Ahmad Bazzi, right, mourns as Hezbollah fighters carry the coffin of one of his sons, in Bint Jbeil. AP
Ahmad Bazzi, right, mourns as Hezbollah fighters carry the coffin of one of his sons, in Bint Jbeil. AP
Ahmad Bazzi, right, mourns as Hezbollah fighters carry the coffin of one of his sons, in Bint Jbeil. AP
Ahmad Bazzi, right, mourns as Hezbollah fighters carry the coffin of one of his sons, in Bint Jbeil. AP

Three killed in Israeli strike on home in Bint Jbeil, Lebanon


Nada Homsi
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Three people were killed and one wounded in an Israeli strike on their homes overnight on Wednesday in the southern Lebanese town of Bint Jbeil.

One of the people killed was Hezbollah militant Ali Ahmed Bazzi, the Iran-backed group confirmed on Wednesday morning.

Bazzi's brother Ibrahim and Ibrahim’s wife Shorouk Hammoud were also killed in the strike, Lebanon’s National News Agency reported.

“They were in their homes,” a senior medic who works with the Civil Defence in south Lebanon told The National.

He said there were no signs of fighting near by before the strike.

“It seems [Ali Bazzi] was targeted,” he said.

Medics and ambulance teams searched under the rubble for hours before finding the bodies, state media said.

The fighter's brother Ibrahim Bazzi had recently moved to Lebanon from Australia, where he had lived for years, the report said. His plan was to return to Australia with his wife.

Shorouk Hammoud was recovered first, the Civil Defence medic told The National.

“When they found her she was alive, but she died shortly after,” he said.

Cross-border battles between Israel and the Lebanese Hezbollah group have intensified in recent days. Although largely confined to border areas on either side, Israel has occasionally struck deeper into south Lebanon.

The medic confirmed that Israeli bombardment in south Lebanon had become more severe over the past week, both in terms of territorial depth and ferocity.

Hezbollah, with allied armed groups, first initiated its cross-border conflict with Israel when it fired rockets at the occupied Shebaa Farms on October 8, seeking to distract Israel from its assault on the Hamas-controlled Gaza Strip.

Since then, Israel has gradually increased its attacks on Lebanon, despite Hezbollah’s show of relative restraint as the group continues to mostly target military bases and installations.

Hezbollah leader Hassan Nasrallah claimed the group had been successful in diverting one third of Israel’s military focus to the border with Lebanon.

But Israel has responded forcefully in south Lebanon, routinely escalating its strikes on the region. Diplomatic allies of Israel, including the United States and France, have tried to negotiate a deal that would lead to Hezbollah retreating north of the Litani River in exchange for several concessions – a proposal Hezbollah rejected.

In recent weeks, Israel has increased its war rhetoric, claiming that Hezbollah's presence along its northern border would not be tolerated.

Mr Nasrallah previously said that if Israel targets civilians, his group would hit back with equal force.

Since the beginning of the border conflict on October 8, more than 150 people have been killed on the Lebanese side – the vast majority of them Hezbollah fighters and allied militants, but also at least 19 civilians.

In Israel, the death toll is nine soldiers and four civilians, although the number could be higher because the Israeli military does not typically disclose updated casualty figures.

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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.”

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Updated: December 28, 2023, 3:57 AM