Survivors fight a fire after an Israeli attack on a tent camp for displaced people in Deir Al Balah. Reuters
Survivors fight a fire after an Israeli attack on a tent camp for displaced people in Deir Al Balah. Reuters
Survivors fight a fire after an Israeli attack on a tent camp for displaced people in Deir Al Balah. Reuters
Survivors fight a fire after an Israeli attack on a tent camp for displaced people in Deir Al Balah. Reuters

Netanyahu threatens 'heavy price' against Iran as dozens killed in Israeli strikes on Gaza


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Israeli Prime Minister Benjamin Netanyahu has threatened a “heavy price” against any Iranian attack against Israel and said the war in Gaza would be prolonged.

Speaking in a Cabinet meeting on Sunday, Mr Netanyahu said Israel was prepared “for any scenario” and is fighting a multi-arena war against what he described as “Iran's axis of evil”.

“We will respond and exact a heavy price for any act of aggression against us, from any front,” he said in a statement released by his office.

His comments came hours after dozens of Palestinians were killed in attacks across Gaza, including strikes on tents near Al Aqsa Martyrs' Hospital in Deir Al Balah.

At least 21 Palestinians were killed and dozens more injured in air strikes on Sunday.

The bloodshed follows the killing of Hamas leader Ismail Haniyeh by Israel in Tehran on Tuesday, an act widely expected to freeze or wreck talks towards a ceasefire in Gaza and a deal for the release of Israeli hostages held by Hamas.

Two sources familiar with the months-long Gaza ceasefire negotiations said a senior US official paid an unannounced visit to Cairo last week in part intended to urge Egyptian to try to persuade Hamas to return to the negotiations.

They told The National on Sunday that Brett McGurk, White House co-ordinator for the Middle East and North Africa, was in Cairo for several hours on Thursday when he met senior Egyptian security and intelligence officials involved in the negotiations.

They said Mr McGurk's talks in Cairo led to a visit to Egypt on Saturday by an Israeli delegation led by David Barnea, head of Israel's spy agency, the Mossad. Mr Netanyahu confirmed he had instructed an Israeli delegation to travel to Cairo.

Mr Barnea's talks in Egypt focused on ways to resolve differences between Egypt and Israel over the Rafah crossing and border strip between Egypt and Gaza, which were both captured by Israel in May in a move that angered Egypt.

His talks also touched on ways to resume the Gaza ceasefire negotiations, according to the sources.

“He [Mr Barnea] offered nothing new and it's unlikely that Hamas will agree to resume negotiations any time soon after Haniyeh's assassination,” said one of the sources.

“Israel seems to be buying time or just going through the motions to show the Americans that it's still interested in reaching an agreement.”

Iran and its regional proxies have vowed “harsh punishment” against Israel for the assassination of Mr Haniyeh.

According to the Israeli government, 111 hostages are thought to be still alive and held by the group, following their capture during Hamas's surprise attack into southern Israel on October 7.

Mr Netanyahu said he had instructed the Israeli delegation to demand an increase in the number of living hostages to be freed in the first round of a possible ceasefire.

“I am ready to go a long, long way to release all of our abductees, while maintaining Israel's security,” he said.

Mr Netanyahu has faced weekly protests in Israel, where hostage relatives and their supporters have accused his government of repeatedly obstructing a ceasefire deal.

People hold signs with photos of Israeli hostages and demanding their release as they watch the Prime Minister Benjamin Netanyahu's speech before the US Congress in Tel Aviv, Israel, in July 24. AP
People hold signs with photos of Israeli hostages and demanding their release as they watch the Prime Minister Benjamin Netanyahu's speech before the US Congress in Tel Aviv, Israel, in July 24. AP

His comments threaten an even higher death toll in Gaza, where almost 40,000 Palestinians have been killed since October.

On Sunday, air strikes and shelling claimed more lives.

In Deir Al Balah, a large fire broke out at the scene of Israeli attacks which killed at least five people, engulfing tents as people searched for survivors.

Three others were killed in an attack on a refugee camp to the west of the city.

In the northern Jabalia refugee camp, eight people were killed, including children, following a strike on the Al Amoudi family home, while five were killed in later attacks on Gaza city, including on a vehicle in Al Zeitoun neighbourhood.

That came hours after 17 people were killed in Israeli air strikes on a schools complex in Gaza city, demolishing the Hamama and Al Huda schools in the Sheikh Radwan neighbourhood.

Eight schools have been hit in a wave of Israeli operations since the start of July. Israel claims in each instance that militants have been using those buildings.

Attacks were also reported on the Nuseirat refugee camp, where heavy shelling targeted the vicinity of the Indonesian school, and the Bureij refugee camp in central Gaza on Sunday morning.

Heavy shelling could be heard in the southern town of Abasan Al Kabira, Wafa reported, with tanks opening fire on its eastern neighbourhoods.

Strikes and attacks were also reported in Khan Younis and Rafah, where Israeli forces opened fire near the border crossing with Egypt.

More than 39,500 Palestinians have been killed and at least another 91,280 wounded across Gaza since the war began on October 7, triggered by a Hamas attack on southern Israel which killed about 1,200 people.

Hundreds of Palestinians have also been killed in the occupied West Bank, with at least 9,000 arrested by Israeli forces in the West Bank and East Jerusalem.

Palestinians inspect the site of an Israeli strike on a house in Deir Al-Balah in central Gaza. Reuters
Palestinians inspect the site of an Israeli strike on a house in Deir Al-Balah in central Gaza. Reuters

Stabbing attack

The latest bombardments come as two Israelis were killed in a stabbing attack in the city of Holon in Israel on Sunday morning, leaving a further two injured, one of whom was in a serious condition and the other in a moderate condition, Israel’s ambulance service said.

The two victims, a woman and a man, were in their 60s and 80s respectively.

Paramedic Rami Meushar said he attended “a complex and difficult terror attack [because] the casualties were in three separate locations, approximately 500 metres from each other”.

A police officer shot the attacker, a Palestinian from the occupied West Bank. He was later declared dead by hospital officials.

Police identified him as Amar Razak Kamal Odeh, 34, from Salfit and said he entered Israel illegally.

Police warned people to “remain vigilant” due to concerns another suspect was on the loose.

Far-right National Security Minister Itamar Ben-Gvir visited the scene soon after the attack.

Mr Ben-Gvir praised his controversial efforts to approve 150,000 gun licences for civilians after October 7 and said that the attack on Sunday was “exactly why” he did so.

He called on “all Israelis to carry firearms – it saves lives.”

“There could have been a much bigger disaster,” he added.

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MATCH INFO

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Man of the match: Kevin de Bruyne (Manchester City)

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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.”

Five films to watch

Castle in the Sky (1986)

Grave of the Fireflies (1988)

Only Yesterday (1991)

Pom Poki (1994)

The Tale of Princess Kaguya (2013)

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

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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 four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

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

The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
 

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

Updated: August 04, 2024, 12:19 PM