• Israeli soldiers board a military helicopter at Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
    Israeli soldiers board a military helicopter at Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
  • An Israeli military helicopter takes off from Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
    An Israeli military helicopter takes off from Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
  • Israeli soldiers and stretcher bearers at Sheba Medical Centre in Ramat Gan, Israel, following a drone attack from Lebanon on the northern Israeli town of Binyamina. Reuters
    Israeli soldiers and stretcher bearers at Sheba Medical Centre in Ramat Gan, Israel, following a drone attack from Lebanon on the northern Israeli town of Binyamina. Reuters
  • An Israeli military ambulance at the site of a drone strike near the northern Israeli town of Binyamina. AFP
    An Israeli military ambulance at the site of a drone strike near the northern Israeli town of Binyamina. AFP
  • Israeli soldiers near the scene of a drone attack launched from Lebanon on Binyamina in northern Israel. Reuters
    Israeli soldiers near the scene of a drone attack launched from Lebanon on Binyamina in northern Israel. Reuters
  • Members of Israel's security forces secure the scene of a drone strike near the northern Israeli town of Binyamina. AFP
    Members of Israel's security forces secure the scene of a drone strike near the northern Israeli town of Binyamina. AFP
  • Israeli police near the site of a drone strike near the northern Israeli town of Binyamina. AFP
    Israeli police near the site of a drone strike near the northern Israeli town of Binyamina. AFP

Four Israeli soldiers killed in Hezbollah drone attack on army base


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  • Arabic

Four soldiers have been killed in a Hezbollah drone attack on an army base south of Haifa in the deadliest assault by the Lebanese group against Israel in the past year.

Seven people were seriously injured in the attack claimed by Hezbollah, which took place near the central city of Binyamina at a training base used by the Golani Brigade, an infantry unit usually associated with operations in the north of the country.

Israeli Defence Minister Yoav Gallant visited the base on Monday and said the country was making a "national effort" to deal with the threat posed by drones. "This is a difficult event with painful results," he added.

Israel's Chief of the General Staff Lt Gen Herzi Halevi also visited the base and conducted an initial inquiry.

Hezbollah said the attack was a response to two Israeli strikes on central Beirut last week that killed at least 22 people. The Lebanese group later launched rockets at another military site south of Haifa, but the military said it intercepted that attack.

  • Israeli soldiers board a military helicopter at Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
    Israeli soldiers board a military helicopter at Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
  • An Israeli military helicopter takes off from Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
    An Israeli military helicopter takes off from Rambam Health Care Campus in Haifa after it dropped off the injured from a drone attack launched from Lebanon. Reuters
  • Israeli soldiers and stretcher bearers at Sheba Medical Centre in Ramat Gan, Israel, following a drone attack from Lebanon on the northern Israeli town of Binyamina. Reuters
    Israeli soldiers and stretcher bearers at Sheba Medical Centre in Ramat Gan, Israel, following a drone attack from Lebanon on the northern Israeli town of Binyamina. Reuters
  • An Israeli military ambulance at the site of a drone strike near the northern Israeli town of Binyamina. AFP
    An Israeli military ambulance at the site of a drone strike near the northern Israeli town of Binyamina. AFP
  • Israeli soldiers near the scene of a drone attack launched from Lebanon on Binyamina in northern Israel. Reuters
    Israeli soldiers near the scene of a drone attack launched from Lebanon on Binyamina in northern Israel. Reuters
  • Members of Israel's security forces secure the scene of a drone strike near the northern Israeli town of Binyamina. AFP
    Members of Israel's security forces secure the scene of a drone strike near the northern Israeli town of Binyamina. AFP
  • Israeli police near the site of a drone strike near the northern Israeli town of Binyamina. AFP
    Israeli police near the site of a drone strike near the northern Israeli town of Binyamina. AFP

The Magen David Adom ambulance service said 61 people were injured in the drone attack. "This was a very difficult scene," paramedic Rafi Sheva said in a statement. "We declared it a mass casualty event and treated patients suffering from blast injuries and shrapnel. The injuries were severe."

The wounded were flown by helicopter to medical facilities for further treatment, the ambulance service statement said. It added that 37 people were admitted to hospital, including three in serious condition, with nine people suffering from anxiety.

Hezbollah has launched drone and rocket attacks on Israel on an almost daily basis in the past year, saying it is acting in support of Gaza-based militant group Hamas. Following the drone attack, Israel killed four people and injured dozens in strikes on Al Aqsa Hospital compound in central Gaza early on Monday. The Israeli military described it as an attack on a Hamas command and control centre.

Meanwhile, the Lebanese Health Ministry said the death toll from Israeli attacks has increased to 2,306, with 10,698 injured. It said 51 people were killed and 174 wounded on Sunday by Israeli air strikes across the country. Twenty-two of those killed were in the Mount Lebanon region, in the north of the country, while 10 were killed in strikes in the southern Nabatieh region.

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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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Updated: October 14, 2024, 12:46 PM