Live updates: Follow the latest on Israel-Gaza
Full-scale war between Israel and militant group Hezbollah, who have been trading fire since October 8, has never been closer after a massive asymmetric attack struck thousands of the group's members across Lebanon.
The attack, widely believed to have been carried out by Israel, despite it not claiming so, simultaneously exploded pagers belonging to members of the organisation, killing 12, including two children, and injuring almost 3,000, many of them gravely, overwhelming health care facilities and striking terror across Lebanon.
Since the attack, Israel has moved a new division, between 10,000 to 20,000 troops that include elite paratroopers and commandos, to its northern border, and security officials huddled late into the night as tensions with its well-trained and highly equipped northern enemy soared.
Orna Mizrahi, a former senior Israeli security official, said the incident would be "the stamp for the decision to make the north Israel’s main front, not the south … I think we are closer to full-scale war".
"Hezbollah cannot contain such a dramatic action. They will want to retaliate and try to do it with some sort of very unusual action … I suppose it will take time to do that. They have to learn what’s going on … It’s a dramatic blow," she added.
"We learn from this event that Israel is no longer deterred from the prospect of a full-scale war. If there was some kind of a political solution on the horizon then this wouldn’t have happened. But in Israel, there is an understanding that a full-scale war is very close."
Almost one year into the Gaza war, Israeli officials have been steadily hinting in recent weeks that the country is shifting focus to its northern front, where Hezbollah is a far deadlier adversary than Gaza-based Hamas, and where the potential for an expanded campaign to trigger a wider regional war is greater. Perhaps even directly involving Israel's archenemy, Iran.
Ms Mizrahi said the pager attack could "rush" Iran's promise to respond to the assassination of former Hamas leader Ismail Haniyeh in Tehran in July.
It remains unclear whether Tuesday's attack was part of an Israeli pre-emptive opening salvo in a full-scale war. Ms Mizrahi believes it was not, saying: "The main reason is the fact Israel’s hasn’t taken any responsibility for the action. But the possibility is there on the Israeli side because there is a lot of pressure on the Israeli government [to attack Hezbollah]."
Tensions were already high before the attack.
Reports in Israeli media suggested Prime Minister Benjamin Netanyahu was about to replace his defence minister with a candidate more hawkish towards Hezbollah.
For Lebanese military expert Walid Zaytouni, the "escalatory statements so far by the Israelis are within the framework of military intimidation because they will lose any ground invasion".
"They went for a security operation so that the response would be a security act," he added.
Just hours before the attack, Israel's internal security agency Shin Bet said it thwarted an imminent Hezbollah assassination against a former senior Israeli security official using an explosive device. The network who attempted was responsible for a bombing in Tel Aviv last year, the agency added.
Tal Hagin, a leading open-source intelligence analyst, suggested that following the intelligence failures over the October 7 attacks, the explosive pagers had “put Mossad on the map again”.
Former Israeli intelligence official Avi Melamed, who described the explosions as “taking out Hezbollah’s spine in seconds, said Tuesday’s attack dealt a “very significant blow” to the group on all levels.
“If there’s going to be an all-out war, conditions for Hezbollah are clearly less favourable than they were on September 16," he told The National.
Iran and Hezbollah are, more and more, finding themselves in the dilemma of either sustaining accumulative damage and eroding their image of deterrence, or launching an attack and risking all-out war, thus risking Hezbollah and Iran.
"The Hezbollah of September 16 is not the same as Hezbollah of September 17," said Mr Melamed.
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.5-litre%2C%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E410hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E495Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Estarts%20from%20Dh495%2C000%20(Dh610%2C000%20for%20the%20F-Sport%20launch%20edition%20tested)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Bullet%20Train
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Leitch%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brad%20Pitt%2C%20Aaron%20Taylor-Johnson%2C%20Brian%20Tyree%20Henry%2C%20Sandra%20Bullock%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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.”
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now