Live updates: Follow the latest news on Israel-Gaza
More than 20 people have been injured in an overnight Israeli strike on south Lebanon, as the German Foreign Ministry urged its citizens to leave the country amid the deteriorating security situation.
The attack in the centre of the city of Nabatieh hit a residential building with seven wounded by the strike and 14 injured as a result of “panic, stress and suffocation”, Lebanon's state National News Agency said. None of the injuries were described as serious.
Nabatieh is far from the border with Israel and has not been hit often since the exchanges of fire between Hezbollah and the Israeli military began in October in response to Israel's war on Gaza.
Israel did not immediately say who its military was targeting. Ten civilians were killed in an Israeli attack on Nabatieh in February.
Germany, which sent a Foreign Ministry delegation to Beirut earlier this week, said its citizens “are urgently urged to leave Lebanon” in an updated travel advisory.
“The current heightened tensions in the border area with Israel could escalate further at any time,” it said.
German Foreign Minister Annalena Baerbock, who also visited Israel, warned that any “miscalculation” could trigger an all-out war between Israel and Hezbollah.
“With every rocket across the Blue Line between Lebanon and Israel, the danger grows that a miscalculation could trigger a hot war,” she said.
“All who bear responsibility must exercise extreme restraint.”
Many countries have in recent days doubled down on calls for their citizens to depart the country as hostilities between Israel and Lebanese armed group and political party Hezbollah are on the brink of a full-scale conflict.
Lebanese Health Minister Firas Abiad on Wednesday said “the hospital sector is ready to face any emergency” if the situation continues to escalate.
On a visit to Washington, Israeli Defence Minister Yoav Gallant said his country could “take Lebanon back to the Stone Age, but we don't want to do it”.
“We do not want war but we are preparing for every scenario,” he said.
“Hezbollah understands very well that we can inflict massive damage in Lebanon if a war is launched.”
His US counterpart Lloyd Austin told Mr Gallant that another war with Hezbollah could have “terrible consequences for the Middle East” and called for a diplomatic solution.
UN humanitarian co-ordinator Martin Griffiths told reporters in Geneva that Lebanon was “the flashpoint beyond all flashpoints”.
“It's beyond planning. It's potentially apocalyptic,” Mr Griffiths said.
A war involving Lebanon “will draw in Syria … it will draw in others”, he said. “It's very alarming.”
Hezbollah and Israel last fought a full-scale war in 2006.
Israel has threatened and prepared a land incursion into south Lebanon, where it wants to restore security for its displaced residents on its northern border. Tens of thousands have been displaced on either side of the border.
Iran-backed Hezbollah, which has also said it does not want war but is ready for one if it is imposed on Lebanon, will not end its attacks until Israel ceases its bombardment of the Gaza Strip, where more than 37,700 Palestinians have been killed since October. The deaths came after Hamas launched an unprecedented incursion into southern Israel on October 7 that killed about 1,200.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.