US envoy Hochstein says Israel began withdrawal from second Lebanese town


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US envoy Amos Hochstein arrived in Beirut on Monday ahead of a meeting of the committee monitoring the ceasefire between Israel and Lebanon’s Hezbollah, which has entered its second month. The visit comes amid mounting tension and accusations of violations from both sides.

On Sunday, Mr Hochstein met Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan in Riyadh. The two discussed current regional issues, including developments in Lebanon.

Israel and Hezbollah accused one another at the weekend of breaking the terms of the ceasefire deal that took effect on November 27.

Israeli Defence Minister Israel Katz accused the Iran-backed group on Sunday of not meeting the terms of the ceasefire, warning that if it continued to breach the deal, Israel would “be forced to act”.

Similarly, Hezbollah chief Naim Qassem accused Israel of violating the ceasefire and said the group was prepared to respond even before the expiry of a 60-day deadline for Israel to withdraw from southern Lebanon.

“We have said that we are giving an opportunity to prevent Israeli violations and to implement the agreement, and we will exercise patience,” Mr Qassem said.

Mr Hochstein’s visit comes ahead of a session of Lebanon's Parliament on Thursday to address the presidential vacancy that has persisted for more than two years. The prolonged vacancy, rooted in the failure to reach consensus on a candidate, reflects a familiar pattern in Lebanese politics.

The fragile ceasefire, brokered by the US and France, requires Israel to withdraw its forces from about 60 villages along the border by January 26. Concurrently, Hezbollah is obligated to relocate its fighters and infrastructure north of the Litani river, farther from Israel, while the Lebanese Army is deployed at the southern border.

Media reports suggest Israel is advocating an extension of the ceasefire, citing concerns that Hezbollah has not withdrawn fully from the designated areas and that there are insufficient Lebanese troops deployed to maintain security. Lebanon, however, disputes these claims, asserting that both Hezbollah and the army have complied with the terms of the agreement.

On Monday evening, the Lebanese Army announced it had stationed units in the coastal town of Naqoura and that Israeli troops had left the area as the ceasefire monitoring committee was due to meet. It said the movement was in co-ordination with the UN Interim Force in Lebanon, and surveys would be taken of the town to identify unexploded ordinance before a full deployment of troops in the next phase.

Members of France's battalion in the United Nations' Unifil peacekeeping mission stand during a visit by French ministers in their base in the southern Lebanese village of Deir Kifa on December 31, 2024. AFP
Members of France's battalion in the United Nations' Unifil peacekeeping mission stand during a visit by French ministers in their base in the southern Lebanese village of Deir Kifa on December 31, 2024. AFP

Mr Hochstein confirmed the beginning of an Israeli withdrawal in Naqoura. "The Israeli military started its withdrawal from Naqoura... and back into Israel proper today, south of the Blue Line. These withdrawals will continue until all Israeli forces are out of Lebanon completely, and as the Lebanese army continues to deploy into the south and all the way to the Blue Line," Mr Hochstein told reporters, referring to the UN-demarcated boundary between the two countries.

Gen Mounir Shehadeh, former Lebanese Army co-ordinator with Unifil, said the Lebanese Army has equipped 6,000 troops to deploy in south Lebanon, but they could not do so until Israel's military has retreated from its positions.

“The delay is caused by Israel and it is Israel that is preventing the deployment of the Lebanese army,” he told The National, adding Israel had been “slow to withdraw” from the area.

The Jerusalem Post on Sunday reported that Israeli and US efforts were under way to extend the ceasefire with Hezbollah to avoid either a premature withdrawal or a return to a full-scale war in the north.

Lebanon and Hezbollah have criticised Israel for its limited withdrawal, noting that Israeli forces have vacated only a few of the 60 villages they control along the border. They have also condemned continuing Israeli air strikes and overflights across Lebanese territory, calling these actions clear breaches of the truce. Israel, in turn, says the Lebanese military has not done enough to dismantle Hezbollah infrastructure in the region.

Unifil has repeatedly accused Israel of breaching the ceasefire terms. On Sunday morning, “peacekeepers observed an [Israeli military] bulldozer destroying a blue barrel marking the line of withdrawal between Lebanon and Israel in Labbouneh, as well as an observation tower belonging to the Lebanese Armed Forces immediately beside a Unifil position there,” the UN force said.

Both parties have accused each other of undermining the ceasefire. Israel has conducted air strikes on what it claims are Hezbollah positions, saying these measures are necessary to prevent any movement of weapons. Hezbollah has warned of potential retaliation if Israeli forces do not complete their withdrawal by the agreed deadline.

Gen Shehadeh said Hezbollah's decision on whether to withdraw from the area by the 60-day deadline or respond to Israeli strikes would be affected by the thousands of displaced Lebanese trying to return home.

“Many people have returned to renovate their homes that were damaged during the war,” he said. “This is the only pressure on Hezbollah to carefully consider its response to these violations and the ongoing occupation, should Israel fail to withdraw. However, if the occupation persists and Israel continues its violations, the group will not remain idle—despite the significant costs this may entail.”

The international committee overseeing the ceasefire, headed by US military official Maj Gen Jasper Jeffers, plays a crucial role in mediating these disputes. Mr Jeffers and Mr Hochstein met Army Commander General Joseph Aoun on Monday.

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Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

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RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

The specs

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On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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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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Info

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- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

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Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

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Updated: January 07, 2025, 12:06 PM