A member of the Israeli security forces inspects a house damaged by a Hezbollah rocket in the northern border town of Kiryat Shmona. AFP
A member of the Israeli security forces inspects a house damaged by a Hezbollah rocket in the northern border town of Kiryat Shmona. AFP
A member of the Israeli security forces inspects a house damaged by a Hezbollah rocket in the northern border town of Kiryat Shmona. AFP
A member of the Israeli security forces inspects a house damaged by a Hezbollah rocket in the northern border town of Kiryat Shmona. AFP

Israeli Prime Minister Benjamin Netanyahu approves ceasefire agreement with Hezbollah


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Israeli Prime Minister Benjamin Netanyahu said he had approved a ceasefire agreement with the Iran-backed Hezbollah on Tuesday, paving the way for a deal that would end the most destructive conflict between the two sides.

Lebanon, represented by Parliamentary Speaker Nabih Berri, who negotiated on behalf of Hezbollah, also endorsed the agreement. Its government is expected to formally vote on it on Wednesday morning.

"It's time for a ceasefire," Mr Netanyahu said in a speech on Tuesday, adding that he is presenting the deal to the cabinet for approval. "We are maintaining our full liberty to take military operations," he clarified.

"With the United States' full understanding, we maintain full freedom of military action. If Hezbollah violates the agreement and tries to arm itself, we will attack. If it tries to rebuild terrorist infrastructure near the border, we will attack. If it launches a rocket, if it digs a tunnel, if it brings in a truck carrying rockets, we will attack."

However, a government source in Beirut told The National that Lebanese officials had not been informed of any agreement to grant Israel the freedom of action against Hezbollah in Lebanon. “Lebanon does not have any information, nor has it received any document that includes terms of action for Israel's self-defence or freedom of movement,” the source said.

“Any bilateral agreement between the United States and Israel is not binding on Lebanon as it is a side agreement and Lebanon has nothing to do with it,” he added.

Negotiations, mediated by US envoy Amos Hochstein, entered their critical stage last week, with the main point of contention being the interpretation of a clause on “self-defence”. Officials in Lebanon firmly rejected any clause that Israel could use to breach Lebanese sovereignty, including its airspace, as it has done in recent years. Senior Israeli officials have demanded the right to act against Hezbollah even if a ceasefire is agreed on.

One solution that was proposed to address the issue was for Israel to be able to lodge complaints with the committee, which would then relay them to the Lebanese Army and UN peacekeepers and set a deadline for action before Israel can intervene, sources told The National at the time.

The conflict began on October 8 last year, a day after Hamas launched an attack on Israel, marking the start of the Gaza war. Hezbollah entered the war in support of its ally Hamas, leading to a series of cross-border confrontations that escalated into a full-scale war.

Many of Hezbollah's senior commanders have been killed during Israeli air and ground assaults, which also caused the deaths of thousands of Lebanese, the displacement of millions and widespread devastation in Lebanon. Just hours before the ceasefire was announced, Israel launched its biggest wave of strikes on the capital Beirut, destroying dozens of buildings and homes in two minutes after the Israeli military issued eviction orders to residents of dozens of buildings.

The high cost

Under the terms of the ceasefire, Israel is to withdraw its troops from southern Lebanon. In turn, Beirut will post troops along the border, while Hezbollah fighters retreat. The agreement includes the establishment of a US-led committee to oversee the transition to a permanent ceasefire.

"The Lebanese army will abide by the ceasefire agreement and send troops to the southern borders," a senior government official in Beirut told The National before the formal cabinet meeting.

“The agreement includes stages extending over 60 days: a ceasefire, the beginning of the Israeli withdrawal, the beginning of the deployment of the Lebanese army, and supervision of the withdrawal of heavy weapons from the south of the Litani River,” said the source.

A damaged room inside an apartment after Israeli strikes on Beirut's southern suburbs, on November 26. Reuters
A damaged room inside an apartment after Israeli strikes on Beirut's southern suburbs, on November 26. Reuters

The cost has been high on both sides of the conflict. Thousands have been killed in Lebanon and millions have been displaced. In Israel, rocket, drone and missile salvos launched by Hezbollah killed nearly 50 civilians, including foreign workers. According to the Israeli military, Hezbollah has fired more than 16,000 rockets, leading to the displacement of more than 65,000 people from northern Israel.

"The duration of the ceasefire depends on what happens in Lebanon," Mr Netanyahu said in his video statement announcing his decision.

"It is no longer the same Hezbollah" after a year of fighting, he claimed. "We have eliminated all the senior leaders of the organisation, destroyed most of its missiles and rockets, eliminated thousands of terrorists and destroyed the underground and terrorist infrastructures near our border."

He added that there were three reasons for the timing of the ceasefire.

The first reason is to focus on "the Iranian threat," on which he said he would not elaborate. The second reason was the "renewal and rearming of forces," while the final motive was to isolate Hamas in Gaza.

"A good deal is a deal that is enforced, and we will enforce it," emphasised the Israeli Prime Minister.

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Company%C2%A0profile
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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.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

RESULT

Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

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Jawan
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Updated: November 27, 2024, 6:43 AM