A man inspects the rubble of a house destroyed in reported Israeli bombardment on December 13 in the southern Lebanese village of Kfar Kila on December 16. AFP
A man inspects the rubble of a house destroyed in reported Israeli bombardment on December 13 in the southern Lebanese village of Kfar Kila on December 16. AFP
A man inspects the rubble of a house destroyed in reported Israeli bombardment on December 13 in the southern Lebanese village of Kfar Kila on December 16. AFP
A man inspects the rubble of a house destroyed in reported Israeli bombardment on December 13 in the southern Lebanese village of Kfar Kila on December 16. AFP


Despite its warnings, Israel is unlikely to expand the Gaza war to Lebanon


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  • Arabic

December 20, 2023

Amid reports that the US has asked Israel to scale down the intensity of its attacks in Gaza, some of the attention has shifted to the Israeli northern front with Lebanon. Since October 7, Hezbollah and Israel have been engaged in a series of border skirmishes that have been relatively contained but which nonetheless have caused significant loss of life, with over 150 people killed, including combatants and civilians on both sides.

The Israeli Prime Minister Benjamin Netanyahu is wrestling with a significant problem in northern Israel. His government evacuated most of the population there to avoid a repeat by Hezbollah of the October 7 Hamas assault, and tens of thousands of Israelis are waiting to return to the north. However, they refuse to do so without safety guarantees.

Israel wants a demilitarisation of the border region on the Lebanese side, from which Hezbollah and its allies would withdraw to the Litani River. This, Hezbollah will not do, even though Security Council Resolution 1701, which ended the 2006 war between Hezbollah and Israel, calls for an area “free of any armed personnel” between the border and the Litani, except for the Lebanese army and UN forces in Lebanon.

Smoke billowing after Israeli bombardment around the southern Lebanese village of Aita Al Shaab, on December 18. AFP
Smoke billowing after Israeli bombardment around the southern Lebanese village of Aita Al Shaab, on December 18. AFP

Israeli officials have threatened to launch an attack against Lebanon and impose a solution to their liking. US officials have told the Huffington Post they are worried Israel is seeking US weaponry to expand the war to the north. While it would be foolish to assert this will not happen, there is a major obstacle preventing Israel from taking such a path.

The Biden administration rejects this option, believing that a new Lebanon war is more likely to expand into a regional conflagration than the Israel-Gaza war. In mid-November, there were reports the US Secretary of Defence Lloyd Austin had contacted his Israeli counterpart, Yoav Gallant, and, in “a direct and frank conversation” expressed “concerns” about Israel’s escalation on the Lebanese front, according to the informed journalist Barak Ravid.

Hezbollah does not want a final arrangement on the border that would deny it an excuse to keep up the military pressure on Israel

The coming year is an election year for US President Joe Biden. The last thing he needs is for his country to be caught up in another Middle East conflict. American voters are increasingly isolationist and strongly oppose US involvement in overseas wars. Mr Biden may feel, understandably, that a new regional war would sink his re-election chances.

To avert an explosion in Lebanon, the US sent an envoy, Amos Hochstein, to the region a few weeks ago. Mr Hochstein, a deputy assistant to Mr Biden, mediated the delineation of the maritime border between Israel and Lebanon last year. He has reportedly circulated a four-point plan to the Lebanese to calm the situation, one focused on delimiting the land border between Lebanon and Israel.

Amos Hochstein, left, meets Lebanon's caretaker Prime Minister Najib Mikati in Beirut, Lebanon in June last year. Reuters
Amos Hochstein, left, meets Lebanon's caretaker Prime Minister Najib Mikati in Beirut, Lebanon in June last year. Reuters

On its own, Mr Hochstein’s mission appears to indicate two things: Washington is keen to find a diplomatic way out of the Lebanese imbroglio, short of war; and, therefore, that rising Israeli threats may perhaps be more a dimension of Israel’s negotiating strategy than a clear intent to widen the Gaza war to Lebanon.

An implicit facet of Mr Hochstein’s proposal, if formalised, is that the negotiations for which he is calling are likely to extend beyond the time-frame of the Gaza conflict. In other words the envoy is buying time, and in that way, he may be aiming to lock the sides into talks that lower the prospects of a Lebanon war. He is said to believe that once the land border is agreed, Hezbollah’s justification for attacking Israel would be removed.

That is perhaps why such negotiations are likely to be difficult, if not impossible. Hezbollah does not want a final arrangement on the border that would deny it an excuse to keep up the military pressure on Israel, on behalf of its sponsor, Iran.

However, the party may also be in the mood for some sort of negotiation. The reason is simple: if no formal agreement ends the hostilities with Israel, the Israelis may take advantage of this to pursue their attacks in Lebanon and maintain a permanent state of tension on the border in order to impose a solution of their choosing.

Hezbollah made it clear again last week that it did not seek an expanded war in Lebanon. Hashem Safieddine, the head of the party’s executive council and the cousin of Hezbollah’s secretary general Hassan Nasrallah, is the one who underlined this. In other words, the assertion came from as close to the top as it could get.

Like Mr Hochstein, Hezbollah may also see negotiations as a way to avoid a conflict. Ultimately, it might choose to participate, but side step any final settlement on the border to keep its options open.

The party may have another reason for favouring negotiations. If Hezbollah can turn any of its concessions on the Israeli front into domestic gains in Lebanon, it might try to use the negotiations to secure regional and international endorsement for its favoured Lebanese presidential candidate, Suleiman Franjieh.

The weeks ahead will clarify the likelihood of war in Lebanon. But last week in Israel, the US National Security Adviser, Jake Sullivan, expressed Washington’s thinking unambiguously. He said a “negotiated outcome” was the best way to reassure Israel’s northern residents. The Hezbollah threat “can be dealt with through diplomacy and does not require the launching of a new war,” Mr Sullivan underlined.

Live updates: Follow the latest news on Israel-Gaza

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)

INDIA SQUAD

Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)

ATP WORLD No 1

2004 Roger Federer

2005 Roger Federer

2006 Roger Federer

2007 Roger Federer

2008 Rafael Nadal

2009 Roger Federer

2010 Rafael Nadal

2011 Novak Djokovic

2012 Novak Djokovic

2013 Rafael Nadal

2014 Novak Djokovic

2015 Novak Djokovic

2016 Andy Murray

2017 Rafael Nadal

2018 Novak Djokovic

2019 Rafael Nadal

Mobile phone packages comparison

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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Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.

Premier Futsal 2017 Finals

Al Wasl Football Club; six teams, five-a-side

Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Result:

1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds

2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds

3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds

4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds

5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds

6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)

Results

6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)

7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby

7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby

8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass

8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby

9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson

Updated: December 20, 2023, 4:00 AM