Speaking to UN News from the wartorn enclave to mark World Humanitarian Day, Olga Cherevko from the UN aid coordination office, OCHA, said that exhausted aid workers continue to show up for work “day in and day out”.

Approaching two years since the start of the war in Gaza, Ms. Cherevko emphasized the commitment of her Palestinian colleagues, “the doctors, the nurses, aid workers who many of them have, lost everything and several times over”.

Red lines crossed

In comments in support of aid workers everywhere, UN Secretary-General António Guterres pointed out that humanitarian teams “are the last lifeline for over 300 million people” impacted by conflict or disaster.

Despite their lifesaving role, funding cuts are having a serious and negative impact on the world’s most vulnerable people, Mr. Guterres warned, while those who provide aid are increasingly under attack as “red lines are crossed with impunity”.

This is despite the fact that such attacks are prohibited under international law, the UN chief continued, noting that although governments have pledged action to protect them, “what is missing is political will – and moral courage…Humanitarians must be respected and protected. They can never be targeted.”

Powerless to help

From her base in Deir Al-Balah in central Gaza, Ms. Cherevko reflected on the nature of humanitarian work today and the frustration that aid teams often face when their lifesaving missions are delayed, preventing them from delivering assistance at scale.

“I think as a humanitarian, I feel powerless sometimes in Gaza because I know what it is that we can do as humanitarians when we’re unable to do so, both here in Gaza and in any other humanitarian crisis,” she explained.

“The fact that we continue to face massive impediments for delivering aid at scale, when our missions are delayed, when our missions lasted 12, 14, 18 hours; the routes that we’re given are dangerous, impassible or inaccessible.”

Surge in killings

Latest data indicates a 31 per cent surge in aid worker deaths compared to 2023, driven by the relentless conflict in Gaza.

The Strip saw 181 humanitarian workers killed in 2024, with 60 more fatalities in Sudan. More widely, violence against aid workers increased in 21 countries in 2024 compared to the previous year, with State actors the most common perpetrators.

Worryingly, there is no sign that the trend is slowing this year, with 265 aid workers killed as of 14 August this year, according to provisional data from the Aid Worker Security Database.

Amid early reports that Hamas has agreed to a 60-day ceasefire in Gaza and ongoing uncertainty about the Israeli plan to pursue a complete military takeover of the enclave, OCHA’s Ms. Cherevko highlighted the need for a permanent end to the conflict.

Aid teams are exhausted and “everyone’s still showing up (to work), but courage alone and commitment alone isn’t going to feed people, isn’t going to save people”, she insisted. “What we need is, again, a permanent ceasefire. We need political solutions to this conflict and a resolution to this crisis.”

According to OCHA, most of the aid workers killed last year were national staff serving their communities, attacked in the line of duty or in their homes.

An additional 308 aid workers were wounded, with 125 kidnapped and 45 detained in 2024.

“Even one attack against a humanitarian colleague is an attack on all of us and on the people we serve,” said Tom Fletcher, UN Emergency Relief Coordinator. “Attacks on this scale, with zero accountability, are a shameful indictment of international inaction and apathy...Violence against aid workers is not inevitable. It must end.”

Why do we mark World Humanitarian Day?

On 19 August 2003, a bomb attack on the Canal Hotel in Baghdad killed 22 humanitarian aid workers, including the UN Special Representative of the Secretary-General for Iraq, Sergio Vieira de Mello. Five years later, the General Assembly adopted a resolution designating 19 August as World Humanitarian Day.

Each year, the international day brings together partners from across the humanitarian system to advocate for the survival, well-being and dignity of people affected by crises, and for the safety and security of aid workers.

The theme of this year’s commemoration overseen by OCHA is an end to the attacks on humanitarians and civilians and impunity under International Humanitarian Law. “We urge those in power to #ActForHumanity,” the UN agency said.

 

RIYADH: Family offices have traditionally been influential in private capital investment, but their role in business funding and early-stage startups has often remained under the radar.  

Historically, these entities have prioritized wealth preservation, stability, and strategic investments aligned with their company interests.  

A shift is underway, however, with family offices increasing their exposure to venture capital through direct investments, fund allocations, and partnerships with startup incubators.  

Family offices across the Middle East and North Africa are recalibrating their investment strategies, emphasizing stability and selective diversification, according to a Campden Wealth and HSBC Global Private Banking report.  

Real estate remains a dominant asset class, accounting for 34 percent of portfolios and showing a net increase in interest of 44 percent, which reflects the difference between the share of family offices planning to raise their holdings and those intending to reduce them, demonstrating strong momentum in property investments.  

Bonds and commodities are also gaining traction, with net increases in interest of 33 percent and 50 percent, respectively, as family offices prioritize reliable asset classes amid global economic uncertainties. 

In contrast, MENA family groups show a limited appetite for expanding their exposure to private equity or debt, with minimal net change reported in these categories.  

This stands in stark contrast to family offices in Europe and North America, where private equity remains a primary focus.  

Despite the restrained interest in private equity overall, 58 percent of MENA family groups are active in VC, favoring early-stage investments such as angel and seed funding at 50 percent, as well as growth-stage opportunities at 50 percent. 

The findings reflect a measured approach, balancing traditional, stable investments with selective forays into innovation-driven sectors. 

Paula Tavangar, chief investment officer at Injaz Capital, a regional investment firm, believes that the shift is moving quickly.

In an interview with Arab News, Tavangar emphasized that Saudi family offices are increasingly expanding beyond traditional asset classes and recognizing VC as a key investment opportunity. 

“With above half already investing in early-stage companies, this shift is well underway,” she said. However, she noted that while many family offices seek direct access to promising early-stage investments, they often lack the infrastructure to efficiently evaluate and structure deals.

This shift in investment strategy is driven in part by second-generation family office leaders who are more innovation-focused. 

“They seek exposure to both local and global early-stage opportunities, whether through setting up their own shop, being an LP (limited partner) in VC funds, or mandating external experts like us,” Tavangar said. 

Injaz Capital has been actively sourcing and reviewing deals for family offices in both early- and growth-stage investments in Saudi Arabia. “For example, we invested in the latest round of Xpence, a smart business spend platform,” she said.

While fintech and e-commerce have traditionally dominated Saudi VC, Tavangar noted these sectors are becoming saturated. 

Family offices are shifting toward industries aligned with their core businesses and national priorities, including deep tech, renewables, and health tech.

“Healthcare spending is expected to total $180 billion by 2029, with increasing incentives for private investment,” she said, citing a $10 billion localization gap in the Kingdom’s pharmaceuticals and medical devices sector. 

Injaz Capital is addressing this through MENA Hayah, its health tech-focused investment platform.

The relationship between family offices and VC firms is changing. Currently, about 70 percent of these groups in MENA source deals through their own networks instead of investing in VC funds, but this trend is shifting.

“As the Saudi startup ecosystem matures, family offices are increasingly exploring structured partnerships with VC firms,” Tavangar said. Many prefer co-investment models in late-seed and series A+ rounds over traditional fund commitments.

Large family groups are also launching sector-specific investment arms and collaborating with specialized VCs to gain proprietary deal flow and expertise. 

“The goal is not just to follow an investment trend but to help build an environment where family offices can contribute meaningfully to economic growth while effectively managing risk,” Tavangar added.

Speaking with Arab News, Thomas Kuruvilla, managing partner of Arthur D. Little Middle East and India, explained that family offices have typically avoided VC due to their preference for control and long-term investment horizons.  

“Minority stakes in VC funds often fail to provide this comfort,” he noted. VC firms tend to focus on short-term portfolio diversification and exit strategies, whereas family offices emphasize stability.  

Additionally, many family groups have been cautious about early-stage investments because generating quick returns often contradicts the values they seek to instill in future generations. 

Kuruvilla highlighted several factors driving a change in approach, adding: “Younger family members are more tech-savvy and comfortable investing in emerging technologies.” 

Furthermore, portfolio diversification is becoming a priority, with family offices seeking access to disruptive business models and new technologies.  

Reputation building is also a motivator, as participation in prestigious VC funds enhances their credibility as serious venture investors.  

As a result, family offices are becoming major players in VC, offering long-term perspectives, sector expertise, and capital beyond mere financial investment. 

Speaking to Arab News, Achal Aroura, head of multi-family office EMEA at Klay Capital Limited, highlighted that many family offices have been investing in startups for years.

However, these investments often go unnoticed because they are structured as bilateral rather than traditional VC transactions. 

“The reason they go unnoticed is that these investments are not seen as traditional venture capital investments, but rather strategic investments made by these families and their existing businesses,” he explained.  

He added that firms like Klay are helping family offices take a more institutionalized approach, facilitating early-stage investments through venture funds, direct deals, and collaborations with startup incubators.  

Family offices tend to invest in industries that align with their broader investment goals and expertise.  

Kuruvilla identifies real estate, artificial intelligence, and healthcare, as well as biotechnology, renewable energy, and fintech as key areas of interest.  

“Many Middle Eastern family offices incorporate Islamic finance principles, ensuring compliance with ethical and religious guidelines,” he added.  

Aroura echoed these observations, noting a focus on technology-enabled startups in real estate, finance, and consumer sectors.  

“Lately, we have seen a lot of interest in data centers and AI-enabled startups and businesses,” he said. 

Obediah Ayton, chairman of Dhabi Hold Co., provided a contrasting perspective, explaining that family holdings — common in the UAE — differ from family offices in their investment approach. 

“A family office typically invests in liquid strategies or acts as LPs in VC funds,” he told Arab News.

In contrast, family holdings deploy capital directly from the business level, which can lead to frustration around the speed of investment decisions.  

Ayton explained that startups approaching family holdings or offices typically need to demonstrate alignment with the family’s business interests, such as solving an operational problem or reducing supply chain costs.  

“The times we have seen investment is normally by an Al-Futtaim investing in mobility — why? Because eventually, they want local distribution or vice versa, to expand their own products through that vertical into new markets,” he said. 

Ayton also emphasizes that family offices rarely lead funding rounds due to a lack of in-house capabilities and risk appetite. Instead, they prefer to see reputable investors already involved. 

“Sitting on a cap table rarely happens, and if they do, they want to see good names that priced the business and revenues,” he explained. “If a startup with no revenue comes along, as opposed to a startup with known investors, I know which one is better for my job security within the family business.”  

To optimize their participation in VC, family offices are adopting various strategies. Kuruvilla suggests leveraging their industry knowledge and entrepreneurial experience to support portfolio companies.  

Direct investments allow for greater control, while partnerships with VC firms enhance due diligence. He also noted the growing involvement of younger family members, which introduces fresh perspectives and ensures long-term commitment to venture investing. 

Aroura outlined three primary ways family offices are engaging in startups: “Through early-stage venture capital funds, direct seed investments with founders, and through early-stage incubators from within the venture capital ecosystem.”  

These approaches provide a balance between institutional expertise, direct influence, and exposure to high-growth startups. 

The intersection between family offices and VC firms is also evolving. Kuruvilla highlights increased capital allocations to alternative assets, including co-investment opportunities that offer access to high-quality deal flow and shared risk management.  

“Family offices offer patient capital, ideal for emerging technologies and industries requiring substantial upfront investment,” he said.  

Sector expertise also plays a role, as family offices that leverage their industry knowledge tend to achieve better growth outcomes. Additionally, a focus on impact investing is emerging, particularly among younger generations who prioritize sustainability and social good. 

Aroura emphasized that VC funds bring an institutional approach to early-stage investing, helping family offices diversify their risk while accessing a curated portfolio of startups.  

“Family offices are starting to support venture capital funds, as these funds bring experience and an institutional approach to building a portfolio of companies that helps to diversify their risk of investing in early-stage startups,” he explained.