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Several countries have renewed or revised travel warnings for Lebanon and Israel, urging their citizens to leave as soon as possible.
The updated recommendations – including from France and the US – come as Israel and Lebanese militant group Hezbollah stand on the brink of a large-scale war, days after a senior commander in the group was killed in Beirut and Hamas political leader Ismail Haniyeh was assassinated in Tehran.
There are fears an Israeli attack could be significantly more damaging in the coming days, as both sides raise the stakes in a tit-for-tat exchange of fire that began on October 8.
On Sunday morning, Israeli media reported about 50 rockets were launched at northern Israel overnight.
Online footage showed the Iron Dome defence system intercepting several missiles over the north.
Hezbollah later confirmed the barrage was in response to the “attacks of the villages of Kafr Kila and Deir Saryan and the injury of civilians".
The French Foreign Ministry on Sunday advised its citizens to leave Lebanon while flights are available.
Those planning to visit Lebanon should not travel "in light of the risk of military escalation", it said.
Australia advised citizens to leave Lebanon immediately while commercial flights are available.
"Please take whatever option is available. This may not be a direct route," said Foreign Minister Penny Wong.
Jordan has said citizens in Lebanon must leave as soon as possible and advised against travel to the country.
Canada urged against all travel to Israel, saying Israel's airspace may close and security may deteriorate "without warning”.
The US told citizens to leave the country by any flight available, on X on Saturday.
“We encourage those who wish to depart Lebanon to book any ticket available to them, even if that flight does not depart immediately or does not follow their first-choice route,” the post read.
"What we're trying to do is prepare for- for any eventuality, any possibility. That's only responsible for the United States," White House Deputy National Security Adviser Jon Finer said in an interview with CBS.
"This is no prediction about future events. It is prudent planning for them and for our government," he added.
The recommendations are another blow to the already beleaguered Lebanese economy, which has been hit hard by the Gaza war after floundering for years amid a sharp financial crisis, blamed on government mismanagement.
Pierre Achkar, president of the Hotel Owners’ Syndicate, said foreign embassies' warnings and the threat of imminent war are severely impacting tourism.
“War is the number-one enemy of tourism,” he said. He added that a 40 per cent drop in restaurant revenue has been recorded in Lebanon year on year, with a 60 per cent decline for hotels.
Even the diaspora, which traditionally maintains strong ties with the country, “cannot compensate for the entire country's losses”.
Lebanon had hoped tourism would provide much-needed economic support, as it contributed 26 per cent of foreign revenue in 2022.
“Calls from embassies only add to our despair,” Mr Achkar said. Fewer countries are revising travel advice for Israel, which is much less dependent on tourism, although its travel sector has also been hit hard, in addition to port revenue losses due to the Gaza war and the Houthi blockade of the Red Sea.
In addition to Canada's recent warning, Sweden and Slovenia last week advised citizens not to travel to Israel and Israeli-occupied territories.
A multi-front strike on Israel could happen as early as Monday, news website Axios reported, citing US and Israeli sources.
Israel, with significant help from a coalition of allies, largely defended itself against an Iranian wave of attacks in April, comprising hundreds of drones and missiles.
There are fears Tehran and its proxies in the region will strive to inflict more damage with a potential strike.
Axios also reported the Biden administration could find it more difficult to resurrect the same coalition of allies that defended Israel in April.
Israeli civilian and military officials, meanwhile, are saying their country is prepared for the expected conflict.
Gen Rafael Milo, head of the Home Front Command, held a meeting with military leaders on Saturday, including an "in-depth discussion on the current situation", the army wrote on X.
The command said it will put emphasis on dialogue with the public and "preparing the population to deal with emergency situations".
"We are determined to continue fighting until we fundamentally change the security situation in the north and we can return the residents of the north home," said Gen Milo.
"We are preparing and ready for any scenario and any response."
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.”
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
MATCH INFO
Manchester City 0
Wolves 2 (Traore 80', 90 4')
