Palestinian militant group Hamas' leader Ismael Haniyeh (C) and other officials, flash the victory sign during a swearing in ceremony for the new president, at the parliament in Tehran, on July 30 2024. AFP
Palestinian militant group Hamas' leader Ismael Haniyeh (C) and other officials, flash the victory sign during a swearing in ceremony for the new president, at the parliament in Tehran, on July 30 2024. AFP
Palestinian militant group Hamas' leader Ismael Haniyeh (C) and other officials, flash the victory sign during a swearing in ceremony for the new president, at the parliament in Tehran, on July 30 2024. AFP
Palestinian militant group Hamas' leader Ismael Haniyeh (C) and other officials, flash the victory sign during a swearing in ceremony for the new president, at the parliament in Tehran, on July 30 202

Ismail Haniyeh: Hamas blames Israel and US for killing of political leader in Iran


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Hamas blamed Israel and the US for the killing of the group's political leader Ismail Haniyeh in a strike in Tehran, warning the attack marks a new escalation that will have “major repercussions” for the Middle East.

The shocking assassination of Mr Haniyeh in a guarded guest house in the north of the Iranian capital early Wednesday, came hours after senior Hezbollah commander Fouad Shukr was targeted in an Israeli strike on the Beirut suburb of Dahieh on Tuesday evening.

The Israeli targeting of the military commander in Beirut and the assassination of the Palestinian leader within less than 24 hours suggest that the coming months will likely see a fiercer cycle of retaliation and violence in parts of the Middle East.

The region is already experiencing a devastating Israeli war in the Gaza Strip, which has escalated into a regional conflict involving states and militant groups from Yemen and Iraq to Lebanon and Syria.

Members of Tehran University Council attend a protest to condemn the killing of Hamas leader Ismail Haniyeh, as they carry Iranian and Palestinian flags at Tehran University, July 31, 2024 in Tehran, Iran. Getty Images
Members of Tehran University Council attend a protest to condemn the killing of Hamas leader Ismail Haniyeh, as they carry Iranian and Palestinian flags at Tehran University, July 31, 2024 in Tehran, Iran. Getty Images

The killing of Mr Haniyeh after he attended an inauguration ceremony for the new Iranian president, was announced by Iran's Islamic Revolutionary Guard Corps, which said it was investigating the incident.

Mr Haniyeh was killed in an air strike at about 2am on a home for war veterans in the north of the capital, it said. The missile was not launched from inside Iran, Iranian sources told the Hezbollah-affiliated Al Mayadeen news outlet.

A funeral procession will be held in Tehran on Thursday, before his body is transferred to Doha, Hamas has confirmed. Funeral prayers will be held in the Qatari capital on Friday afternoon, before the burial in Lusail's Imam Founder Cemetery.

Wide regional war

The Ezzedine Al Qassam Brigades, Hamas' military wing, denounced the “cowardly Israeli assassination” as a “critical and dangerous event that takes the battle to new dimensions”.

Prime Minister Benjamin Netanyahu is “leading Israel towards the abyss”, it said in a statement.

“The enemy has miscalculated by expanding the circle of aggression and assassinating resistance leaders in various arenas and violating the sovereignty of the countries of the region,” it said. “It is time for this Israeli rampage to stop, for this raging enemy to be curbed.”

Hamas official Mahmoud Taha told The National that the assassination was carried out to put pressure on the group to accept Israeli conditions for a ceasefire in the Gaza Strip.

“This crime will be paid dearly by the Israeli army,” he added, warning that “this development may lead to a wide regional war," and that "Washington must bear the consequences of this escalation”.

“The Israeli army carried out this operation with an American green light, and the American administration bears responsibility,” he added. “This a cowardly act. All scenarios are possible to respond to this assassination.”

The US said it was not aware nor involved in the assassination, with its Secretary of State, Antony Blinken, telling reporters in Singapore it was “hard to speculate” on the consequences of the Hamas leader's death.

Ceasefire talks

The Israeli army said it would not comment on foreign media reports, but it has in the past been blamed for assassinating government-linked figures and foreign militants in Tehran.

The assassination threatens to derail months-long efforts by mediators to secure a ceasefire in Gaza, where about 39,400 people have been killed and more than 90,000 wounded since October. Mr Haniyeh was the main negotiator.

Talks between Israel and Hamas have completely broken down, Hamas sources told The National on Wednesday afternoon.

“Right now everything is suspended,” said an exiled Hamas representative in Lebanon.

“Negotiations were faltering even before the cowardly assassination,” a second Hamas source said. “We cannot discuss negotiations because the Zionist enemy has assassinated and killed those with whom it is negotiating.”

Iranian supreme leader Ayatollah Ali Khamenei has vowed that Israel will face a “harsh punishment” for the attack, saying it is Tehran’s duty to “avenge his blood”.

“With this action, the criminal and terrorist Zionist regime prepared the ground for harsh punishment for itself,” Mr Khamenei said in a statement shared by the Irna news agency.

Iranian President Masoud Pezeshkian, who was filmed embracing Mr Haniyeh hours before his death, said Iran was in mourning for the “brave leader”.

Tehran will “defend its territorial integrity … and make the terrorist invaders regret their cowardly action”, he added.

Key meditators, regional leaders and militant groups have condemned Mr Haniyeh's killing and Israel's pattern of escalation across the Middle East, while shops in East Jerusalem and the occupied West Bank were shut and hundreds poured into the streets in protest.

Public mourning has been declared in Iran and Houthi-controlled areas of Yemen.

Palestinians walk through a deserted commercial area in Nablus in the Israeli-occupied West Bank during a general strike following the assassination of Ismail Haniyeh. AFP
Palestinians walk through a deserted commercial area in Nablus in the Israeli-occupied West Bank during a general strike following the assassination of Ismail Haniyeh. AFP

Qatar, Mr Haniyeh's longtime base, said Israel's “reckless behaviour” risked undermining any chance for peace and may push the region into further chaos. It called the killing a “dangerous escalation and blatant violation of international and humanitarian law”.

Doha repeated “its firm position against violence, terrorism and criminal acts, including political assassinations, whatever the motives or reasons”.

Israel has launched attacks on senior Hamas officials across the region, assassinating deputy leader Saleh Al Arouri in Beirut in January.

Mr Haniyeh said at the time that the killing “was a terrorist act … that shall make us stronger”.

His three sons and several grandchildren were also killed in April in an Israeli strike on Al Shati refugee camp, in Gaza.

Several of Mr Haniyeh's children also reacted to his death.

“We are in a continuous uprising and struggle against the occupying enemy, and the resistance does not end with the assassination of its leaders,” his son Abdulsalam Haniyeh said in comments carried by Iranian state media and Palestinian outlets.

“My father achieved what he wished for,” he added, saying Hamas will continue operations against Israel until Palestine is freed.

Hamas politburo member Musa Abu Marzouq said his killing was a “cowardly act that will definitely not go unanswered”, while official Sami Abu Zuhri said the killing is a “grave escalation” that will “fail to achieve its objectives”.

While Israel has not formally acknowledged the attack, ministers have taken to social media to celebrate his death and say “no more” to any peace agreement.

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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

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

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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How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Updated: July 31, 2024, 1:33 PM