A billboard image in Tehran of IRGC Quds Force commander Mohammad Reza Zahedi reads: 'You [Israel] will be punished'. EPA
A billboard image in Tehran of IRGC Quds Force commander Mohammad Reza Zahedi reads: 'You [Israel] will be punished'. EPA
A billboard image in Tehran of IRGC Quds Force commander Mohammad Reza Zahedi reads: 'You [Israel] will be punished'. EPA
A billboard image in Tehran of IRGC Quds Force commander Mohammad Reza Zahedi reads: 'You [Israel] will be punished'. EPA

Iran buries IRGC commanders as allies discuss response to Israeli strike


Mohamad Ali Harisi
  • English
  • Arabic

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Iran on Wednesday buried the commanders and operatives killed in an Israeli strike on its embassy compound in Damascus amid heightened regional tensions, prompting the US to clarify that it had no role in the attack.

The strike that levelled the Iranian ambassador’s residence, which is also used as a consulate and is adjacent to the main embassy building, killed at least 16 people – among them seven from the Islamic Revolutionary Guard Corps (IRGC), including the head of the Quds Force in Lebanon and Syria, Mohammad Reza Zahedi.

Iranian state media said the seven IRGC members were buried in “a special ceremony” in the Syrian capital. Their funerals will be held in Tehran on Friday and Isfahan on Saturday.

Monday's strike was one of several Israeli attacks on Syria since the Israel-Gaza war erupted on October 7 and came days after dozens of regime soldiers and Iran-backed fighters were killed near Aleppo. It is the most significant hit on an Iranian target since the Gaza war and risks pulling Iran into a direct confrontation with Israel.

Iran’s supreme leader Ayatollah Ali Khamenei and Iranian President Ebrahim Raisi have vowed to retaliate and “punish” Israel. In a meeting with the country's top officials on Wednesday, Mr Khamenei reiterated that “efforts like the one they committed in Syria will not save them from failure. Of course, they will be slapped over this action”.

Sources close to the Iranian-backed groups in the region have told The National that the response will probably come through those militant groups in Lebanon, Iraq, and Yemen, but that a “direct response” should not be disregarded.

“We will soon witness more deadly strikes against Israel, and the Resistance Front will do its duty,” a spokesman for the IRGC was quoted by state media as saying on Wednesday.

Iranian officials and the leaders of Hezbollah, Islamic Jihad, Hamas, Yemen’s rebels and Iraq factions on Wednesday discussed the strike fallout in a virtual meeting, according to the state-run Irna news outlet.

Hezbollah leader Hassan Nasrallah said during the meeting that Tehran's allies “must strive to win this battle and defeat the Zionist enemy and all its supporters, and this must be our goal,” calling for “working hard to provide all the components of support in order to achieve our goals, and this is everyone's duty”.

The leader of Yemen's Houthi rebels, Abdul Malik Al Houthi, said his group, which has been launching attacks against ships in the Red Sea “is trying to increase missile and naval power to support the Palestinian nation”.

Brig Gen Zahedi played a key role in facilitating the transfer of weapons and military support from Tehran to its ally Hezbollah in Lebanon and Syria, and was responsible for creating strategies for Tehran's “axis of resistance”.

“In principle, every assassination of a leader in the resistance axis represents a loss,” a source close to Iran's groups said.

“But it does not cause irreparable harm because this force does not rely on a hierarchical leadership structure … dozens of leaders can fill the void quickly and had worked alongside him for years.”

A billboard in Tehran displays images of IRGC Quds Force commander Mohammad Reza Zahedi, right, and his deputy, General Mohammad Hadi Haji Rahimi. EPA
A billboard in Tehran displays images of IRGC Quds Force commander Mohammad Reza Zahedi, right, and his deputy, General Mohammad Hadi Haji Rahimi. EPA

Drone shot down

While Israel did not officially acknowledge responsibility for the attack in Damascus, an army spokesman said the embassy compound, in the central Mezzeh area of the city, was a military site “disguised” as a diplomatic site.

Israeli Defence Minister Yoav Gallant emphasised that his country would “act everywhere, every day to prevent the force build-up of our enemies”, adding that Israel was making it “clear to everyone who acts against us, all over the Middle East, that the price for acting against Israel will be a heavy price”.

More concerning for Tehran and the international community than Israel's assassination of IRGC commanders is its apparent abandonment of unspoken red lines in its conflict with Iran, experts said.

Hours after the strike, US officials rushed to clarify that Washington did not play a role after Iran’s foreign minister said America must be held accountable because of its support for Israel.

“We were not involved in any way whatsoever. So the comments by the Iranian foreign minister that somehow we are to be held to account or we’re to blame – it’s just nonsense,” White House National Security Council spokesman John Kirby told reporters.

Pentagon spokeswoman Sabrina Singh said the US had told Iran via “private channels” that it was not responsible for the strike.

“I will reiterate the US had no involvement in that strike. And we had no knowledge about it ahead of time,” she said.

A source close to Iran's allies in the region said the US “knows the gravity of what Israel did and that it should expect that Iran carries out some kind of response. Washington already fears the possibility of the collapse of the Iraqi truce that has been in place since last February”.

Last month, Iraqi militias backed by Iran halted their attacks against US forces in the region in the context of an “unannounced truce” and the last direct attack on US forces in Iraq and Syria was on February 4.

Indirect talks between the US and Iran in recent weeks have attempted to build on that truce in Iraq to expand it across conflict-hit areas of the Middle East.

Although Washington has not commented on the latest discussions, Iranian state media confirmed the most recent rounds of indirect talks, saying they focused on negotiations for removing sanctions against Iran – thought to be a major motivation for Tehran's increased initiative to mitigate regional conflict.

Just hours after Israel struck Iran’s embassy compound in Damascus, US forces shot down an attack drone as it flew close to an American base in Syria.

The Pentagon said the drone was not directly targeting US forces based at Al Tanf, near the Jordanian and Iraqi borders.

“The drone was travelling in the proximity of the base, and the base did engage that drone. But we do not assess right now that that was an attack on US forces,” Ms Singh said.

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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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MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

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Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

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Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

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Updated: April 03, 2024, 5:10 PM