Palestinian security forces take position during clashes with militants at the Jenin refugee camp in the Israeli-occupied West Bank on Saturday. Reuters
Palestinian security forces take position during clashes with militants at the Jenin refugee camp in the Israeli-occupied West Bank on Saturday. Reuters

One killed as Palestinian security forces clash with militants in Jenin



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At least one person was killed in clashes between Palestinian security forces and militants in the city of Jenin in the occupied West Bank on Saturday, residents and medics said.

Gunshots and explosions could be heard in the city, where security forces set up checkpoints. Friction has risen in Jenin in recent days between militant factions and the western-backed Palestinian Authority (PA) of President Mahmoud Abbas, following raids by the PA.

Residents identified the dead man as a militant, although none of the factions immediately confirmed his affiliation. The PA's security branch said in a statement that its forces were undertaking a security operation to restore law and order to Jenin's refugee camp, a stronghold of militants alienated from the Palestinian leadership.

Earlier in the day, Palestinian security authorities said they had thwarted an attempt to set off a car bomb in Jenin. The vehicle was prepared by “outlaws” to be detonated around citizens and security personnel “as part of a cowardly criminal act”, Gen Anwar Rajab, spokesman for the PA's security forces, said in a statement carried by Wafa news agency.

“This is not the first attempt by those outlaws to adopt this ISIS approach, as they previously detonated a car bomb several days ago in the centre of Jenin, which led to the injury of a number of citizens and members of the security services,” he added.

On December 5, gunfights in Jenin between militants and Palestinian security forces followed the theft of vehicles belonging to the PA. Armed men seized the vehicles and drove through the Jenin refugee camp waving flags of the Islamic Jihad group, which is allied with Hamas in the Gaza Strip.

Gen Rajab said at the time that “a group of outlaws opened fire on the headquarters of the security services” and stole two vehicles. He said the security forces would “recover the vehicles and hold accountable anyone who committed this act”.

The Palestinian Authority has partial administrative control in the West Bank, which Israel has occupied since 1967. Jenin and its adjacent refugee camp are a stronghold for armed factions who present themselves as a more effective resistance to the Israeli occupation, in contrast to the Palestinian Authority, which co-ordinates security with Israel.

Tensions have been running high in the West Bank after the Palestinian Authority arrested several militants this month. The clashes between local militants and Palestinian forces have added to the soaring violence in the West Bank, with Israeli military raids and settler attacks increasing since the start of the Israel-Gaza war in October last year.

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When: December 27-29, 2018

Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams

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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.”

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Updated: December 14, 2024, 12:18 PM