Live updates: Follow latest on Israel-Gaza
Achieving a ceasefire in Gaza is “key” to preventing a regional escalation of the war, a UK cabinet minister has said, as fighting between Israel and Lebanon’s Hezbollah intensified.
Israel targeted Hezbollah bases in Lebanon overnight in response to a deadly attack on the Israeli-occupied Golan Heights, which Israel blamed on the Iran-backed militia.
The Israeli military's claim that it was ready to step up the fighting has led to warnings against all-out war with Lebanon and the possibility of a regional war.
“The situation in Lebanon is worrying and has been going on for some time. The key to all of this is getting that ceasefire in Gaza,” Environment Minister Steve Reed said on Sunday.
“Anyone that has seen the latest images, like so much of what we’ve seen in recent months, it is heartbreaking to see what’s going on. It’s such a painful human reminder of why we need to get to a situation where the fighting can stop,” Mr Reed said.
That ceasefire, he said, would need to be “respected by both sides”, with the “immediate release of hostages and unimpeded aid into Gaza so that they can start to rebuild”.
This would be followed by “pressure from the whole international community” to work towards a two state solution.
The UK's new Labour government has reversed key Conservative decisions on Israel since it came into power in July.
This includes restoring funding the Palestinian refugee agency UNRWA and dropping the UK's challenge to the ICC Prosecutor's request for the arrest warrant of Israeli Prime Minister Benjamin Netanyahu.
The National revealed this week that Attorney General Richard Hermer had been to Israel to discuss the Labour government’s ICC decision and other changing policies towards Israel.
Foreign Secretary David Lammy is expected to make a decision on a possible limited ban on arms sales to Israel next week.
Speaking on Sky News, Mr Reed denied suggestions his party had made its calls for a ceasefire more “conditional” on Hamas’ release of the hostages since it came into government in July.
“I don’t think that’s different than what previous government was saying. If there is to be a ceasefire it cannot be one-sided. Both sides have to respect it otherwise it isn’t a ceasefire, it’s one side standing down,” he said.
The international community needed to work together to bring about an end to the fighting and pave the way for a two-state solution, he added.
“It’s very important that the entire international community is working in concert, I don’t think it helps if one country takes a different position, to bring about an end to the fighting that we want to see,” he said.
“That in turn is only the first step to bring about the longer peace.”
Mr Lammy condemned the strike on Golan Heights in a post on X, adding that he is deeply concerned about the risk of further escalation and destabilisation.
"We have been clear Hizballah must cease their attacks," Mr Lammy said.
More than 39,300 people have been killed in the enclave according to the Gaza Health Ministry. Israel launched its campaign in response to Hamas' October 7 attacks on Israel which killed about 1,200 people.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.