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From the chariot to the longbow, gunpowder, the tank, aeroplane and nuclear bombs, military leaders have long sought invincible weapons.
A new arm has entered service, giving dangerous confidence to weaker forces, and used effectively by Hamas in its attack on Israel.
As Israel shuts down a key offshore gasfield, a proliferation of drones and guided cruise missiles threatens not just soldiers, but critical infrastructure providing energy supplies for modern life.
The rise of relatively humble, cheap but numerous Turkish-built drones was prominent in Azerbaijan’s speedy defeat of Armenia in September-November 2020.
Watch: Israel pounds Gaza after evacuation deadline expires
But from an energy viewpoint, such weapons proved their capability earlier.
Experience from clashes such as the Iran-Iraq war, when both sides pounded away at oilfields, refineries and terminals, suggested that relatively small energy targets were hard to damage with inaccurate unguided missiles, or by planes that were vulnerable to interception.
But in September 2019, drones and cruise missiles, claimed by Houthi forces in Yemen, but more likely coming from Iran or Iran-linked groups in Iraq, hit the Abqaiq oil-processing facility and Khurais oilfield in Saudi Arabia, evading radar and the Patriot missile defence system.
The strikes temporarily knocked out 5.7 million barrels per day of oil production.
They appeared to be carefully calibrated to avoid major permanent damage, and Saudi Arabia was able to restore full capacity within a few weeks.
The main effect was political, demonstrating Iran’s ability to cause severe disruption to energy facilities key not only for Saudi Arabia, but for global oil consumers.
Drones have again been prominent in the Russia-Ukraine war, and not just on the front lines.
Russia has repeatedly struck at Ukrainian electricity supplies, especially last winter, aiming to disrupt the economy and break morale.
Ukraine has hit back through a series of shadowy attacks and somewhat unexplained explosions at Russian refineries, fuel depots and power plants.
These drones are not just aerial. Ukraine has innovated with marine drones, used in a series of attacks on Russia’s Black Sea fleet, the Kerch Bridge to Crimea and, in August, oil tankers.
That leads to perhaps the most mysterious recent energy sabotage.
Last September, three of the four lines of the Nord Stream I and II gas pipelines running from Russia to Germany under the Baltic Sea were destroyed by explosions.
Every plausible and implausible candidate has been blamed, including Russia, Ukraine or pro-Ukrainian groups, Nato, the US and the UK, but no proof has emerged.
On Tuesday, another Baltic gas pipeline between Finland and Estonia was broken by an apparent explosion, which Finland blames on “outside activity”.
Neither this nor the Nord Stream sabotage had to be carried out by drone – explosives laid by divers, mini-submarines or remotely operated vehicles from ships are most likely.
But it does show the vulnerability of the increasingly dense network of subsea pipelines, electricity and fibre-optic cables, growing as grids are integrated and offshore wind farms advance.
Following Hamas’s surprise attack, Israel shut down the important Tamar gasfield, whose production platform can be seen from Gaza on a clear day.
Israel-Gaza war latest - in pictures
This was apparently precautionary. The facilities for Israel’s two other producing fields, Leviathan and Karish, are located much further north, near the Lebanese offshore border.
Tamar was also briefly closed during the unrest of May 2021, albeit that was much less serious.
The Israel Defence Forces claimed to have thwarted a submarine drone attack from Gaza on Tamar, and that rockets had also been unsuccessfully fired at the platform.
In July 2022, the IDF said it had downed three reconnaissance drones launched by Hezbollah towards the Karish floating production vessel.
On Saturday, unofficial reports suggested the much-watched Qana well, being drilled by France’s TotalEnergies in Lebanon just over the boundary line, had failed to find gas.
That remains to be confirmed but, if true, it would dampen the incentive for Hezbollah to avoid targeting Israeli energy infrastructure for fear of retaliation.
Tamar provides nearly half of Israel’s gas production, and contributes to its exports to Jordan and Egypt.
In turn, Egypt had been in the process of resuming liquefied natural gas exports, helping to supply Europe.
For now, there is no reason to expect the closure to be prolonged, but if it were, it would tighten global gas supplies as the Northern Hemisphere winter approaches.
European gas prices have risen by more than half since last Saturday, mostly because of the ominous Baltic pipeline rupture.
Drones have several advantages. They can be cheap and simple, well within the capability of weaker or poorer states as well as non-state groups.
Therefore they can be deniable, making it hard for the target to know who to retaliate against and how.
There are no easy answers to this new threat: the energy industry and defence forces need to learn quickly and be prepared for the unexpected and even the previously unthinkable
Robin Mills
They can overwhelm expensive conventional defences with a combination of numbers and undetectability. And they avoid exposing their users directly to harm.
Their main weakness is dependence on GPS systems and communications from human operators, which can be blocked by electronic measures.
That may disappear as fully autonomous drones, micro-drones and swarms are deployed. Drone attacks are also more effective when teamed with guided missiles and bombs, cyberwarfare, and traditional ground forces and misdirection.
New weapons win battles and even campaigns, but rarely provide a durable strategic advantage.
Opponents adopt them, or find ways to counter them. Nevertheless, they can lead countries or armed groups to start conflicts against apparently much stronger opponents. They also change the nature and targets of warfare.
Both the Middle East and Europe abound in exposed energy infrastructure. Defences can be beefed up, and critical systems can be hardened.
Ukraine’s experience in keeping much of its heat, water and electricity flowing even through prolonged attacks is testament to the value of robustness, duplication and improvisation.
Still, there are no easy answers to this new threat: the energy industry and defence forces need to learn quickly and be prepared for the unexpected, and even the previously unthinkable.
Robin M. Mills is chief executive of Qamar Energy, and author of The Myth of the Oil Crisis
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The five pillars of Islam
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
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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The five pillars of Islam
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science