Israeli attack on Sidon kills three and injures Lebanese soldiers and UN peacekeepers


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Three people were killed and several Lebanese soldiers and UN peacekeepers were injured by Israeli strikes on the southern city of Sidon on Thursday.

Those killed were in a car when it was hit by a drone strike. Three soldiers at a nearby checkpoint were injured in the attack, the army said.

The UN peacekeeping mission in Lebanon, known as Unifil, said five personnel were injured while travelling a vehicle nearby. The peacekeepers had only just arrived in the country and were on the way to positions in the south, Unifil added.

It came as Israel struck Beirut’s southern suburbs overnight, hours after Israeli Prime Minister Benjamin Netanyahu and US president-elect Donald Trump spoke about Washington's support for Israel and action against the “Iranian threat”.

A series of nine “violent raids” were conducted on seven different areas across the southern suburbs, including Haret Hreik and Burj Al Barjaneh, Lebanon's state-run National News Agency reported. Plumes of smoke and orange flashes lit up the night sky over the densely populated area.

One strike hit about 100 metres from Beirut’s airport overnight, the closest attack to Lebanon’s sole civilian airport since war broke out. The Israeli army’s Arabic spokesman Avichai Adraee announced several eviction notices shortly before the attacks, including one for an area right next to the airport.

Despite the bombing, the “airport is operating normally”, Lebanon’s Minister of Public Works Ali Hamish said on Thursday morning.

The Rafic Hariri International Airport has continued to function despite regular Israeli attacks on neighbourhoods adjacent to the terminal. Almost all airlines have suspended flights, with flag carrier Middle East Airlines the only one operating.

The attacks came as the Wednesday death toll from Israeli attacks on eastern Lebanon climbed to more than 50, with dozens of others wounded. The updated toll was released overnight by the Health Ministry, which said the search for missing people is still under way across the Baalbek-Hermel region.

The deadliest single attack was in Nasiriyah, where 16 people were killed and 17 others wounded. Ten people were also killed and 15 wounded in a strike on Baalbek city, with casualties confirmed in several other strikes across the Bekaa valley.

At least 30 strikes were reported across the region, according to NNA.

Air strikes continued across the country throughout Thursday, with bombardment reported across southern Lebanon, the Bekaa valley, and near Beirut.

One woman was killed in a strike on the Baalbek town of Harfoush, NNA reported, while attacks on the southern city of Nabatieh partially destroyed a seven-storey building and turned the area into a "war zone."

A drone strike also hit a car near Beirut on a motorway linking the capital to Syria. One person was killed in the attack, a military source told AFP, while a toll was not immediately available from Lebanese state media.

More than 3,000 people have been killed in Israeli strikes across Lebanon since the outbreak of cross-border fighting in October last year, which Israel escalated in September into all-out war and a subsequent ground invasion of the south. Entire villages have been destroyed and more than 1.3 million people displaced across the country, with the south and eastern Bekaa valley particularly hard-hit by the Israeli army.

Israel has claimed it is attacking the Iran-backed Hezbollah militant group, after it began launching rockets, drones and anti-tank missiles at Israel and its military positions in support of Palestinians in Gaza.

On Wednesday, army chief Herzi Halevi said Israel must plan to "expand and deepen" its invasion of southern Lebanon "alongside diplomatic efforts" to reach a ceasefire agreement. Hours later, Mr Netanyahu and Mr Trump discussed the "Iranian threat," the Israeli PM's office said, adding both leaders "agreed to work together for Israel's security".

Mr Trump was closely aligned with Israel during his last presidency, moving the US embassy to Jerusalem, and defunding UNRWA, among other steps.

During his recent election campaign, the former president described himself as Israel's strongest ally, going so far as to say Mr Biden should let Israel "finish the job" against Hamas in Gaza.

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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: November 07, 2024, 3:50 PM