Live updates: Follow the latest on Israel-Gaza
The US has made it clear that it will not take any offensive action against Iran after it fired hundreds of drones and missiles at Israel.
Saturday's attack marked a critical escalation in the Israeli-Iranian rivalry and has raised the prospect of the Israel-Gaza conflict spiralling into a regional war.
The US, UK and Israel said they shot down almost all of the more than 300 drones and missiles that Iran fired in retaliation for Israel's April 1 bombing of the Iranian embassy compound in Damascus that killed two generals.
We don’t seek a war with Iran. We’re not looking for escalation here
John Kirby,
White House National Security Council spokesman
Iran said its attack was “concluded”, provided Israel did not retaliate, and the White House moved quickly to rein in any Israeli response.
“We don’t seek a war with Iran. We’re not looking for escalation here,” White House National Security Council spokesman John Kirby told NBC yesterday.
Though Iran and Israel have been covertly attacking each other for years, Saturday marked the first time Tehran had launched an attack directly from Iranian soil, instead of using proxies in Iraq, Syria, Lebanon and Yemen.
President Joe Biden convened a meeting of G7 countries “to co-ordinate a united diplomatic response to Iran’s brazen attack”.
The group of democracies issued a statement saying they are working to “stabilise the situation and avoid further escalation.”
“In this spirit, we demand that Iran and its proxies cease their attacks, and we stand ready to take further measures now and in response to further destabilising initiatives,” the statement read.
The UAE called for “the utmost restraint” to avoid dangerous repercussions and the region being dragged to new levels of instability.
The Foreign Ministry called for the resolution of “differences through dialogue and through diplomatic channels, and for adhering to the rule of law and respecting the United Nations Charter”.
Saturday's attack, while a significant escalation, caused little damage, something Washington highlighted as it worked to convince Israel not to respond.
“Our aim is to de-escalate regional tensions,” a senior Biden administration official told reporters.
“We do not want a broader regional conflict, our focus has been to contain this crisis to Gaza, that's been a focus since October 7, that remains the focus.”
The official said Israel had made clear that “they are not looking for a significant escalation with Iran … They're looking to protect themselves and defend themselves.”
Mr Kirby said Israel demonstrated its “military superiority” by preventing the vast majority of the over 300 drones and missiles launched by Iran from landing and causing any significant loss of life or infrastructure damage.
“The President doesn't believe that it needs to move in that direction whatsoever,” Mr Kirby said. “What Israel demonstrated last night was an incredible ability to defend itself, just their own military superiority was quite remarkable yesterday.”
Ali Vaez, director of the Iran project at the International Crisis Group, said the Biden administration is navigating a difficult path.
“They seem to have managed quietly and behind the scenes to hold both sides back, warning Iran against the kind of attack that would inevitably suck the US into the conflict and warning Israel against rushing to a response that would then expand the war,” Mr Vaez told The National.
The administration official said the US had been preparing for Iran's strike for the past 10 days, “to defend Israel to the maximum extent possible and defeat the attack”.
“President Biden is the first American president to directly defend Israel. He followed and directed really every detail with this response, starting nearly two weeks ago, as we began to receive word and indications that Iran was preparing for a large-scale attack,” the official said.
Iran's attack on Israel – in pictures
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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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- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
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Shetty, Kai Smith
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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
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5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
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10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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