Russian Foreign Minister Sergey Lavrov speaks to Sky News Arabia in Moscow on September 20, 2024. Photo: Sky News Arabia
Russian Foreign Minister Sergey Lavrov speaks to Sky News Arabia in Moscow on September 20, 2024. Photo: Sky News Arabia
Russian Foreign Minister Sergey Lavrov speaks to Sky News Arabia in Moscow on September 20, 2024. Photo: Sky News Arabia
Russian Foreign Minister Sergey Lavrov speaks to Sky News Arabia in Moscow on September 20, 2024. Photo: Sky News Arabia

Israeli attacks on Hezbollah aimed at dragging US into war, says Lavrov


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Russian Foreign Minister Sergey Lavrov said Israeli attacks on Hezbollah in Lebanon are aimed at provoking a large-scale escalation that would ultimately prompt US military intervention in the region.

“We oppose any escalation, but unfortunately there are those seeking to heat this escalation to its maximum limit, specifically to provoke a direct intervention in the region by the US army,” Mr Lavrov said in an interview with Sky News Arabia, broadcast on Saturday.

An Israeli strike on Beirut’s southern suburb of Dahieh killed at least 45 people, including a senior Hezbollah commander, on Friday, days after dozens were killed when communications devices used by the group exploded. Israel has been accused of orchestrating the blasts.

“I believe that Hezbollah is behaving with restraint, considering the capabilities it possesses,” Mr Lavrov said. “They want to provoke it with the same goal of making the US intervention in the war inevitable,” he added, without directly naming Israel.

Russia is a close ally of Iran, which backs Hamas and Hezbollah among several regional groups fighting against Israel.

Mr Lavrov said the assassination of Hamas leader Ismail Haniyeh in Tehran in July was also aimed at pushing Washington into the war. Israel has not claimed responsibility for Mr Haniyeh's death but has been accused of the killing by Iran.

“I cannot imagine anything more despicable and cynical than this,” Mr Lavrov said of Mr Haniyeh’s assassination. He “appreciates” that Iran did not “slide into a large-scale military response," he added.

“The bet was that Iran would do something that would force the United States to intervene with its armed forces,” Mr Lavrov said. However, he added, he believes the administration of US President Joe Biden is “aware of the danger” such an outcome would pose.

Israel and Hezbollah have been engaged in almost daily exchanges of fire since October 8, a day after the start of the war in Gaza. Hezbollah said it initiated the attacks in support of its ally Hamas, which launched raids into southern Israel on October 7, killing about 1,200 people and abducting about 240.

Almost a year later, with much of Gaza destroyed and more than 41,400 Palestinians killed, according to the enclave's Health Ministry, fears have been growing of a full-scale war in Lebanon as Israel turns its attention to its northern border.

To prevent escalation, Mr Lavrov said the main priority should be a “complete and permanent ceasefire” in Gaza and the creation of a Palestinian state, without which “outbreaks of violence in the Middle East will continue”.

Russia has repeatedly condemned Israel's conduct in Gaza. President Vladimir Putin has compared Israel's actions in the enclave to the Nazi siege of Leningrad during the Second World War. In May, he reaffirmed his support for an independent Palestinian state during a meeting with Palestinian Authority President Mahmoud Abbas in Moscow.

Hamas released three Israeli-Russian hostages as a “tribute” to Mr Putin for not condemning the group.

In addition to its support for Palestine, Russia has consistently also maintained its support for Israel.

Mr Lavrov stressed the importance of a two-state solution where Israel and Palestine would “coexist as good neighbours”. However, he said a solution would only be possible if it ensures Israel’s security, but that this should not be achieved “at the expense of the security of others”.

He described the October 7 Hamas attack as an “outrageous act” that all “sensible people condemn”.

“But responding to a crime with another crime, especially through the prohibited method of collective punishment of civilians is unacceptable,” he added.

“More than twice as many people were killed in 10 months than in 10 years of war in Donbas,” he said, referring to eastern Ukraine, which has been at the centre of conflict between Moscow and Kyiv since 2014.

Relations with Middle East

Mr Lavrov said Russia had “very good relations” with Arab countries “with no exceptions”, but particularly with the six Gulf states. Collaboration through Opec+ and the Gas Exporting Countries Forum has strengthened Moscow’s “strategic partnership” with the UAE, Saudi Arabia and Qatar, as well as other Gulf countries, he said.

He also praised the UAE, Saudi Arabia and Qatar for their contribution towards resolving issues related to the war in Ukraine.

The UAE has played a crucial role in brokering prisoner exchange deals between Moscow and Kyiv. Each side released 103 prisoners earlier this month in a deal mediated by the UAE, the eighth such exchange since Russia's full-scale invasion in February 2022.

The UAE's Ministry of Foreign Affairs said the agreement was a reflection of the co-operation and friendship between the UAE and the two countries.

Mr Lavrov also welcomed the normalisation of ties between Saudi Arabia and Iran, which he said would protect the interests of both countries and those in the region. Tehran and Riyadh restored diplomatic ties in a Chinese-brokered agreement in March last year after a gap of seven years.

Speaking on Russia's relations with Iran, Mr Lavrov said they existed “within the framework of full commitment to international law”. Iran has been accused of providing support to Russia to wage its war in Ukraine, particularly by providing Moscow with drones, missiles and spare parts for weapons.

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

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.”

Updated: September 23, 2024, 11:26 AM