Ambassadors and representatives to the United Nations meet at the UN Security Council to vote on a US resolution on the Gaza peace plan at the UN Headquarters in New York City, November 17, 2025. The UN Security Council voted in favor of a US resolution bolstering US President Donald Trump's Gaza peace plan that includes the deployment of an international force and a path to a future Palestinian state. (Photo by ANGELA WEISS / AFP)
Ambassadors and representatives to the United Nations meet at the UN Security Council to vote on a US resolution on the Gaza peace plan at the UN Headquarters in New York City, November 17, 2025. The UN Security Council voted in favor of a US resolution bolstering US President Donald Trump's Gaza peace plan that includes the deployment of an international force and a path to a future Palestinian state. (Photo by ANGELA WEISS / AFP)
Ambassadors and representatives to the United Nations meet at the UN Security Council to vote on a US resolution on the Gaza peace plan at the UN Headquarters in New York City, November 17, 2025. The UN Security Council voted in favor of a US resolution bolstering US President Donald Trump's Gaza peace plan that includes the deployment of an international force and a path to a future Palestinian state. (Photo by ANGELA WEISS / AFP)
Ambassadors and representatives to the United Nations meet at the UN Security Council to vote on a US resolution on the Gaza peace plan at the UN Headquarters in New York City, November 17, 2025. The


Momentum from UN Security Council's Gaza vote must be maintained


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November 19, 2025

To have an idea of what life is like for Gaza’s more than two million people, one need only listen to 43-year-old Mazen Al Shandaghli. Speaking on Sunday – a day before the UN Security Council met in New York to discuss the territory's future – the displaced Palestinian told The National that days of heavy winter rain had flooded his family’s tent, forcing them to sleep outside.

“Before the war, we loved the rain. We used to sit by the fire, cook and laugh,” Mr Al Shandaghli said. “Now we hate it, it brings only fear and sickness.”

It is people like Mr Al Shandaghli and his family who urgently need outside help. Although the ceasefire is largely holding, Palestinian civilians are barely hanging on. Entire communities require increased aid deliveries as well as protection from criminal gangs and the Israeli military.

Gazans also need help in clearing millions of tonnes of rubble and unexploded ordnance and rebuilding their shattered towns and cities. In this context, Monday’s Security Council vote in favour of a US-backed plan that authorises an international stabilisation force is welcome.

Having mandated and accountable soldiers with the resources to bring order to a highly volatile situation could help Palestinians begin their long journey to recovery. That many of these troops would come from Arab and Muslim nations will help them win acceptance in the eyes of the local population. There are, however, some important caveats.

Hamas’s rejection of the UN resolution is problematic. It must realise the importance of putting Gazan interests first.

Some have raised concerns that an international trusteeship imposed on Gaza would further separate it from the West Bank and hamstring the creation of a Palestinian state. The US plan lays out what Washington calls a pathway towards an independent Palestinian state, but any stewardship of Gaza that divides its people from their compatriots in the West Bank will undermine peace efforts. So this must be a temporary and short-term measure.

Any stewardship of Gaza that divides its people from their compatriots in the West Bank will undermine peace efforts

There must also be Palestinian buy-in from the start. What’s left of civil society in Gaza has to have a say in how the proposed stabilisation force operates and be included in whatever form of governance emerges. Hamas must not stand in the way of other Palestinian voices, whatever the militants’ misgivings about the US-backed plan. Simply put, Gaza’s people cannot afford more war with an aggressive Israel that still occupies a large part of the enclave.

To secure Palestinian support, the stabilisation force cannot become another meandering, open-ended intervention, the likes of which has been seen in Lebanon. There, the UN peacekeeping mission's initial deployment is in its 48th year, amid accusations of increasing irrelevance. If foreign troops are to do some good in Gaza, they must not come to be regarded as yet more outsiders deciding Palestinians’ fate over their heads.

If such a scenario is to be avoided, the momentum to fulfil the peace plan’s next phases – including real Palestinian self-government – must be maintained. A Security Council-backed force has the potential to help bring about immediate stabilisation. But for a durable peace, Palestinians such as Mr Al Shandaghli cannot be left as mere bystanders to a project that concerns their survival as a society.

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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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MATCH INFO

Champions League quarter-final, first leg

Manchester United v Barcelona, Wednesday, 11pm (UAE)

Match on BeIN Sports

Tour de France

When: July 7-29

UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland

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Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

Details

Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

Updated: November 19, 2025, 4:22 AM