Hezbollah launches more than 200 rockets at Israeli positions after commander killed


Jamie Prentis
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Hezbollah launched more than 200 rockets and a swarm of drones at 10 Israeli military sites on Thursday morning in response to the assassination of a senior commander by an Israeli strike.

The recent escalation between the Iran-backed group and Israel comes amid the threat of a large-scale war, as both sides continue to trade blows on increased intensity and as a ceasefire in Gaza remains elusive. Intensive international efforts to end the war on Gaza and find a diplomatic solution to the Israel-Hezbollah conflict continue, but have failed to produce results so far.

In response to the Hezbollah barrage, the Israeli military said its air force had attacked launch sites.

Numerous fires broke out across the Galilee region and the occupied Golan Heights following Hezbollah’s attack.

“As a result of UAVs and shrapnel from the interceptions falling in the area, fires broke out in a number of areas in northern Israel,” the Israeli military said, adding that firefighting and rescue services had been sent.

Israeli media reported that at least one person was seriously injured as a result of one of Hezbollah’s attacks on a number of military posts in the Golan Heights.

At around the same time as the Hezbollah strikes, residents of Beirut reported that Israeli jets breached the sound barrier over the Lebanese capital, with buildings shaking.

Mohammed Nimah Nasser became the latest senior Hezbollah commander to be assassinated by Israel on Wednesday when an air strike hit his car near the city of Tyre in southern Lebanon.

A senior Lebanese security source told The National he was the commander of the Aziz unit, a regional division responsible for a section of the southern Lebanon border area.

Hezbollah had already fired about 100 rockets at Israel on Wednesday following the assassination.

Senior Hezbollah official Hashem Safieddine, speaking at an event commemorating Mr Nasser, warned the group would not stop its reprisals.

"The series of responses continues in succession, and this series will continue to target new sites that the enemy did not imagine would be hit," Mr Safieddine said.

The killing of Mr Nasser followed that of another regional commander last month by Israel, Sami Taleb Abdullah.

Israel described the two men as “counterparts” and “two of the most significant Hezbollah” commanders in southern Lebanon.

Senior Hezbollah politician Hassan Fadlallah said Mr Nasser had known he was a target but had not left the battlefield in nine months. Hezbollah would inflict its “punitive response” on Israel for “its crime, so that this enemy understands that the arm of the resistance is long”, he said.

Israel has approved plans for a land invasion into southern Lebanon to allow tens of thousands of Israelis to return to their homes, and to clear the threat from Hezbollah.

Israeli Defence Minister Yoav Gallant said on Wednesday that Israeli forces would take any action necessary against Hezbollah but that they preferred a negotiated arrangement.

Hezbollah said it will not end its attacks until Israel stops its bombardment of the Gaza Strip, where about 38,000 Palestinians have been killed since Hamas launched a deadly raid into southern Israel on October 7.

But with a ceasefire proving elusive in Gaza, fears have continued to rise that the Israel-Hezbollah conflict could escalate into a full-on war.

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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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.”

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 three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: July 04, 2024, 12:54 PM