The Rachel Corrie, which was named after an American college student crushed to death by an Israeli Army bulldozer while protesting house demolitions in Gaza.
The Rachel Corrie, which was named after an American college student crushed to death by an Israeli Army bulldozer while protesting house demolitions in Gaza.

New aid ship heads to Gaza



ISTANBUL // A cargo ship trying to break the blockade of Gaza could reach Israel's 32-kilometre exclusion zone by this afternoon, an activist said, as Israel's prime minister has vowed the ship will not reach land. Their duelling comments suggest a potential new clash over Israel's three-year-old blockade of the Hamas-ruled Gaza Strip - and come only four days after an Israeli commando raid on a larger aid flotilla left nine activists dead.

Greta Berlin, a spokesman for the Free Gaza group, says the 1,200-ton Rachel Corrie is heading directly to Gaza and will not stop in any port on the way. It is trying to deliver hundreds of tons of aid including wheelchairs, medical supplies and concrete. The Irish vessel is named after an American college student crushed to death by an Israeli army bulldozer while protesting house demolitions in Gaza.

Israel will not allow the aid ship to reach Gaza, the Israeli prime minister Benjamin Netanyahu told senior Cabinet ministers late on Thursday. According to a participant in the meeting, he said Israel made several offers to direct the ship to an Israeli port, where the aid supplies would be unloaded, inspected and transferred to Gaza overland, but the offers were rejected. Mr Netanyahu has ordered his military to prevent the ship from reaching Gaza, but he also instructed them to act with sensitivity and avoid harm to those on board the ship, the participant said, speaking on condition of anonymity because the meeting was closed.

In Istanbul, Turkey's deputy prime minister said today that economic and defence cooperation with Israel will be reduced amid tensions after the killing of nine Turkish activists by Israeli commandos on an aid ship. The deputy prime minister Bulent Arinc said all deals with Israel are being evaluated. "We are serious on this issue. New cooperation will not start and relations with Israel will be reduced," he said.

The deaths on the aid ship increased tensions in the Mideast, especially with Turkey, an important ally of Israel. On Thursday, prime minister Recep Tayyip Erdogan called Israel's actions "a historic mistake." Israel maintains the commandos opened fire as a last resort after they were attacked, and released a video showing soldiers in riot gear descending from a helicopter into a crowd of men with clubs. Three or four activists overpowered each soldier as he landed.

Returning activists admitted fighting with the Israelis but insisted their actions were in self-defence because the ships were being boarded in international waters by a military force. Israel has rejected demands for an international panel to investigate the incident and Mr Netanyahu has hotly rejected calls to lift the blockade on Hamas-ruled Gaza, insisting it prevents missile attacks on Israel.

Thousands jammed Istanbul on Thursday to pay tribute to those killed on the ship at a funeral service outside the Fatih mosque, and larger services were expected on Friday. The youngest of the nine activists killed, Furkan Dogan, was to be buried Friday in his family's hometown in Kayseri in central Turkey. The youngster, who was born in Troy, New York, moved to Turkey when he was two. The other eight activists were all Turkish nationals.

Turkey sent two ambulance planes to Israel to bring home the last five Turkish activists who were wounded in the Israeli commando raid. * AP

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MATCH INFO

Schalke 0

Werder Bremen 1 (Bittencourt 32')

Man of the match Leonardo Bittencourt (Werder Bremen)

The specs: 2018 Genesis G70

Price, base / as tested: Dh155,000 / Dh205,000

Engine: 3.3-litre, turbocharged V6

Gearbox: Eight-speed automatic

Power: 370hp @ 6,000rpm

Torque: 510Nm @ 1,300rpm

Fuel economy, combined: 10.6L / 100km

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

LA LIGA FIXTURES

Friday (UAE kick-off times)

Real Sociedad v Leganes (midnight)

Saturday

Alaves v Real Valladolid (4pm)

Valencia v Granada (7pm)

Eibar v Real Madrid (9.30pm)

Barcelona v Celta Vigo (midnight)

Sunday

Real Mallorca v Villarreal (3pm)

Athletic Bilbao v Levante (5pm)

Atletico Madrid v Espanyol (7pm)

Getafe v Osasuna (9.30pm)

Real Betis v Sevilla (midnight)

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.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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

Rashid & Rajab

Director: Mohammed Saeed Harib

Stars: Shadi Alfons,  Marwan Abdullah, Doaa Mostafa Ragab 

Two stars out of five 

Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

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.”

Yuki Means Happiness
Alison Jean Lester
John Murray 

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request