Palestinian Islamic Jihad, the militant group the Israeli military is targeting in its latest bombardment of the Gaza Strip, is an Iran-backed organisation with a long history of attacks on Israel.
Founded in 1981 by three Palestinian students who were studying in Egypt, the group shares Iran's goal of the destruction of Israel.
The founders — Fathi Shaqaqi, Abdul Aziz Odeh and Bashir Moussa — returned to Palestine after being expelled from Egypt following the assassination of Anwar Sadat in 1981. Shaqaqi had been arrested earlier by Egyptian authorities after writing a book in praise of Iran's 1979 Islamic Revolution and its leader, Ayatollah Ruhollah Khomeini.
After organising in the Israeli-occupied territories and elsewhere in the early 1980s, the group is believed to have carried out its first successful attack, the killing of an Israeli military police captain, in August 1987. This was a few months before the first Palestinian intifada, or uprising.
The following year, Israel expelled Shaqaqi and Odeh to Lebanon. While there, Shaqaqi developed ties with Iran's Islamic Revolutionary Guard Corps and Lebanon's Iran-backed Hezbollah movement.
Designated as a terrorist organisation by the US and EU among others, Islamic Jihad is regarded as a sister organisation to Hamas, the Islamists who have controlled Gaza since 2007. Both were born out of the Muslim Brotherhood, the Islamist movement that was established in Egypt in the last century, and are supported by Iran.
Islamic Jihad formed its armed wing, known as the Al Quds Brigade, in 1992. Working in co-ordination the military wing of Hamas, the Ezzedine Al Qassam Brigades, it carried out a string of suicide bombings against Israeli targets in the 1990s in an attempt to derail the Oslo peace accords.
The group also claimed responsibility for many suicide bombings during the second Palestinian intifada from 2000 to 2005.
Among the deadliest attacks carried out by Islamic Jihad were the double suicide bombing of a military bus stop at Beit Lid near Netanya on January 22, 1995, which killed 19 and injured 69; the suicide bombing of a Tel Aviv shopping mall on March 4, 1996, which killed 20 and injured 75; the car bombing of a bus near Afula on June 5, 2002, which killed 17 people and injured 38; and the August 19, 2003 suicide bombing of a bus in Jerusalem which killed 21 people and injured more than 100.
Shaqaqi was assassinated by Israeli agents in Malta in 1995. Its current leader Ziad Al Nakhalah, was appointed after Israel assassinated his predecessor Baha Abu Al Ata in 2019.
Although primarily based in Gaza, Islamic Jihad also has a strong presence in the Israeli-occupied West Bank, particularly in the northern city of Jenin. Many of the group's senior leaders have been based in Damascus.
Israel insists the group's ties with Iran have deepened.
Prime Minister Yair Lapid said that Al Nakhalah was in Iran when he authorised "pre-emptive" strikes against the group on Friday, citing the threat of attacks.
"The head of Islamic Jihad is in Tehran as we speak," Mr Lapid said, just hours after Israeli jets killed Tayseer Al Jabari, one of the group's senior military leaders in Gaza.
Maj Gen Hossein Salami, the head of Iran's Revolutionary Guards, told Al Nakhalah on Saturday during a meeting in Tehran: "We are with you on this path until the end."
The Israeli military claim Islamic Jihad has a rocket arsenal comparable in size to that of Hamas, which was able to field an estimated 7,000 rockets during last year's war in Gaza. Analysts say the group's rockets have a shorter range however.
Although Islamic Jihad regularly operates in co-ordination with Hamas, notably during the 11-day war with Israel last May, the continuing conflict further highlights its independence.
Hamas has not fired rockets at Israel since the exchange of fire began on Friday.
In 2019, Hamas sat out fighting between Israel and Islamic Jihad that was triggered by the assassination Al Ata.
And whereas Hamas leaders have made statements softening their commitment to the destruction of Israel, the smaller organisation has made no such move and rejects any compromise.
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.”
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
SPECS
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Mohammed bin Zayed Majlis
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
ILT20%20UAE%20stars
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