Live updates: Follow the latest news on Israel-Gaza
The US and other nations are seeking to salvage the months-long push for a Gaza ceasefire, after talks were left in tatters following the killing of Hamas's political leader, Ismail Haniyeh.
Israel is presumed to be behind the strike on Mr Haniyeh in Tehran early on Wednesday.
Israel has not commented but had previously vowed to target Mr Haniyeh and other Hamas leaders after the attack on southern Israel on October 7.
US Secretary of State Antony Blinken distanced himself from the fatal strike, after Hamas said the US had given the Israelis approval to conduct the operation.
“This is something we were not aware of or involved in,” Mr Blinken said while on a trip to Asia.
He declined to speculate about the impact on ceasefire talks but said “the imperative of getting a ceasefire, the importance that that has for everyone, remains.”
Mr Haniyeh had been leading negotiations for Hamas for a ceasefire and hostage-release deal in talks that have been inching along in Doha for months.
His killing could prompt Hamas to pull out of those talks, which Mr Blinken recently said had almost reached their goal.
The assassination is likely to further complicate the situation between Israel and Hamas ally Hezbollah in Lebanon.
Tension was already at boiling point after Israel on Tuesday struck a Beirut suburb, targeting Fouad Shukr, also known as Hajj Mohsen, the head of Hezbollah's military operations.
Israel has confirmed it carried out that attack.
A senior Hamas official, Khalil Al Hayya, told journalists in Iran that whoever replaces Mr Haniyeh will “follow the same vision” regarding negotiations to end the war – and continue in the same policy of resistance against Israel.
In a statement on his official website, Ayatollah Ali Khamenei, Iranian supreme leader, said revenge was “our duty” and that Israel had “prepared a harsh punishment for itself” by killing “a dear guest in our home”.
The White House expressed concern over the future of ceasefire talks after the strike.
"We're obviously concerned about escalation," National Security Council spokesman John Kirby told reporters.
"It was always complicated. It it remains complicated ... and it's not like the complications, with every passing day, get easier, and that includes today."
Joost Hiltermann, Middle East and North Africa programme director at the International Crisis Group, said if the US wants talks to succeed it must put more pressure on Israeli Prime Minister Benjamin Netanyahu.
But Mr Netanyahu is “clearly not aiming for these talks to succeed”, Mr Hiltermann told The National.
“At different times in the negotiations, you could blame Israel or Hamas but at this point, it's clearly Israel,” he added.
Applying more pressure is the only thing the US needs to do, he said, but it probably will not.
“Are they prepared to do it? You know, three months out of the election? I don't think so.”
In Qatar, meanwhile, UK Defence Secretary John Healey urged all sides to “step back from conflict and step up diplomacy” amid what he called “unbearable” loss of life in recent weeks and months.
British Foreign Secretary David Lammy and Mr Healey met Emir Sheikh Tamim in Doha on Wednesday.
Mr Lammy emphasised the important role played by Qatar as an interlocutor for negotiations. Whitehall sources told The National that the British were pushing hard on the “continued need for efforts to find way to an immediate ceasefire” in Gaza.
The trip was designed to “reinforce the message of de-escalation” between Hamas and Israel.
“It is absolutely vital that we engage closely with partners like Qatar, who play a key role in mediating the conflict in Gaza, so that we can bring this devastating war to an end,” said Mr Lammy.
Ali Vaez, who leads the Iran Project at the International Crisis Group, said Wednesday's killing was a “brazen and a major escalation”.
“It is highly, highly humiliating for the [Islamic] Revolutionary Guard [Corps] and the Iranian leadership, and I think puts them in an impossible dilemma,” he said.
“They feel compelled to respond otherwise, they would lose face and credibility. If they do respond, they risk stumbling into a conflict that they've done everything in their power since October 7 to avoid.”
Aaron David Miller, a long-time Middle East analyst at the State Department who retired in 2003, had a grim outlook for what comes next.
“Here's what the future is: a grinding, seemingly endless war of attrition between Israel and Hamas, because there is no solution to that problem that the Israelis or Hamas are prepared to accept,” he told The National.
“That's where we're going. Controlled but grinding escalation which drags on and on and on without resolution, because Israel has no solution to Gaza.”
Thomas Harding in London contributed to this report
Hamas leader Ismail Haniyeh – in pictures
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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Apple product price list
iPad Pro
11" - $799 (64GB)
12.9" - $999 (64GB)
MacBook Air
$1,199
Mac Mini
$799
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
On sale: now
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
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COMPANY%20PROFILE
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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.”