On Tuesday afternoon, the US President-elect Barack Obama finally broke his silence about Israel's war on Gaza. "The loss of civilian life in Gaza and in Israel is a source of deep concern to me, and after Jan 20 I'm going to have plenty to say about the issue," he told reporters. He gave no indication that over the intervening two weeks he will have anything further to add. His brief comments came on a day that an Israeli strike killed dozens of Palestinian refugees seeking shelter in a UN school in the Jabaliya refugee camp in Gaza.
Mads Gilbert, a Norwegian doctor at Shifa hospital treating victims of the Israeli assault of Gaza told Sky News in a report rebroadcast on America's CBS News: "[since] we came on New Year's Eve in the morning I've seen one military person among the tens, I mean, the hundreds that we have seen and treated. So anybody who tries to portray this as sort of a clean war against another army are lying. This is an all out war against the civilian Palestinian population in Gaza, and we can prove that with the numbers.
"And you have to remember, the average age of the Gaza inhabitants is 17 years. It's a very young population, and 80 per cent are living below the poverty limit of the UN. So this is a poor and very young people, and they are able to escape absolutely nowhere because they cannot flee like other populations can in wartime, because they are fenced in and they are in a cage. So they are bombing one and a half million people in a cage. And young people, poor people, and you know, you cannot separate between the civilians and the fighters in such a situation."
In an interview with BBC News, Dr Gilbert said among the 2,500 injured, 45 per cent are women and children.
Khaled Meshaal, Chairman of the Hamas Political Bureau in Damascus, wrote in The Guardian: "For six months we in Hamas observed the ceasefire. Israel broke it repeatedly from the start. Israel was required to open crossings to Gaza, and extend the truce to the West Bank. It proceeded to tighten its deadly siege of Gaza, repeatedly cutting electricity and water supplies. The collective punishment did not halt, but accelerated - as did the assassinations and killings. Thirty Gazans were killed by Israeli fire and hundreds of patients died as a direct effect of the siege during the so-called ceasefire. Israel enjoyed a period of calm. Our people did not.
"When this broken truce neared its end, we expressed our readiness for a new comprehensive truce in return for lifting the blockade and opening all Gaza border crossings, including Rafah. Our calls fell on deaf ears. Yet still we would be willing to begin a new truce on these terms following the complete withdrawal of the invading forces from Gaza."
In the Los Angeles Times, Moussa Abu Marzouk, the deputy chairman of the Hamas Political Bureau in Damascus, said: "as the death toll rises in the hundreds, with thousands wounded - all victims of American taxpayers' largesse - Palestinians wonder how Obama will react to the escalating crisis. They demand of the next White House a new paradigm of respect and accountability, because when Palestinians see an F-16 with the Star of David painted on its tail, they see America.
"Palestinians are understandably guarded about the coming administration, noting its appointments with trepidation. The soon-to-be secretary of State is unforgettable for urging years ago US recognition of Jerusalem as Israel's 'undivided' capital, while the administration's chief of staff bears the stain of his father's service in the banned terrorist Irgun paramilitary, a Zionist group responsible for numerous atrocities.
"Renewed calls today for our movement to 'recognise the right of Israel to exist,' in the face of murderous onslaught, ring as hollow as Israel's continuing claims to be acting in 'self-defense' as her jets bomb civilians. Without debating here the Zionist state's fictive, existential 'right,' which of the many Israels, precisely, would the West have us recognise? Is it the Israel that militarily occupies land belonging to three of its neighbours, ignoring international law and scores of UN resolutions over decades? Is it the Israel that illegally settles its citizens on other people's land, seizes water sources and uproots olive trees? Is it the Israel that in 60 years has never acknowledged the forced expulsion of Palestinians from their farms and villages as the foundational act of its statehood and denies refugees their right to return?
"Through bitter experience, when we hear demands for 'recognition' of Israel as a precondition to dialogue, what we hear is a call for acquiescence in its crimes against us, validating the injustices that have been wrought in its name."
Meanwhile, The Washington Post reported: "The modest white Miladul Nabi mosque is almost hidden beneath a massive poster that depicts a red fist raised to the heavens surrounded by slogans expressing sympathy for the Palestinian people, support for what it calls their jihad against Israel and hatred of the 'blood-sucking' American government.
"Last weekend, the mosque sponsored a protest rally against the Israeli assault on the Gaza Strip. On Monday, half a dozen young men with cellphones worked in its library, organising a drive to collect money, blood plasma and volunteers to fight alongside the Palestinians. Sitting among them was the mosque's imam, Ehsan Habibullah.
"'Afghanistan is the land of holy warriors. We feel the pain of the innocent Palestinians, and we will stand with them to the end,' Habibullah said. 'Israel is a terrorist state, and the Americans are supporting it, so how can they claim to be against terrorism? In Afghanistan, they are bombing civilians and setting dogs against women and children. They are not killing al Qa'eda - they are killing us.' "
The International Crisis Group, in a report on ending the war in Gaza, said: "Fighting that began as a tug-of-war over terms of a new ceasefire has become a battle over terms of deterrence and the balance of power - with no easy way out. Israel in principle wants a ceasefire, but only after it brings Hamas to its knees, strips it of long-range capabilities and dispels any illusion of a fight among equals in which rocket fire has the same deterrent effect as air force raids, all of which could take a long time. Hamas, too, has an interest in a ceasefire, but only in return for opening the crossings. In the meantime, it sees every day of conflict as testimony to its resistance credentials. Both inexorably will see more benefit in persevering with violent confrontation than in appearing to give in."
pwoodward@thenational.ae
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Race card
1.45pm: Maiden Dh75,000 1,200m.
2.15pm: Maiden Dh75,000 1,200m.
2.45pm: Handicap Dh95,000 1,200m.
3.15pm: Handicap Dh120,000 1,400m.
3.45pm: Handicap Dh80,000 1,400m.
4.15pm: Handicap Dh90,000 1,800m.
4.45pm: Handicap Dh80,000 1,950m.
The National selections:
1.45pm: Galaxy Road – So Hi Speed
2.15pm: Majestic Thunder – Daltrey
2.45pm: Call To War – Taamol
3.15pm: Eqtiraan - Bochart
3.45pm: Kidd Malibu – Initial
4.15pm: Arroway – Arch Gold
4.35pm: Compliance - Muqaatil
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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.”
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The%20Roundup
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The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20six-cylinder%20turbo%20(BMW%20B58)%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20340hp%20at%206%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20500Nm%20from%201%2C600-4%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20ZF%208-speed%20auto%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%204.2sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20267kph%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh462%2C189%3Cbr%3E%3Cstrong%3EWarranty%3A%3C%2Fstrong%3E%2030-month%2F48%2C000k%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers