Live updates: Follow the latest news on Israel-Gaza
Gaza’s economy is “ceasing activity” with the unemployment rate surging close to 100 per cent as Israel continues to bombard the besieged Palestinian enclave, according to a new report.
“With the Gazan economy ceasing activity in the fourth quarter indefinitely, combined with the destruction of the economic and residential infrastructure, any discussion of economic ‘losses’ is unrealistic, useless and unhelpful,” the Ramallah-based Palestine Economic Policy Research Institute said in a report this week.
The unemployment rate in Gaza, which before the war was the highest in the world at about 45 per cent, is currently “close to 100 per cent,” it added.
Israel continues to bombard the enclave of 2.4 million people, destroying its infrastructure and killing its residents.
More than 8,525 Palestinians have been killed, including 3,542 children, in Israeli air strikes on Gaza since October 7, according to the Health Ministry in Gaza.
“It will not be possible to restart commodity trading and services and mobilise finance at the end of this war as long as the unprecedented [and as yet unknown scale of] humanitarian needs, namely, to feed, shelter and care for more than two million displaced, wounded and traumatised persons in the Gaza Strip [are taken care of]," the report said.
“The levels of destruction and deprivation that will result from this war are simply unimaginable.”
The World Bank as well as the International Monetary Fund have voiced concern about the war and the effect it will have on Middle East economies.
The economic outlook for Gaza was grim even before the war broke out, with high unemployment and poverty levels and negligible foreign direct investment.
In Gaza, real gross domestic product per capita last year was 11.7 per cent below the 2019 level and close to its lowest level since 1994, according to recent data from the UN Conference on Trade and Development.
Israel imposed a land, sea and air blockade on the Gaza Strip in 2007 that has severely hampered the movement of people and goods and hit the enclave's economy hard.
Economic growth in Palestine slowed to 3.1 per cent in the first quarter of 2023, the result of a 2.6 per cent contraction of the economy in the Gaza Strip compared with a 4.3 per cent growth in the West Bank, according to Palestinian Central Bureau of Statistics data.
“Having contended with an almost 15-year-long economic embargo on the territory ... Gaza's economy continues to suffer from a range of structural impediments to growth, namely low productivity, goods scarcity, limited and dilapidated infrastructure and negligible foreign investment,” said Pat Thaker, editorial director for the Middle East and Africa at the Economist Intelligence Unit.
The "EIU expects these underlying issues to be severely exacerbated by the ongoing conflict. further damage to Gaza's infrastructure and economic activity will be severely disrupted, given the wide Israeli ground offensive in the short term", she said.
The Gaza Strip’s contribution to Palestine’s economy began to decline after 2006, from about 35 per cent to 25 per cent in 2013, according to the Palestine Economic Policy Research Institute.
After 2014, it reached about 19 per cent, declining further to 17 per cent in 2022.
“After 2007, Israel declared Gaza to be ‘enemy territory’. The siege and successive wars inflicted significant [direct and indirect] economic losses on the Gaza Strip, estimated by the UN to amount to about $16.5 billion," it said.
“The GDP gap between the West Bank and Gaza has steadily widened, as a result of growth in output in the West Bank combined with the sharp decline in the Gaza Strip due to the erosion of the local, industrial production base."
Gaza’s exports have also been weak in recent years due to the blockade, with export revenues in some years hardly exceeding a few hundred thousand US dollars.
"Daily loss of production in Gaza [due to the current war] specifically is estimated at $16 million, with trade plummeting to just 12 per cent of the volume recorded in October 2022, owing to the ongoing closure of key overland access points through Israel and Egypt," Ms Thaker said.
Post-war reconstruction poses a great challenge, given the extensive damage and pre-existing economic hurdles in the region, according to Vijay Valecha, chief investment officer at Century Financial.
"Rebuilding the Gaza economy will demand substantial investments in infrastructure, housing, and businesses, supported by essential international backing and financial assistance," he said.
"Recovery from the recent conflict's impact on the economy is uncertain, but it's evident that rebuilding the economy will be a prolonged and challenging process requiring significant international support."
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
MORE ON TURKEY'S SYRIA OFFENCE
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
Playing records of the top 10 in 2017
How many games the top 10 have undertaken in the 2017 ATP season
1. Rafael Nadal 58 (49-9)
2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
5. Novak Djokovic 40 (32-8)
6. Alexander Zverev 60 (46-14)
7. Marin Cilic 43 (29-14)
8. Dominic Thiem 60 (41-19)
9. Grigor Dimitrov 48 (34-14)
10. Kei Nishikori 43 (30-13)
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
