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Nations across the Middle East have condemned Israel's attacks on Lebanon, with the UAE releasing a statement “rejecting violence, escalation and reckless actions”.
Israel's conflict with the Lebanese group Hezbollah turned into an open-ended war on Monday after the Israeli military launched its most intensive air assault yet on the country. The strikes killed hundreds in Lebanon, with the Iran-backed group responding by firing rockets as far as Haifa, Tel Aviv and the occupied West Bank.
The UAE expressed deep concern over attacks carried out “without the slightest regard for the laws governing relations and sovereignty of states”, and the repercussions on security and stability. The Ministry of Foreign Affairs called for concerted international efforts to stop the fighting and said it rejected “violence, escalation, and reckless actions and reactions”.
Saudi Arabia's Foreign Ministry said in a statement that “the kingdom renews its warning of the dangers of expanding violence in the region”.
“The kingdom urges all parties to exercise maximum restraint and distance the region and its people from the dangers of war. The kingdom stresses on the importance of preserving Lebanon's stability and respecting its sovereignty in accordance with international law,” it said.
Egypt condemned the Israeli strikes, with its Foreign Ministry expressing “utmost solidarity” with Lebanon and its people. It offered condolences to the families of the victims and called for an immediate ceasefire and peaceful resolution. It said Israeli aggression in Lebanon and Gaza threaten to plunge the region into a wider conflict, and urged the international community to intervene. The ministry called for the implementation of UN Security Council Resolution 1701, which ended the 2006 war between Israel and Lebanon.
Egypt’s Foreign Minister told The National that Israel's attacks were “unilateral actions” that were “violating the sovereignty of Lebanon”.
“We are very, very concerned about the escalation, which could destabilise the security and the territorial integrity of Lebanon,” said Badr Abdelatty, who was in New York for the UN General Assembly.
Turkey said Israel's assault threatened to push the Middle East deeper into turmoil.
“Israel's attacks on Lebanon mark a new phase in its efforts to drag the entire region into chaos,” Ankara's Foreign Ministry said.
An outspoken critic of Israel's campaign in Gaza, Turkey urged also the international community to take action.
“It is imperative that all institutions responsible for maintaining international peace and security, especially the United Nations Security Council, as well as the international community, take the necessary measures without delay,” the ministry said. “The countries that unconditionally support Israel are helping [Prime Minister Benjamin] Netanyahu shed blood for his political interests.”
Jordan's Foreign Minister Ayman Safadi called on the UN to protect the region from “disastrous consequences”.
“Israel's aggression against Lebanon was enabled by the international inability to stop its aggression against Gaza,” Mr Safadi said. “Israel continues to push the region towards the abyss of a comprehensive regional war because the international community has failed to protect its laws and values.”
Iraqi Prime Minister Mohammed Shia Al Sudani called for an emergency meeting of Arab leaders at the UN General Assembly to discuss the escalation. The meeting would discuss “the repercussions of the Zionist aggression on our peaceful people in Lebanon and the joint efforts to stop its criminal behaviour”, he said.
Mr Al Sudani also announced that Iraq would start sending humanitarian aid and fuel to Lebanon and said his country was ready to receive the injured in hospitals.
US President Joe Biden said Washington was trying to calm the situation.
“My team is in constant contact with their counterparts and we're working to de-escalate in a way that allows people to return home safely,” Mr Biden said.
British Foreign Minister David Lammy said he was “deeply alarmed”. “I repeat my call for an immediate ceasefire on both sides, which I will emphasise when I meet G7 ministers tonight,” Mr Lammy said in a post on social media on Monday.
France requested an emergency UN Security Council meeting, Foreign Minister Jean-Noel Barrot told the UN General Assembly. He called on all sides to “avoid a regional conflagration that would be devastating for everyone”, especially civilians.
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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.”
