Live updates: Follow the latest on Israel-Gaza
Israeli Prime Minister Benjamin Netanyahu said Israel would inflict a "heavy price" on the Iran-aligned Houthis in Yemen, after they reached central Israel with a missile for the first time on Sunday.
The group claimed responsibility for the hypersonic ballistic missile attack on central Israel, praising it for causing “fear and panic” throughout the country.
Houthi spokesman Yahya Saree said the attack was aimed at a military target in Tel Aviv and “forced more than two million Zionists to run to shelters for the first time in the enemy’s history”. The missile “crossed a distance of 2,040km in 11 and a half minutes,” he added.
Mr Netanyahu said at the start of a cabinet meeting on Sunday, according to a statement from his office: "This morning, the Houthis launched a surface-to-surface missile from Yemen into our territory. They should have known by now that we charge a heavy price for any attempt to harm us.
"Whoever needs a reminder of that is invited to visit the Hodeida port," he added, referring to an retaliatory air strike on Yemen in July for a Houthi drone that hit Tel Aviv.
Israel's military confirmed a hit on the centre of the country on Sunday morning but said it happened in "open land" near Lod and that no injuries were reported. Sirens were activated throughout central Israel and the attack rang alarm bells in security circles after the country’s sophisticated air defence systems appear to have failed to intercept the projectile.
"During the event, several interception attempts were made by the 'Hats' and 'Iron Dome' systems, the results of which are under review. Alerts were activated according to policy. The whole incident is being investigated," the army said on X.
Yoel Guzansky, a senior researcher at Israeli think tank, the Institute for National Security Studies, told The National the attack was “a big deal”. He added: “It appears to have penetrated Israel’s very sophistical missile defence systems and it shows that the Houthis continue to launch attacks just months after Israel attacked Hodeidah."
Mr Guzansky also described the attack as a "weapon of terror". "For a little while they achieved such terror as so many Israelis ran for shelter this morning," he added.
Israel's military said: “The result of the interception is under review." Social media showed shrapnel from failed interceptions scattered throughout the region, causing limited damage.
INSS senior researcher Yehoshua Kalisky, a missile expert who witnessed the attack, said the fire he saw was caused by "debris of not only the missile but also interceptor rounds".
"This was probably a regular Iranian ballistic missile. Israeli air defence layers do not have an 100 per cent success rate," he added. "The main issue is that the missile itself decomposed in the air, which is why it proved impossible to intercept over Israel."
The Houthis have been attacking Israeli targets and international shipping in nearby waters throughout the Gaza war. Israel launched a heavy strike on Hodeidah in July, which killed nine people after a Houthi attack killed one in Tel Aviv.
"The Israeli enemy should expect more strikes and specific operations including responding to its criminal aggression on the port city of Hodeidah," the Houthi statement on Sunday said ahead of the war's first anniversary on October 7.
The attack comes as Israeli forces battle fires in the north of the country after heavy barrages from Lebanese militant group Hezbollah over the weekend.
A senior Hamas official told AFP on Sunday that the Houthi attack "is a message to the entire region that Israel is not an immune entity".
"Even Israeli capabilities have limits, and the possibility of developing resistance action against the Zionist entity is a serious and real possibility, not a fantasy," said Osama Hamdan.
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
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Two stars
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
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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
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
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First Person
Richard Flanagan
Chatto & Windus
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The fake news generation
288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year
11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general
31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate
63% - percentage of Arab nationals who said they get their news from social media every single day.
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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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1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Glossary of a stock market revolution
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Traders forced to buy a stock they are shorting
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Director: Majid Al Ansari
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
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Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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