Hezbollah has warned Israel against extending its occupation of south Lebanon past the January 26 withdrawal deadline.
A US-mediated ceasefire deal gave Israel 60 days to withdraw from south Lebanon and for Hezbollah to move north of the Litani River. Lebanon's army is supposed to increase its presence in the south under the agreement.
“We in Hezbollah are waiting for the date of January 26, the day on which the ceasefire requires a full Israeli withdrawal from Lebanese territory," said Hezbollah MP Ali Fayyad. "If the Israeli enemy does not comply with this, it will mean the collapse of the [ceasefire deal]."
Despite the ceasefire deal, Israel has repeatedly attacked south Lebanon and destroyed dozens of border villages.
Jean-Pierre Lacroix, the UN undersecretary general for peace operations, said this week that “some Israeli air strikes have also been reported, as have ongoing violations of Lebanese airspace”.
“We urge the Israel Defence Forces to withdraw from Lebanese territory; certainly by the end of the period envisaged in the announcement of the cessation of hostilities,” he said.
Hezbollah leader Naim Qassem at the weekend accused Israel of hundreds of ceasefire breaches and warned that “this cannot continue”.
He called on the Lebanese state to be “firm in confronting violations, now numbering more than hundreds”.
“We have been patient with the violations to give a chance to the Lebanese state responsible for this agreement, along with the international sponsors, but I call on you not to test our patience,” he said.
The ceasefire agreement in November last year ended more than a year of hostilities between Hezbollah and Israel that culminated in a war, as Israel sent its forces across the border into Lebanon and carried out a devastating bombing campaign.
The truce was followed by the election this month of a new Lebanese President, former army chief Joseph Aoun, and the designation of Nawaf Salam, formerly head of the International Court of Justice, as prime minister. He must now form a new government, raising hopes for change in Lebanon after years of economic crisis and political stalemate.
UN Secretary General Antonio Guterres spoke of a “more hopeful” future for Lebanon after meeting its new leaders during a two-day visit last week as the deadline for introducing the ceasefire approached.
“Throughout my time here, I have sensed an atmosphere of opportunity,” Mr Guterres said. “After one of the most difficult years in generations, Lebanon is on the cusp of a more hopeful future.”
Mr Guterres also held talks in Beirut on Friday with French President Emmanuel Macron, who said Paris would soon host an aid conference to help rebuild Lebanon.
The UN “will intensify our support for recovery and reconstruction across Lebanon”, Mr Guterres said. “The cessation of hostilities is fragile, but it is holding.”
The UN Office for the Co-ordination of Humanitarian Affairs said Israel's continued presence in southern Lebanon was hindering efforts to assist people in the area.
"Humanitarians continue to face significant obstacles in accessing areas where Israeli warnings remain in effect for over 60 villages and towns in southern Lebanon," OCHA said in its latest report, released on Friday.
"Military activity continues despite the cessation of hostilities, with reports of Israeli forces withdrawing from parts of the southern border area. However, the demolition of homes by Israeli forces persists, particularly in Bint Jbeil and Marjayoun districts in Nabatieh governorate."
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.”
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
