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On Thursday, Israeli media reported that its special forces had completed a rare ground raid in Masyaf, about 240km north of Israel, in Syria.
Masyaf is a key Syrian weapons development site run by the government’s Scientific Studies and Research Centre. Israel has struck the complex in the past from the air, but analysts say parts of the facility are nearly impervious to air strikes, buried deep underground.
Some accounts said Iranian advisers had been captured, something Iran’s embassy in Damascus condemned as “lies”, adding that the raid “did not affect any Iranian advisers”.
Unnamed sources, speaking to US website Axios, told of commandos who rappelled from helicopters, a gun battle with guards, detonations in underground factories, and roads around the site being severed with air strikes. The latter was evidenced by pictures of cratered roads and several destroyed civilian cars near the scene. At least four civilians are thought to have died in these air strikes, according to the Syrian Observatory for Human Rights, an opposition war monitor.
Israeli Defence Minister Benny Gantz singled out the site as being a hard target due to underground structures in 2022, while the US has put scientists accused of working there on a sanctions list.
Little is known about the raid beyond videos on social media where residents recorded the sound of helicopters flying over Tartous that night. Syria has denied that a ground raid occurred, although it acknowledged air strikes in Masyaf that killed 26 people.
Syria has long been seen as a transit point for weapons technology sent by Iran to Lebanon's Hezbollah. Since 2013, Israel has conducted thousands of air strikes, hitting suspected weapons storage and convoys in Syria, in what analysts have sometimes called “the war between the wars”. Iranian advisers – including senior generals since the start of the October 7 Israel-Gaza war – have been the target of these strikes, as well as Hezbollah fighters.
A possible concern of Israel is Syria’s suspected continuing chemical weapons programme, following scores of such attacks launched by President Bashar Al Assad’s forces against rebel groups following the 2011 uprising and bloody civil war.
Syria’s declaration on the status of its chemical weapons stockpiles “still cannot be considered accurate and complete in accordance with the Chemical Weapons Convention”, the UN’s Organisation for the Prohibition of Chemical Weapons reported earlier this year.
Israel has struck suspected Syrian weapons of mass destruction sites in the past, at Masyaf in 2017 and a nuclear test reactor in Deir ez-Zour in 2007.
Why would Israel raid Masyaf?
Because Israel's air force has supremacy over Syria – losing only one F-16 to anti-aircraft fire in 2018, despite hundreds of missions – a ground raid could seem like an unnecessary risk.
“An Israeli special forces operation was most likely designed to secure intelligence and Iranian technicians,” Anthony Tucker-Jones, a former UK defence intelligence official and military historian, tells The National. “Israel is signalling that Iranians supporting Hamas and Hezbollah are not safe even when operating from Syria.”
Israel’s significant air capabilities point to the difficulty of justifying a ground raid. It has a variant of the massive 950kg BLU-109/B bunker buster bomb, which can smash through six metres of concrete with a hardened penetrator before exploding.
Iran, which has mastered the art of hardened structures deep underground to protect its nuclear programme, is thought to have assisted Hamas, Hezbollah and Syria in building these structures, possibly after help from North Korean engineers. Current tunnel structures and bunkers can be built at depths where bombs would need to be at least 2,000kg, but Israel lacks aircraft large enough to carry such weapons.
Frank Sobchak, a US special forces veteran and expert on special operations, agrees with Mr Tucker-Jones. He says Israel would probably only embark on a high-risk mission to achieve a goal that could not be met through a lower risk air strike or cyber attack. The latter could target Scientific Studies and Research Centre computers.
“It’s definitely a high-risk operation that, in my opinion, would require some form of in-flight refuelling of the helicopters at night,” he says. “It would not be unprecedented, but it would be risky and it would have to have some significant payoff for such a dangerous operation. I think it is feasible, both in terms of practicality and in terms of the Israeli army and government seeing that the gain could be worth the risk and cost to greenlight the mission.”
Long-range, low-level flying at night is high risk despite advances in modern technology. Refuelling of helicopters ended in disaster during a 1980 US special forces operation to rescue hostages in Iran, killing eight soldiers and ending the mission.
Mr Sobchak outlines how Israeli forces have made similar high-risk choices in the past.
In 1969, Israeli forces noticed that Egypt was using an advanced, Soviet-supplied radar system during clashes between the two sides, following the 1967 Arab-Israeli war. Israeli commandos launched a raid, Operation Rooster, to capture the entire device and take it back to Israel using new CH-53 helicopters, in order to gain an intelligence edge in air operations.
“There have been other missions where the Israelis launched daring raids, Operation Rooster for example, to seize some important piece of equipment to study it and improve defences,” Mr Sobchak says. “Given that the target was involved in the drone and long-range precision missile programme, which assists Hezbollah, both of those would seem to be a potential high payoff, especially in light of Israel looking towards minimising casualties if a war with Hezbollah breaks out.”
Israel is still flying the long-range CH-53 helicopter, albeit highly modernised versions which maker Lockheed Martin says are “especially suited for combat search and rescue, special operations”. Mr Sobchak notes that the CH-53Ks the Israelis fly would be operating at the “extreme” of their safe range for a mission in Masyaf, giving little margin for error.
“The claim that two IRGC officers were captured is also interesting, although I would say I don't know how likely it is,” Mr Sobchak says. “Iranian PoWs could potentially be used in some sort of swap for hostages, although at some point it is almost certain that their status would have to be declared – which leads me to have doubts about that component of the story.”
High-stakes raid
Mr Sobchak highlights that such raids are a rarity. One small mistake – a helicopter malfunction, enemy forces anticipating the raid, or difficulty extracting casualties – can soon turn missions into disaster.
Operation Gothic Serpent in Somalia in 1993 ended in full-scale battle for elite US Army Rangers in Mogadishu, after a failed attempt to detain warlord Mohamed Farrah Aideed, who was accused of attacking UN peacekeepers.
The 160-strong raiding force ran into heavy resistance, thought to number more than 1,000 militiamen, and lost 18 soldiers in what could have been a massacre of the raiding force.
However, such high-risk, high-reward raids are nothing new, Mr Sobchak says. More than 1,000 soldiers, mostly Canadian, died in a doomed raid in Dieppe in 1942 that was designed to test German defences. Another raid, to destroy the dry dock of an advanced German warship in Saint Nazaire, also in 1942, succeeded with the loss of 169 commandos.
“Similar raids have certainly landed in disaster or turned out to be extremely costly. Dieppe, Mogadishu (Black Hawk Down), and I would even add Saint Nazaire, show that such raids can be terrible failures also.”
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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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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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Brief scores:
Barcelona 3
Pique 38', Messi 51 (pen), Suarez 82'
Rayo Vallecano 1
De Tomas Gomez 24'
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience