Live updates: Follow the latest on Israel-Gaza
The Israeli army conducted at least four air strikes on the southern Lebanese city of Tyre on Wednesday, after issuing eviction orders for much of the city. The first strike hit only about an hour after the warning.
Lebanese rescuers with loudspeakers drove through the historical city, asking people to leave their homes shortly after the Israeli order.
“To Tyre’s residents, to ensure your safety please leave the city immediately,” civil defence workers said.
Tyre is one of the largest cities in south Lebanon, and the areas under Israeli threat are densely populated. The Unesco heritage-listed city is home to important sites, including an ancient castle, close to Israel's eviction map. It is often described as one of the oldest continuously inhabited cities in the world.
“There have been several bombardments, the missiles flew over our heads. They marked off a large area of Tyre this morning as a warning – but these are all residential areas,” resident Sami Baredei, 67, told The National over the phone.
Thick smoke was visible from the port, where Mr Baredei lives, with grey plumes rising behind residential buildings and palm trees. He owns a small boat equipment shop near the port in the Christian quarters, which have so far been spared from shelling in the Hezbollah-Israel war.
The Israeli army claimed it was attacking Hezbollah command complexes, including the headquarters of the southern front unit.
When The National visited Tyre last week, Mr Baredi said he was determined to stay in his hometown, despite the majority of residents fleeing as Israel intensified its air campaign on parts of Lebanon and launched a ground invasion along the border.
Tyre officials told The National they were hoping the areas under attack were “entirely empty.”
“The area on the map is predominantly residential and commercial, with most of it now evacuated,” said Hassan Dbouk, president of the Union of Tyre Municipalities, referring to the map for eviction orders issued by the Israeli army.
“We hope it's entirely empty,” he said. “We're concerned this may lead to widespread destruction. We're terrified of major devastation. We've seen what they did in Gaza. It's the same scenario, unfolding step by step,” he added.
The eviction order sparked further displacements and fear among those remaining in Tyre.
"Some families, who had not left the city of Tyre began leaving their homes to stay clear of areas that the Israeli enemy threatened to target," Lebanon's official National News Agency said.
But shelters are already full. Tyre, although largely depopulated of the vast majority of its residents, has also become a temporary refuge to thousands of displaced people.
“Our centres are full so we cant take anyone new in. I’ve been telling people who try to come to us to go to the centres in Tripoli and Akkar,” Mortada Mhanna, the head of Tyre's Disaster Management Union, told The National.
He added that so far the strikes have been limited to the map issued by the Israeli army, while stressing the situation is "unpredictable".
“They’ve hit the areas they said they would strike but we don’t know if they’ve finished hitting or not now. it's an unpredictable situation and highly worrisome,” he added.
'Jurassic%20World%20Dominion'
%3Cp%3EDirector%3A%20Colin%20Trevorrow%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Sam%20Neill%2C%20Laura%20Dern%2C%20Jeff%20Goldblum%2C%20Bryce%20Dallas%20Howard%2C%20Chris%20Pratt%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
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.”
Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Palestine and Israel - live updates
BUNDESLIGA FIXTURES
Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)
Saturday RB Leipzig v Hertha Berlin (5.30pm)
Mainz v Borussia Monchengladbach (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Union Berlin v SC Freiburg (5.30pm)
Borussia Dortmund v Schalke (5.30pm)
Sunday Wolfsburg v Arminia (6.30pm)
Werder Bremen v Hoffenheim (9pm)
Bayer Leverkusen v Augsburg (11.30pm)