Gaza ceasefire closer than a week ago, says top UN humanitarian diplomat Tom Fletcher


Hadley Gamble
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Just one week after the US vetoed for a sixth time a UN-backed resolution calling for a ceasefire in Gaza, a top UN diplomat has told The National that he believes the prospects for peace are closer now than ever.

“I think we are [closer to a ceasefire],” under secretary general for humanitarian affairs Tom Fletcher said in an interview.

“I think we're hearing much more clearly from the world: enough.”

His remarks echoed comments earlier in the day from US President Donald Trump who told reporters outside the White House he thinks “we have a deal” on Gaza. Speaking from his offices at the UN headquarters in New York, Mr Fletcher said that his back-to-back meetings and conversations with regional diplomats had taken on an unexpected energy.

“I think a lot of people would have come into this week thinking diplomacy doesn't really matter. It's a more transactional sort of strong man surviving the fittest world,” he said. But “the bilateral [President Trump] had with the secretary general, where they focused on working together for peace … I think that has put energy through the system, and … voltage electricity through the peacemaking efforts", he added.

He was speaking just hours after Israeli Prime Minister Benjamin Netanyahu’s speech on the floor of the UN sent many diplomats rushing for the exits.

“He’s made it very, very clear that [a two-state solution] is not part of his plan, or certainly not the plan of this current Israeli cabinet,” Mr Fletcher said. “But I think it is a plan of the global, international community.”

In a rare rebuke to Mr Netanyahu’s government, Mr Trump told reporters on Thursday that he would not allow Israel to annex the West Bank. Asked if he believed Mr Trump can keep his word, Mr Fletcher said he was confident.

“President Trump has a lot of clout,” he said. “He's the President of the United States. He's someone who has shown that he will pick up the phone, use the muscle, use the persuasion of the US to get stuff done. And we’re seeing positive results of that.”

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  • Source: Can be carried from distant regions

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.”

Updated: September 28, 2025, 1:13 PM