Live updates: Follow the latest on Israel-Gaza
Beirut was shaken by an intense wave of Israeli bombing on Tuesday less than an hour before the Israeli security cabinet was set to vote on a proposed ceasefire deal with Hezbollah.
Simultaneous air strikes hit south Beirut in one of the largest attacks of the war. Explosions could be heard across the city, with buildings shaking and plumes of smoke covering the capital. Ambulance sirens could be heard throughout the area.
At least seven people were confirmed dead in a strike on the Noweiri neighbourhood along with 37 wounded, according to Lebanon’s health ministry. The ministry said search and rescue operations were ongoing for survivors. The strike hit a four-storey building housing people displaced by bombardment on other parts of Lebanon.
Later, on Tuesday night, Israel issued an “urgent warning” for residents of four neighbourhoods in central Beirut to leave their homes if they were within 50 metres of buildings the army intended to attack.
It was the first bombing notice for the city centre in nearly two months of full-scale war between Israel and Hezbollah. Central Beirut has been struck on numerous occasions but usually without warning. Bombardment notices have typically been issued for the southern suburbs and other parts of Lebanon.
Buildings braced for strikes on Tuesday night were in the neighbourhoods of Ras Beirut, Msaybte, Mazraa, and Zoukak el Blat. Gunshots were also fired into the air to warn residents to leave.
"Back in 2006, they did the same," said one resident, referring to Israel unleashing some of its worst attacks moments before a ceasefire with Hezbollah was agreed.
The Israeli army said it had launched large-scale strikes against Hezbollah sites on Tuesday afternoon, hitting 20 targets in 120 seconds using eight jet fighters.
Lebanon’s official National News Agency said “a belt of fire is surrounding the southern suburbs, and the raids are targeting the areas” of Burj Al Barajneh, Haret Hreik and Hadath.
The attacks on south Beirut came only about 30 minutes after Israel issued at least 20 eviction orders. Israel’s Arabic-language spokesman said the buildings that were hit housed Hezbollah facilities and interests, but he did not provide evidence.
Hopes are growing that a US-mediated ceasefire could bring an end to nearly 14 months of fighting between Israel and Hezbollah that has killed nearly 4,000 people in Lebanon and displaced about 1.4 million. Tens of thousands have also been displaced from northern Israel.
In the last two months Israel has intensified its offensive, killing Hezbollah's senior leadership, invading south Lebanon and devastating parts of the country.
The proposed ceasefire agreement requires Israeli troops to withdraw from south Lebanon and Lebanon's army to deploy in the region within 60 days. Hezbollah would end its armed presence along the border south of the Litani river.
The Israeli security cabinet was due to meet on Tuesday evening to discuss the proposal.
Business Insights
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Company%20Profile
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SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
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bt Yorkshire Vikings 184 for 5 in 20 overs
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COMPANY%20PROFILE
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Company%20profile
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Business Insights
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Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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Marathon results
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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: 2018 Chevrolet Equinox
Price, base / as tested: Dh76,900 / Dh110,900
Engine: 2.0L, turbocharged in-line four-cylinder
Gearbox: Nine-speed automatic
Power: 252hp @ 5,500rpm
Torque: Torque: 352Nm @ 2,500rpm
Fuel economy, combined: 8.5L / 100km
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
