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The West needs to “wake up” to Iran's threat after its drone and missile attack on Israel, the UK's former defence secretary Ben Wallace has said.
Mr Wallace said Iran's behaviour in the region had dashed his own hopes that reformers “would one day triumph over the hardliners”.
He called for Israel to side with the West against Russia to “help defeat these Iranian drones” falling on the Middle East and Ukraine.
Israel previously rebuffed Mr Wallace's calls to come to Ukraine's aid despite him warning in private that it would “feel the consequences” of Russian investment in Iran's drone programme, he says.
“I have learnt, working against Britain’s adversaries, that the only way to deal with a bully is to retaliate,” he wrote in the Daily Telegraph.
Mr Wallace, who was defence secretary from 2019 to 2023, said Britain had treated Iran cautiously “like a child having a tantrum in a restaurant”.
“We have tolerated the proxies and the malign influence,” he said. “And many of us, including me, hoped that the 'reformers' would one day triumph over the hardliners.
“But the charge sheet of Iranian aggression is growing. They have armed, trained and directed Hamas, the Houthis and Hezbollah. They have hosted Al Qaeda leaders, seized ships and taken hostages.
“To date, we have done almost nothing in response. In Iran’s eyes we are weak, and we need to wake up.”
British Royal Air Force planes intercepted some of Iran's drone barrage after stepping in to help US forces defend Israel.
Allies of Israel, including the UK, are urging it to “take the win” and not go overboard in responding to Iran's attack.
A former head of Britain's foreign intelligence service, MI6, said the Israelis “know that they have to manage their US relationship”, with the White House signalling it wants to see restraint.
“The Americans played an absolutely crucial role in helping Israel defend itself. [Israeli Prime Minister Benjamin] Netanyahu has to manage that dimension,” Sir John Sawers told BBC Radio 4's Today programme on Tuesday.
Mr Wallace likewise suggested Britain could make demands “now that RAF pilots have quite rightly gone to the defence of Israel”.
He proposed Prime Minister Rishi Sunak could push Mr Netanyahu to “decide it is time to help Ukraine in its hour of need and we can see off both Russia and Iranian aggression”.
Mr Sunak promised his former colleague he would be “taking up his points with all our allies in urging them to do more to support Ukraine”.
Amid renewed calls to ban Iran's Islamic Revolutionary Guard Corps, he said security services “have the powers they need” to disrupt state-backed terrorism.
Sir John said he had not heard “professionals” such as the head of domestic intelligence agency MI5 say they needed the IRGC banned.
“I think it’s more of a rhetorical position of people in various parts of the political spectrum looking for something to do, without really thinking through the substance of it,” he said.
Laura Farris, a Home Office minister, suggested Foreign Secretary Lord Cameron wanted to maintain the ability to speak directly to Iran, something which could be jeopardised if the IRGC was banned.
The leadership is keen to preserve diplomatic ties with Tehran to minimise the risk of a miscalculation in the Middle East which could ignite a wider war.
“Nobody is denying that they are a malign force," she said. "We have repeatedly sanctioned both individual commanders and the IRGC more generally, so that puts very severe restrictions on their ability to move and on other freedoms that they would have had.
"We are not suggesting they are not a problem.”
Senior Conservatives including former leader Sir Iain Duncan Smith and ex-home secretary Suella Braverman have urged the Prime Minister to proscribe the group as a terrorist organisation.
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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.”
SPECS
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Power: 630hp
Torque: 850Nm
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RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
THE SPECS
Engine: 3-litre V6
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
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Paris%20Agreement
%3Cp%3EArticle%2014%3C%2Fp%3E%0A%3Cp%3E1.%20%5BThe%20Cop%5D%20shall%20periodically%20take%20stock%20of%20the%20implementation%20of%20this%20Agreement%20to%20assess%20the%20collective%20progress%20towards%20achieving%20the%20purpose%20of%20this%20Agreement%20and%20its%20long-term%20goals%20(referred%20to%20as%20the%20%22global%20stocktake%22)%3C%2Fp%3E%0A%3Cp%3E2.%20%5BThe%20Cop%5D%20shall%20undertake%20its%20first%20global%20stocktake%20in%202023%20and%20every%20five%20years%20thereafter%C2%A0%3C%2Fp%3E%0A
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
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A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
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Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
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Pierre Gasly (Toro Rosso)
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arcus Ericsson (Sauber)
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
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