Hezbollah supporters gathered across Lebanon on Saturday to mark the first anniversary of the killing of the militant group's leader Hassan Nasrallah by an Israeli air strike.
Mr Nasrallah, whose body is buried in the Hezbollah stronghold of Beirut's southern suburbs, led the group for three decades. His assassination was a major blow for the Lebanese organisation.
Hezbollah went on to lose almost all of its senior commanders in last year's war with Israel, including Hashem Safieddine – at the time considered most likely to succeed Mr Nasrallah.
Naim Qassem, who was named Hezbollah leader in October 2024, made a speech on Saturday to mark the anniversary. Crowds gathered in the capital's southern districts as well as in Lebanon's south and east. He reaffirmed that Hezbollah would not allow disarmament and warned of a fierce confrontation, describing the fight as an existential battle that the group was capable of facing.
Ali Larijani, head of the Supreme National Security Council of Iran - Hezbollah's sponsor - visited Beirut on Saturday to mark the anniversary and met Lebanon’s parliament speaker Nabih Berri. Mr Larijani called on regional countries to put their difference aside and co-operate closely in the face of what he called “Israel’s conspiracies”.
The site of Mr Nasrallah's killing in Beirut has become a place for mourners to pray for him, near an enormous crater where six residential buildings stood before an Israeli air raid took out the entire block.
On Thursday, thousands gathered on Beirut’s corniche to remember Mr Nasrallah. There was controversy over the projection of his image on to Raouche’s Pigeon Rocks, a natural formation jutting into the Mediterranean and one of Beirut’s best-known landmarks.
Authorities did not at first grant Hezbollah permission to illuminate the rocks or project portraits of its late leaders, fearing it was an attempt by the group to impose itself on public spaces and claim a national symbol.
Hezbollah appeared to try to assuage opposition by also projecting images of Parliament Speaker and Amal movement leader Nabih Berri, along with former prime ministers Saad Hariri and his father Rafic Hariri, two Lebanese Sunni leaders.
But current Prime Minister Nawaf Salam denounced the move on X as “a flagrant violation of the agreement given by the city’s governor”.
Thursday’s event at Raouche was the first in a series of 18 days of ceremonies, scheduled until October 12, to commemorate the killing of Mr Nasrallah.
The late leader served as the third secretary general of Hezbollah, which emerged as a force in Lebanon in the early 1980s.
He became the group's secretary general in 1992 aged only 35, after his predecessor, Sayyed Abbas Al Musawi, was killed in an Israeli helicopter attack.
With his fiery speeches, he swiftly became the public face of Hezbollah in its fight against the Israelis. He was at the helm when Hezbollah guerrillas drove Israeli forces from southern Lebanon in 2000, ending an 18-year occupation.
He also declared a “divine victory” after the group waged 34 days of war with Israel in 2006, winning the respect of many Arabs who had grown up watching Israel defeat their armies.
As his group grew to become Lebanon's most influential political and military force, it also developed a regional role as the spearhead of Iran's region-wide “Axis of Resistance” against Israel. Hezbollah also fought in Syria and trained the Houthi rebels in Yemen.
The day after Hamas attacked Israel on October 7, 2023, Hezbollah entered the fray in solidarity with its Palestinian ally by firing on Israel from southern Lebanon.
That prompted exchanges of fire for nearly a year before Israel sharply escalated by detonating explosives-rigged communication devices used by Hezbollah members, while pummelling the country with air strikes and sending troops into Lebanon's south.
More than 4,000 people were ultimately killed in Israel's military assault on Lebanon last year, including at least 300 children.
Despite a ceasefire agreement reached in November, Israel continues to carry out deadly strikes. Israel's air and ground attacks for months prevented the formal burial of Mr Nasrallah.
Today, weakened by its war with Israel and with its main backer Iran also diminished, Hezbollah is under pressure from the Lebanese state and western powers to disarm, as the country tries to rebuild its shattered economy.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The%20Roundup
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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.”
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Company%20Profile
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