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A decision by Israel to enter a full-scale war with Lebanon's Hezbollah “would be costly” and “without limits or constraints”, the group's leader Hassan Nasrallah warned in a much-anticipated speech on Wednesday evening.
The leader of the Lebanese, Iran-backed group said he was not worried about being dragged into a war with Israel – “although we have so far attempted to manage Lebanon’s best interests”.
“If war is launched against Lebanon, then Lebanese interests require that we take the war to the end,” he said.
The Hezbollah leader's speech came near the fourth anniversary of the death of Iran's Maj Gen Qassem Suleimani, who was killed in a US strike in Iraq in 2020.
It also came on the day following Israel’s assassination of Hamas second-in-command Saleh Al Arouri in Beirut.
Mr Nasrallah called the assassination a “flagrant Israeli attack on the Dahieh suburb of Beirut”, calculated by Israel to coincide with the anniversary of Maj Gen Suleimani’s death.
Tuesday's strike was two-pronged, according to Mr Nasrallah: it targeted Mr Al Arouri, a Hamas leader-in-exile residing in Lebanon under Hezbollah’s protection, as well as the residential suburb in Lebanon's capital known to be Hezbollah's seat of power.
It was the first such attack since the 2006 war with Israel.
“The Israelis said yesterday evening that they were not attacking Beirut but specifically targeting Hamas. Only cowards speak like this,” he said, describing the assassination of Mr Al Arouri as a “serious crime” that will not go unpunished.
Mr Nasrallah warned Israel not to make the mistake of thinking that Hezbollah’s “precise calculations” were indicative of “fear or reluctance to enter war”.
“If we were scared, we’d have stood aside from the beginning,” he said.
“If the enemy thinks of waging war against us, our fighting will be without limits and without constraints.
He also noted the group’s many personnel losses as a result of Israel’s strikes on southern Lebanon since October 8.
Since early October, Hezbollah and allied militant groups have engaged in cross-border attacks primarily on military installations near the border with Israel, seeking to deter it from its assault on Gaza. Israel has responded increasingly aggressively, although Hezbollah has maintained a relatively steady tempo of conflict.
The leader’s speech on Wednesday largely focused on honouring Maj Gen Suleimani, and other “martyrs” – including Mr Al Arouri and Reza Mousavi, an Iranian Revolutionary Guards Corps commander killed in Syria last week, among others.
“The resistance axis did not exist years ago,” Mr Nasrallah said, attributing the development of the network of Iran-backed allied groups across the region – such as the Houthis in Yemen and Kataib Hezbollah in Iraq – to the efforts of Maj Gen Suleimani.
He explained that axis groups share a vision for the future of the region and an opposition to the Israeli occupation.
Each group operates according to its own strategic vision and local agenda, he said, stressing that the so-called “resistance axis” does not follow a centralised command.
He also credited Hamas’s October 7 attack on southern Israel, which resulted in the deaths of about 1,200 people and precipitated Israel’s invasion os Gaza, as a success in returning the attention of the international community to the Palestinian issue and jump-starting serious discussions over a potential two-state solution.
The operation, called Al Aqsa Flood, “revived the Palestinian cause across the world”, he said.
“Israel has fallen [in the eyes of the world]: morally, legally and humanely. In the eyes of the world, Israel is a killer of children and women … and the perpetrator of the largest genocide of the current century.”
The Hezbollah leader said Israel would not achieve its goals in Gaza.
“They were unable to recover any hostage alive. They cannot and will not be able to advance,” he said.
“They have not imposed their political will on, nor shaped the future of the administration of the Gaza Strip.”
Israel has repeatedly rebuffed calls for a permanent ceasefire in Gaza, where more than 22,000 people have been killed in air strikes since October 7, saying it aims to completely eradicate Hamas in the enclave.
The Hezbollah leader, known for long and meandering speeches, kept his Wednesday night address relatively brief.
He declined to discuss developments in Lebanon or Mr Al Arouri’s assassination – which a previous Hezbollah statement called “a serious assault on Lebanon” – in detail, saying he would address the incident further on Friday despite public expectation that his Wednesday speech would convey decisive action.
Hezbollah would “fight to the end, without restrictions” if Lebanon is dragged deeper into the war, he warned.
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
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COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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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.”
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
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