A Lebanese woman smokes a shisha as another woman flashes a victory sign, while standing on the rubble of a destroyed house that was hit by an Israeli air strike, in Aita al Shaab, a Lebanese border village with Israel, south Lebanon. AP
A Lebanese woman smokes a shisha as another woman flashes a victory sign, while standing on the rubble of a destroyed house that was hit by an Israeli air strike, in Aita al Shaab, a Lebanese border village with Israel, south Lebanon. AP
A Lebanese woman smokes a shisha as another woman flashes a victory sign, while standing on the rubble of a destroyed house that was hit by an Israeli air strike, in Aita al Shaab, a Lebanese border village with Israel, south Lebanon. AP
A Lebanese woman smokes a shisha as another woman flashes a victory sign, while standing on the rubble of a destroyed house that was hit by an Israeli air strike, in Aita al Shaab, a Lebanese border v

Cross-border raids continue amid increasing Israel-Hezbollah war rhetoric


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Cross-border air strikes, rocket and drone attacks between Israel and Lebanon’s Hezbollah continued into Monday, amid threats by both sides that a far bigger conflict could be looming.

A build-up of tensions between both sides has led to fears of a destructive, full-tilt war that could include thousands of attacks a day, compared to the dozens, sometimes scores a day now.

Even still, many residents of southern Lebanon say the situation already feels like full-scale war.

Israeli air strikes hit southern Lebanese border towns – Rab al Talatine, Kafr Kela, and Blida – overnight into Monday.

The night of heavy strikes followed the injury of 18 Israeli soldiers – one of them severely – in a Hezbollah-claimed drone strike in the Israel-occupied Golan Heights earlier on Sunday.

As hopes for a ceasefire in Gaza dwindle, so do hopes for one in Lebanon. Hezbollah and its allies have repeatedly linked a truce on one in Gaza. The powerful Iran-allied group opened the southern Lebanese front on October 8, in support of its ally Hamas in the Gaza Strip.

The cross-border conflict – a war that has so far remained contained mostly to the border area – has displaced tens of thousands of people from both sides of the frontier. Israeli officials have expressed concern that Israel’s citizens will feel unease with returning to northern communities so long as Hezbollah maintains a presence in southern Lebanon.

The Israeli war cabinet has approved an operational plan for a military offensive on Lebanon. Officials aim to push Hezbollah north of the Litani River.

For its part, Hezbollah has promised to use its full military capabilities if such an offensive were to take place, with the group’s leader Hassan Nasrallah promising “no restraint, no rules, and no ceilings”.

Over the weekend, Hezbollah ally and backer Iran warned that “all resistance fronts” – a coalition of Iran and its regional allies including Syria, Yemen's Houthis and Iraqi militias – would join the confrontation in an “obliterating war” against Israel if the latter were to launch an offensive on Lebanon.

Iran has dismissed Israeli threats of a large offensive as “psychological warfare”.

While both sides have increased their war rhetoric, they have relatively scaled down their attacks in the last week. While the daily cross-border strikes between Israel and Hezbollah continue, they have largely remained contained.

The fighting has so far killed about 485 people in Lebanon, according to AFP – the vast majority of whom are Hezbollah fighters.

In Israel, at least 15 soldiers and 11 civilians have been killed.

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Abaya trends

The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

While you're here

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

Match info

Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')

West Ham United 0

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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if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

Updated: July 01, 2024, 11:57 AM