Lebanese militant group Hezbollah has threatened to launch anti-ship missiles at Israeli-operated gas infrastructure at the Karish gasfield in the Mediterranean.
The gasfield has been at the centre of a dispute over the two countries’ maritime borders, with negotiations between Israeli and Lebanese delegations failing to reach a compromise on the disputed stretch of ocean.
The threat came a US envoy appointed as a mediator in the talks arrived in Beirut, reportedly with a new proposal to manage the disputed area. Amos Hochstein met with senior government officials including President Michel Aoun and Energy Minister Walid Fayad.
"Reaching a resolution is both necessary and possible, but can only be done through negotiations and diplomacy," the US State Department said in a statement ahead of Mr Hochstein's visit.
The issue has been highly sensitive in Lebanon, with Mr Aoun warning last month that “any activity or action in the disputed area is considered a provocation and aggressive act.”
A drilling vessel was sent to Karish in June, operated by Energean, an Israeli-British venture. Wells could be operational by September.
In June, Hezbollah were accused of sending unarmed reconnaissance drones to monitor operations at the site. Lebanese Foreign Minister Abdallah Bou Habib criticised the drone mission, saying any actions “outside the state's framework and diplomatic context,” would create “unnecessary risks.”
Last week, Hezbollah leader Hassan Nasrallah warned that his country’s government was “incapable of making the right decision that would protect Lebanon and its riches, therefore the resistance must take this decision.”
But the latest video represents an explicit threat, portraying a mock attack on the infrastructure using anti-ship missiles that analysts say are supplied by Iran.
Hezbollah is thought to possess a number of Chinese-made C-802 anti-ship missiles that have been upgraded by Iran. The group used two of the weapons during the 2006 Israel-Hezbollah war, seriously damaging an Israeli warship and killing four crew members.
Lebanon and Israel are locked in US-mediated negotiations to delineate their shared maritime border that would help determine which oil and gas resources belong to which country and pave the way for more exploration.
Lebanese officials have said they are optimistic that this round of talks can result in a deal after years of on-and-off indirect negotiations, but Hezbollah has warned it is ready to prevent Israel from extracting hydrocarbons should Lebanon not be allowed to do the same.
Sunday's video, which also contains a rare glimpse of Hezbollah weaponry, was broadcast on the group's Al-Manar TV station hours before the US official mediating the maritime dispute, Amos Hochstein, was scheduled to meet Lebanese officials in Beirut.
It was issued by Hezbollah's War Media that the group uses to broadcast footage of military operations and battles, and contains images of ships involved in drilling for and extracting hydrocarbons, along with what appear to be their co-ordinates.
The video begins with the words of Mr Nasrallah during a recent speech in which he warned that “playing with time is not useful” on the maritime issue.
“The message is a serious threat,” a top Al Manar correspondent said on Twitter.
A statement on Saturday by the US State Department said Mr Hochstein's Beirut visit would aim to facilitate talks on the maritime boundary.
“Reaching a resolution is both necessary and possible, but can only be done through negotiations and diplomacy,” it said.
A senior Israeli official told Reuters that Mr Hochstein would represent a new Israeli proposal that “includes a solution that would allow the Lebanese to develop the gas reserves in the disputed area while preserving Israel's commercial rights”.
If this reaches agreement, it would entail “some drilling there” by the Lebanese, the unnamed Israeli official said, without elaborating.
“The offer that has been relayed is a serious proposal that can transform Lebanon from a country of economic ruin and energy crises to a natural gas-producing country, by enabling it to cultivate this resource,” the official said.
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
First Person
Richard Flanagan
Chatto & Windus
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Dooda%20Solutions%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Lebanon%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENada%20Ghanem%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20AgriTech%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%24300%2C000%20in%20equity-free%20funding%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2011%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.