enclave has since killed more than 40,600 Palestinians, according to the enclave's Health Ministry. The war has also displaced nearly the entire population of 2.3 million, causing a hunger crisis and leading to genocide allegations at the World Court that Israel denies.

Polio vaccination drive

The campaign, which is targeting children under 10, will start in central Gaza, with three consecutive daily pauses in fighting. It will then move to the southern part of the strip, where there would be another three-day pause, followed by the north.

The pauses in each zone will be extended to a fourth day, which the World Health Organisation said would probably be needed. It follows confirmation last week that a baby was paralysed by the type 2 polio virus, the first such case in the territory in 25 years.

WHO officials say at least 90 per cent of the children need to be vaccinated twice with four weeks between doses for the campaign to succeed, but it faces huge challenges in Gaza, which has been largely destroyed by nearly 11 months of war.

West Bank

Menawhile, the Israeli said on Saturday its soldiers killed two people in separate incidents in the occupied West Bank, after one entered an Israeli settlement and another shot at soldiers after his car exploded. The terrorists attempted to run over a security guard at the entrance to the community Karmei Tzur and entered the settlement.

Soldiers killed one assailant who had opened fire at them and were searching for others. In another incident, a car caught fire and exploded in a petrol station, the military said.

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.”

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Updated: September 01, 2024, 6:33 AM

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