France's President Emmanuel Macron (R) and Israel's Prime Minister Yair Lapid make a statement following their meeting at the Elysee Palace in Paris. AFP
France's President Emmanuel Macron (R) and Israel's Prime Minister Yair Lapid make a statement following their meeting at the Elysee Palace in Paris. AFP
France's President Emmanuel Macron (R) and Israel's Prime Minister Yair Lapid make a statement following their meeting at the Elysee Palace in Paris. AFP
France's President Emmanuel Macron (R) and Israel's Prime Minister Yair Lapid make a statement following their meeting at the Elysee Palace in Paris. AFP

Israeli PM warns Iran status quo may spur Middle East arms race


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Israel’s new interim prime minister, Yair Lapid, said that a continuation of the status quo with Iran may lead to a nuclear arms race in the Middle East that would “threaten world peace”.

Mr Lapid spoke before meeting French President Emmanuel Macron on Tuesday in Paris, where the two leaders were expected to discuss efforts to revive the nuclear deal with Iran as well as tension on Israel’s disputed maritime border with Lebanon.

He arrived in Paris on Tuesday for a visit that was planned by predecessor Naftali Bennett, whose coalition government collapsed last week.

The former Israeli foreign minister said before his departure in Tel Aviv that he would use his first trip abroad as prime minister to raise the recent attempt by Lebanese militant group Hezbollah to fly three surveillance drones towards an Israeli oil rig in contested waters.

France has close connections with Lebanon, where it was once a colonial power, and Mr Macron has repeatedly sought to broker a resolution to the country’s political and economic crises.

The US has been mediating efforts to demarcate the maritime border between Israel and Lebanon to end a dispute over offshore energy exploration, though an agreement has yet to be reached.

“Israel will not sit back given these repeated attacks,” Mr Lapid told reporters in the courtyard of the Elysee Palace before talks with Mr Macron.

“Hezbollah is a terrorist organisation threatening Israel” that is “trying to attack us with Iranian rockets”, he said.

Lebanon rejects Israel's claim that the Karish gasfield lies within its territorial waters.

“We had a long discussion about Lebanon, we presented intelligence on Hezbollah and its activities,” Mr Lapid said after the meeting.

He gave no details, but said the information was “connected to the attacks on the gas rig”.

“The government of Lebanon needs to restrain Hezbollah in the face of such attacks or we will be compelled to do so,” Mr Lapid said.

“One of the key factors to stabilise Lebanon would be its ability to become an exporter of gas,” an Israeli government official said later.

The Lebanese government had signed a deal with French oil major Totalenergies and “therefore France is a player on the issue”, the official said.

Mr Macron said both sides should “avoid any action” that could worsen relations between Israel and Lebanon.

Mr Lapid also reiterated Israel's stance against international efforts to revive a 2015 nuclear accord with Iran.

Acknowledging that France disagreed with that view, he said that what was beyond dispute was that “Iran is violating the agreement and continues to develop its nuclear programme”.

The French president said he would “make every effort” to make Tehran “see reason” and return to the negotiating table.

Israeli officials fear that giving Iran sanctions relief in exchange for curbs on its nuclear programme could allow Tehran to increase funding to Hezbollah and Palestinian militant group Hamas.

Israeli Defence Minister Benny Gantz, speaking in Athens on Tuesday, said “we can confirm that Iran is methodically basing itself in the Red Sea, with war ships patrolling the southern region”.

Four such ships had been detected in “recent months”, Mr Gantz said.

The EU has been the main mediator between Iran and the US in the latest effort to revive the 2015 accord that curbed Iranian nuclear activities in return for sanctions relief.

A senior aide to Mr Lapid told Reuters that while Israel opposes a return to the deal, it could accept a tougher accord.

“We do not oppose a deal. We seek a very strong deal,” the aide said.

“We want an end to the unending talks,” the aide said, calling for “co-ordinated pressure” on Iran and offering help with “drafting an appropriate framework” for that.

DUBAI WORLD CUP RACE CARD

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

7.05pm Handicap $135,000 (T) 1,400m

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

9.25pm Handicap $135,000 (T) 1,800m

10pm Handicap $135,000 (T) 1,400m

 

The National selections

6.30pm Well Of Wisdom

7.05pm Summrghand

7.40pm Laser Show

8.15pm Angel Alexander

8.50pm Benbatl

9.25pm Art Du Val

10pm: Beyond Reason

MATCH RESULT

Liverpool 4 Brighton and Hove Albion 0
Liverpool: 
Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')    

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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: 2018 Jaguar E-Pace First Edition

Price, base / as tested: Dh186,480 / Dh252,735

Engine: 2.0-litre four-cylinder

Power: 246hp @ 5,500rpm

Torque: 365Nm @ 1,200rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.7L / 100km

RESULTS

Argentina 4 Haiti 0

Peru 2 Scotland 0

Panama 0 Northern Ireland 0

The rules of the road keeping cyclists safe

Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

RESULTS

6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby

7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko

7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor

20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill

8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara

9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi

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Updated: July 05, 2022, 7:36 PM