Live updates: Follow the latest on Israel-Gaza
The day after Israel announced it had killed Hamas leader and reported October 7 mastermind Yahya Sinwar, the few Hamas officials talking about the future of the militant group vowed that it would fight on.
Hamas will only "grow stronger" even if its leaders are eliminated, said one official. Basem Naim, a Hamas political bureau member in Gaza, was equally dogged, but also frank about the pain and significance of Mr Sinwar’s death.
“Yes, it’s very painful and distressing to lose beloved people, especially extraordinary leaders like ours, but what we are sure of is that we are eventually victorious; this is the outcome for all people who fought for their liberty,” he said on Friday.
No amount of bullish words can mask the fact that the loss of Mr Sinwar puts what remains of Hamas at an extremely difficult crossroads.
First, the group must find a new leader for the second time in a little over two months, after the assassination Mr Sinwar's predecessor, Ismail Haniyeh, in Tehran on July 31. Israel is widely held responsible, though it has never confirmed its involvement.
Gaza analyst Aziz Al Masry told The National that Khalil Al Hayya, who led Hamas's ceasefire negotiating team, was “generally expected” to be chosen as the next leader. Zaher Jabarin, Hamas’s leader for the West Bank, would be deputy, he added.
Other possibilities include Khaled Meshaal, who led the Hamas political bureau from 1996 to 2017 and now lives in the Qatari capital Doha, and Mr Sinwar's brother Mohammed, who is considered a hardliner.
Reaching agreement on a candidate will be challenging – after more than a year of fighting in Gaza, the group's organisational and communication structures are in tatters.
“There is limited communication between Hamas’s field operations in northern Gaza, the south and the central region,” Mr Al Masry said. “Now, there is a major divergence in views between the political leadership in Doha and the field leadership in Gaza.”
Only once the group has a new leader can it try and set a direction for the future, but it will be fraught with difficulties, Mr Al Masry added. “Hamas is currently in a critical phase. In the span of two months, two of its political bureau leaders have been assassinated.
"There is growing anger on the streets of Gaza, particularly due to the prolonged war, the genocide, displacement and homelessness. These factors will exert significant pressure on the new political bureau leadership.”
Mr Sinwar’s death also puts Israel, in particular Prime Minister Benjamin Netanyahu, at a crossroads. Hamas's future depends in large part what Israel does next.
After months of more and more Israelis viewing the Gaza campaign as a costly stalemate with no strategic direction, Mr Netanyahu can flaunt the biggest military victory in the strip since the war began. He can tell supporters – and there are increasing numbers of them, according to recent polling – that his controversial approach of favouring massive military force over diplomacy to secure Israel’s war goals has paid off.
It is unlikely this formula will work for long. Israeli hostages seized in Hamas's October 7 attacks, whose safety is a political priority for many Israelis, are still languishing in the strip. The many pressure groups, protest blocs and politicians who support their release above all else were already demanding within hours of the news of Mr Sinwar’s death that the government renews efforts to free them.
Hebrew media reported on Friday that Mr Netanyahu would soon convene a security meeting to discuss hostage negotiations in light of Mr Sinwar's killling. The Prime Minister’s office also said that Mr Netanyahu and US President Joe Biden discussed how it might present an opportunity for a hostage deal.
But without a clear Hamas leader and the near total collapse of its command and control and external communications, even beginning such negotiations will be a challenge.
“Hamas is no longer an organisation we can speak with. There is Khaled Meshaal who thinks he’s leading the organisation, but most of its members didn’t want him,” said Amit Assa, a former Israeli security official.
Israeli analyst Shira Efron said she is hearing about a possible pause in fighting for three days to a week to help the Israelis “find who to talk to [in Gaza and Hamas] about this hostage arrangement”.
“Do you speak to Khaled Meshaal? Do you speak to folks in Gaza? Do you let the Israeli negotiating team try to revamp negotiations with mediators? We don’t know where all hostages are and who is with Hamas, Islamic Jihad or a certain clan. Who do they even call if they want amnesty or a cash reward for information about a hostage? This system needs to be created,” she said.
“I hope what I’m hearing about such an initiative involving a lull to see how this military achievement can be leveraged into an agreement about hostages, then even a 'day after' plan for Gaza, will indeed take place.”
Gaza analyst Mustafa Ibrahim said it “seems unlikely that a ceasefire will be announced”.
“How would it happen? Will it be as Netanyahu said with Palestinians surrendering the [Israeli hostages]? Or will it be a full ceasefire and the withdrawal of the Israeli army from Gaza? Or will Israel maintain military control over Gaza?”
“Sinwar and Hamas had clear goals – freeing the Palestinian prisoners [held by Israel] – and I don't believe Hamas will back down from these objectives after Sinwar's death, as that would be seen as a defeat for both Hamas and the Palestinian people."
While much remains uncertain about Hamas in the near future, many of the group's leaders have been assassinated throughout its history, a point raised by Basem Naim.
"It seems that Israel believes that killing our leaders means the end of our movement and the struggle of the Palestinian people. They can believe what they want," he said, citing the killings of Hamas founder Ahmed Yasin, co-founder Abdel Aziz Al Rantisi and the first chief of it military wing, Salah Shehade.
"Each time we became stronger and more popular, and these leaders became an icon for future generations to continue the journey towards a free Palestine."
Kobi Michael, senior researcher at the Institute for National Security Studies and the Misgav Institute think tanks in Israel, disagrees, saying the death of Mr Sinwar was “very substantial, very significant".
"In the end, Sinwar was the ultimate leader of Hamas, not only in the Gaza Strip, but he was also elected to replace Haniyeh as the head of the political wing, which means the leader of the entire organisation. So, the organisation, once again lost its head. But what is more crucial than that, it lost its most crucial centre of gravity in the Gaza Strip,” he said.
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
SHALASH%20THE%20IRAQI
%3Cp%3EAuthor%3A%20Shalash%3Cbr%3ETranslator%3A%20Luke%20Leafgren%3Cbr%3EPages%3A%20352%3Cbr%3EPublisher%3A%20And%20Other%20Stories%3C%2Fp%3E%0A
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The five pillars of Islam
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.”
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
