Israeli researcher Ze'ev Erlich seen in IDF uniform on November 20, 2024, hours before he was killed in an ambush by Hezbollah operatives. Photo: X
Israeli researcher Ze'ev Erlich seen in IDF uniform on November 20, 2024, hours before he was killed in an ambush by Hezbollah operatives. Photo: X
Israeli researcher Ze'ev Erlich seen in IDF uniform on November 20, 2024, hours before he was killed in an ambush by Hezbollah operatives. Photo: X
Israeli researcher Ze'ev Erlich seen in IDF uniform on November 20, 2024, hours before he was killed in an ambush by Hezbollah operatives. Photo: X

Israeli archaeologist killed in south Lebanon after embedding with invading army to look at ruins


Thomas Helm
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An Israeli archaeologist was killed on Wednesday in southern Lebanon after entering the battlefield with invading Israeli troops, supposedly to look at an ancient fortress.

Ze'ev Erlich, 71, a prominent member of the occupied West Bank settler community, was shot in an ambush launched by Hezbollah, which killed him and an Israeli soldier. Military police are probing how Mr Erlich gained entry to the area, dressed in military uniform and carrying a weapon. An initial military probe said he was accompanied by a senior officer who allowed him to enter to look at the unnamed historic site.

The Israeli military’s chief of staff announced that he had ordered the establishment of an expert team to strengthen “operational discipline and military culture in combat” in light of the incident. The probe will be concluded in two weeks.

Israeli troops first invaded Lebanon in October after massive airstrikes targeting the Iran-linked Hezbollah group escalated tit-for-tat strikes over the Lebanese border since October 8, 2023 into an all-out war.

Mr Erlich's brother disputed the Israeli military's claim that he had entered the battlefield as a civilian. “He was fully recognised as a soldier, entering Lebanon with the IDF’s approval and accompaniment, albeit for archaeological research, as he always did in Judea and Samaria,” Amitai Erlich told YNet news, using the Israeli term for the West Bank region.

Mr Erlich served as a major in the reservists until he was 70 and was one of 50 families to set up the occupied West Bank settlement of Ofra in 1977.

Israel launched a ground invasion into Lebanon in October and has been ramping up a bombing campaign. AP
Israel launched a ground invasion into Lebanon in October and has been ramping up a bombing campaign. AP

Mr Erlich was eulogised by far-right politicians on Wednesday evening. Far-right Finance Minister Bezalel Smotrich said on X that he “uncovered the secrets of a great land” throughout his career. Far-right Heritage Minister Amichai Eliyahu said on X: “He had a story for every rock. History for every path. A bible in one pocket, a map in another.”

Mr Erlich will be recognised as a fallen soldier, the army said. The announcement prompted demands from the families of an Air Force navigator who killed himself in October and a hostage who was mistakenly killed by Israeli troops in Gaza while trying to escape to be given the same recognition.

Israel announced on Wednesday that it had lost its 800th security operative during the Gaza war. Deaths in the conflict recently surpassed the number of its soldiers killed in the 1967 Middle East War, which was previously the fifth-deadliest for the country's forces, according to a tally by the Jewish Virtual Library.

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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