Hezbollah’s Hassan Nasrallah to be buried in Beirut’s southern suburbs


Jamie Prentis
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Hezbollah's former leader Hassan Nasrallah, killed in an Israeli air strike in September, is to be buried in Beirut's southern suburbs, a traditional heartland for the group, its secretary general announced.

In a televised speech late on Sunday, Naim Qassem said Mr Nasrallah would be buried on February 23 “in a plot of land we chose between the old and new airport roads”, on the outskirts of Beirut. The long-time leader of the group was temporarily buried elsewhere because "security conditions prevented holding a funeral” after Israel launched an all-out war on Lebanon in the same month the leader was killed.

“We hope that it will be a grand funeral procession befitting this great personality,” Mr Qassem said.

Mr Nasrallah was killed as Israel intensified its bombardment of Lebanon after a year of cross-border hostilities. He had led Hezbollah for three decades and his assassination was a major blow for the group, which went on to lose almost all of its senior commanders.

Mr Qassem also confirmed for the first time that Hashem Safieddine, who was assassinated on October 3, had succeeded Mr Nasrallah as secretary general, but was killed days before the announcement could be made.

Mr Safieddine will be buried as “secretary general” on the same day as Mr Nasrallah in his hometown in southern Lebanon. Mr Qassem urged people to refrain from firing weapons into the air before, during or after the funeral.

Mr Safieddine was Mr Nasrallah's maternal cousin and head of Hezbollah's Executive Council. Despite Mr Qassem being the long-term deputy secretary general, it was Mr Safieddine who was expected to be Mr Nasrallah's successor.

The planned funerals will come five days after Israeli troops are supposed to leave Lebanon under a ceasefire deal agreed on in November.

The Israeli army missed a deadline of January 26 to complete its withdrawal from southern Lebanon and has since launched strikes there, killing dozens of Lebanese civilians. It now has until February 18 to pull out. Lebanon has accused Israel of breaching terms of the truce hundreds of times.

During his speech, Mr Qassem also pressed Lebanese authorities to put pressure on Israel to stop breaching the ceasefire conditions.

“The Lebanese state is fully responsible for following up, pressuring and trying to prevent as much as it can, through sponsors and international pressure, this violation and this Israeli aggression,” he said.

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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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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Bert van Marwijk factfile

Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder

Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia

Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands

Kalra's feat
  • Becomes fifth batsman to score century in U19 final
  • Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
  • Scored 122 in youth Test on tour of England
  • Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction

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Updated: February 03, 2025, 10:19 AM