Hezbollah leader Hassan Nasrallah accused his Christian enemies, the Lebanese Forces, of trying to stoke a new civil war in the country.
The accusation was in his first public comments since seven people were killed in armed clashes in Beirut last week.
“The real programme of the Lebanese Forces is civil war that will lead to demographic change,” Mr Nasrallah said.
He said that Thursday's violence represented a “dangerous and critical new stage” for the country.
In a fiery speech lasting about two hours, he took aim at Lebanese Forces leader Samir Geagea, claiming “since he got out of prison, he has been searching for enemies".
Mr Nasrallah was referring to the 11 years Mr Geagea served in jail for crimes committed during the civil war.
Mr Nasrallah claimed his group had 100,000 armed fighters and warned Mr Geagea: “Don't miscalculate. Sit quietly and get your act together.”
He insisted that the Iran-backed group had “never been stronger".
Seven people, all Shiite, were killed in armed clashes on Thursday, after unknown gunmen opened fire on a demonstration being held by Hezbollah and Amal supporters against Tarek Bitar, the judge leading an investigation into the Beirut port blast.
The clashes were the worst violence seen on the streets of Beirut in more than a decade.
Hezbollah and Amal, the country's two most powerful Shiite groups, accused fighters from the Lebanese Forces of opening fire on their supporters, which Mr Nasrallah reinforced in his speech.
The Lebanese Forces have denied the accusations.
Mr Nasrallah repeatedly tried to portray his party as a friend of the country's Christian community.
“We do not represent any threat or danger to you. Rather, the danger to you is Lebanese Forces and its leader,” he said.
He called for a quick investigation into Thursday's violence, adding that “those responsible should be held to account.”
Mr Nasrallah used his last televised speech to publicly rebuke Mr Bitar, prompting the Hezbollah-backed march on Thursday.
Mr Bitar has faced condemnation from much of Lebanon's political class, including Hezbollah, as he called in several high-profile politicians for questioning over the summer.
The criticism appeared to reach new levels when he issued an arrest warrant for Ali Khalil, a former finance minister, after he failed to appear for questioning.
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
SPECS
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
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.”
