Hezbollah supporters watch a televised speech by the group's leader Hassan Nasrallah in Beirut's southern suburbs on Friday. AFP
Hezbollah supporters watch a televised speech by the group's leader Hassan Nasrallah in Beirut's southern suburbs on Friday. AFP
Hezbollah supporters watch a televised speech by the group's leader Hassan Nasrallah in Beirut's southern suburbs on Friday. AFP
Hezbollah supporters watch a televised speech by the group's leader Hassan Nasrallah in Beirut's southern suburbs on Friday. AFP

Relief after Hassan Nasrallah's speech fails to fan the flames of a wider war


Nada Maucourant Atallah
  • English
  • Arabic

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“This speech could've been an email”: this joke, which went viral on social media, reflects the mixed feelings surrounding Hezbollah leader Hassan Nasrallah's highly anticipated address on Friday, after weeks of conspicuous silence following the start of the Israel-Gaza war.

The speech, framed as one of the most crucial of his career, had the entire nation on the edge of their seats amid the backdrop of deadly clashes along the Lebanese-Israeli border. Many in Lebanon had feared that the leader of the Iran-backed militia would officially declare war against Israel, which it fought in the 2006 war, potentially drawing the country into a regional conflagration.

Instead, Hassan Nasrallah attempted to navigate a delicate balancing act.

He ruled out the prospect of an immediate all-out conflict in Lebanon and called for a ceasefire, all the while maintaining that “all options are open on the Lebanese front. All options are on the table, and we are ready for all possibilities.”

“The speech turned out to be less confrontational than anticipated. Mr Nasrallah has chosen to keep his options open, but it appears he has recognised the lack of appetite within the Lebanese population for Lebanon's involvement in this conflict,” said political analyst Karim Bitar.

Hezbollah had quickly backed Hamas's attack on October 7, escalating violence on the Lebanese-Israeli border the day after, which resulted in daily clashes between Israel and the Shiite militia, killing 71 on the Lebanese side as reported by AFP, including 7 civilians.

So far, the conflict has loosely followed the so-called “rules of engagement”, which govern retaliation between the two enemies.

“Lebanese citizens are breathing a sigh of relief tonight, as they had been apprehensive about the prospect of an escalation,” Mr Bitar added.

While expressing support for the Palestinians, the Lebanese government, amid its continuing economic crisis, is wary of the conflict spilling over into Lebanon.

The key decision-maker, however, is not the Lebanese state, with no president, a government in its caretaker capacity and a barely functioning parliament, but rather Hezbollah and its sponsor, Iran.

“Mr Nasrallah knows that most of Lebanese are against the war and that he cannot afford a conflict in these circumstances,” he added.

'Mixed feelings'

But the ambivalence of the speech generated a range of emotions among the Lebanese population since it neither fully de-escalated nor fully escalated the situation.

Marc, a 33-year-old resident of Beirut, said: “The speech was well-balanced, but we are still anxious; he did say that all options are still on the table.”

“I have mixed feelings,” said Mireille, a 47 year-old project manager. “I'm reassured because he doesn't seem to want to escalate, but at the same time, Mr Nasrallah made us believe for all these years that Hezbollah is here to support Palestine and destroy Israel; if he is not doing it now, then when is he going to do it?”

On the other hand, anti-Hezbollah parties, such as the Lebanese Forces, a right-wing Christian party, did not interpret the speech as having a balanced tone.

“We were overwhelmed trying to finalise internal issues and figure out ways to support the state institutions and help our Lebanese people amid these harsh situations and we did not have the chance to listen to Mr Nasrallah,” a spokesman for the party told The National.

“But reading the speech later on, we found our narrative even stronger and our request to fully implement resolution 1701 even more critical after Mr Nasrallah's speech,” he added. Resolution 1701 calls for the disarmament of all armed groups in Lebanon, including Hezbollah.

“One would expect from a political leader in these times to speak about the interests of Lebanon, yet Mr Nasrallah yesterday, all he tried was to show that he speaks on behalf of the Axis of Resistance.”

'Everything is under the Sayyed's control'

In Dahieh, a Hezbollah stronghold in Beirut, the atmosphere significantly diverged from the rest of the capital. The majority of Hezbollah's supporters present at the rally on Friday in Ashoura Square, where the speech was screened, expressed their support for war against Israel.

However, according to Karim El Mufti, a professor of international relations at Sciences Po Paris, the situation is more nuanced.

“Mr. Nasrallah's speech also aimed to address his base, which is divided between radicals eager for a wider conflict and those who do not want a repeat of the 2006 war. Hezbollah could potentially fracture,” he observed.

That is why, he explained, Mr Nasrallah attempted to play on both sides, emphasising that the country had “entered the battle on October 8” while deflecting any escalation on Israel and the United States.

Has Mr Nasrallah's strategy proven effective? There was no indication of disappointment among the thousands of gathered supporters, who all enthusiastically applauded the speech, but that is also to be expected at such a rally as Hezbollah knows how to keep its troops in line.

“We are soldiers; we are prepared to fight on the ground, and we are in agreement with everything he said,” Youssef, a 17-year-old, told The National.

“It was a very impressive speech. Even if there is a war, we trust that everything is under the Sayyed's control. He lifted up the spirits, and we are not afraid, whether there is a war or not,” added 14-year-old Fatima.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.6-litre%2C%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E285hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E353Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh159%2C900%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

AIDA%20RETURNS
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VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A

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.”

Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

The five pillars of Islam
SQUADS

Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed

Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran

EA Sports FC 24
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Borussia Dortmund v Paderborn (11.30pm)

Saturday 

Bayer Leverkusen v SC Freiburg (6.30pm)

Werder Bremen v Schalke (6.30pm)

Union Berlin v Borussia Monchengladbach (6.30pm)

Eintracht Frankfurt v Wolfsburg (6.30pm)

Fortuna Dusseldof v  Bayern Munich (6.30pm)

RB Leipzig v Cologne (9.30pm)

Sunday

Augsburg v Hertha Berlin (6.30pm)

Hoffenheim v Mainz (9pm)

 

 

 

 

 

UAE currency: the story behind the money in your pockets
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

UAE Premiership

Results

Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

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Updated: November 04, 2023, 3:18 PM