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Iranian Foreign Minister Hossein Amirabdollahian played down Friday’s Israeli attack on Isfahan, saying the drones used were more like “toys” than weapons.
His comments came as analysts said the Israeli strike may have damaged or destroyed valuable Iranian air defences.
Chris Biggers, who works with HawkEye 360, a private US satellite imagery company, studied synthetic aperture radar imagery provided by Umbra Space, a Nasa and Darpa contractor, which appeared to show damage to a Russian-made 30N6E target engagement radar.
The radar works alongside the Russian-made S-300 air defence system, purchased by Iran in 2007.
Two unnamed Iranian officials told The New York Times on Saturday that air defences were struck in Friday's attack. On Friday morning, remains of an air-launched missile were found in Iraq, although it was not clear if the weapon was used to attack Iran-linked targets in Iraq or strike Iran.
Iraq confirmed on Saturday that a base linked to the government-funded – but also Iran-backed – Popular Mobilisation Forces paramilitary was damaged by an explosion.
Satellite images suggest damage
Synthetic aperture radar imagery provides high resolution pictures captured by powerful radar beams, capable of taking images of Earth at night or through clouds.
On Sunday, Iran International, a media organisation based in the US and opposed to the Iranian government, released daytime satellite images that appeared to show a dug-in radar system protected by berms of earth, and a second image that showed blackened earth where the equipment was.
Earlier analysis said Israeli aircraft would struggle to hit targets in Iran from a safe distance, due to the country’s layered air defences and Israel’s lack of a long-range missile such as the JASSM, used by the US.
If confirmed, the potential destruction of an advanced radar system could suggest Israel may have indigenously produced a similar weapon to the JASSM, or that drones with large explosive loads were used in the attack.
Ice Breaker, an Israeli stealth cruise missile with a 300-kilometre range, will purportedly be ready for operations next year, according to its maker, Rafael Advanced Defence Systems.
This may rule out use of the missile and lend credibility to accounts that the attack was mounted using drones.
Iran is sticking by this theory, and Mr Amirabdollahian told NBC News the drones took off from inside Iran and flew for a few hundred metres before being shot down.
“They're … more like toys that our children play with, not drones,” Mr Amirabdollahian said.
“It has not been proved to us that there is a connection between these and Israel,” he said, adding that Iran was investigating the matter but that media reports were not accurate, according to Tehran's information.
Iranian media and officials described a small number of explosions, which they said resulted from air defences hitting three drones over Isfahan in central Iran in the early hours of Friday.
They referred to the incident as an attack by “infiltrators”, rather than by Israel, obviating the need for retaliation.
Mr Amirabdollahian said that if Israel retaliated and acted against the interests of Iran, Tehran's next response would be immediate and at maximum level.
“But if not, then we are done. We are concluded,” he said.
In Iraq, where investigations are ongoing after air strikes hit Kalsu, a former US base now operated by Iran-linked militias, the PMF chief of staff Abu Fadak Al Mohammedawi visited the site to inspect damage on Saturday.
Photographs from the scene showed Abu Fadak, as he is referred to, standing with PMF fighters inside a deep crater, either caused by an explosive device or its target, such as a missile stockpile.
Abu Fadak is a commander in Kataib Hezbollah, a powerful Iran-backed militia that claims to have taken part in drone and missile strikes against Israel, through an umbrella organisation called the Islamic Resistance.
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
COMPANY%20PROFILE
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47