A Middle East Airlines airplane prepares for take off from Lebanon's International Airport on Sunday, amid the war between Hezbollah and Israel. AFP
A Middle East Airlines airplane prepares for take off from Lebanon's International Airport on Sunday, amid the war between Hezbollah and Israel. AFP
A Middle East Airlines airplane prepares for take off from Lebanon's International Airport on Sunday, amid the war between Hezbollah and Israel. AFP
A Middle East Airlines airplane prepares for take off from Lebanon's International Airport on Sunday, amid the war between Hezbollah and Israel. AFP


In Lebanon, Iranian audacity is being met with Israeli arrogance. Biden can end both


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October 13, 2024

Despite the significance of the US presidential election, its outcome is unlikely to mark a decisive moment for the conflict in the Middle East – for two reasons.

First, President Joe Biden will remain in power, and will continue making strategic decisions, until mid-January. Second, the imperatives of the battlefield will drown out any calls for ceasefires, de-escalation, reconciliation, or deals, and will ultimately dictate their shape and timing.

Israel is currently waging a war on several fronts – in Gaza, in Lebanon, and against Iran. These fronts are both interconnected and separate at the same time. The Iranian front remains Israel’s most significant, whether in terms of direct confrontation or in dismantling Tehran’s proxies, primarily in Lebanon and Syria. This, in turn, shapes US policy towards the Middle East.

So, as far as restoring regional peace and stability is concerned, is the Biden administration leading or is it being led? Does the longstanding US-Israel strategic alliance tolerate tactical differences, or is Washington’s implicit approval of Israel’s goal to destroy Hezbollah a shared strategy? And where does Iran stand in this strategy? Has the battlefield forced Tehran to reconsider its doctrine, given that it appears to be on the back foot right now?

Let’s begin with the broader geopolitical picture.

Russia won’t throw Iran a lifeline, as it is mired in a war in Ukraine. In any case, it won’t pressure Iran, as it needs its help in the Ukraine war and to maintain a strategic foothold in the Middle East.

China is placing its strategic interests above all else, preferring to stay on the sidelines. It is closely monitoring the US-Iran relationship, with both parties holding backchannel talks with a view to lifting sanctions on Tehran and reviving the 2015 nuclear deal with some modifications.

The EU, a number of whose members are America’s close allies in Nato, isn’t inclined to entangle itself in the Middle East quagmire, as the quagmire in Eastern Europe is bad enough. These countries have distanced themselves from their previous policy of appeasing Iran after it began supporting Russia’s war effort in Ukraine.

In Lebanon, unfortunately, Iranian audacity is being met with Israeli arrogance

Of course, most EU members will want the US-Iran negotiations to succeed, especially since their leaders dread former US president Donald Trump’s possible return to the White House next year, due to his policy positions on Nato, Ukraine and Iran.

So, where is the problem?

The core issue is with ideology. Tehran’s leaders while keen to improve relations with the West are held back by their adherence to the doctrine of relying on militias to foster Iranian influence across the region. Tehran has, for instance, no intention of abandoning its influence in Lebanon.

In Lebanon, unfortunately, Iranian audacity is being met with Israeli arrogance. The latter is basking in its recent victories, claiming that it has destroyed more than 80 per cent of Hezbollah’s leadership and military capabilities. It insists it doesn’t want to remain in southern Lebanon over the long term, but its actions suggest otherwise. It is even hinting that it may seek to impose a buffer zone between the border and the Litani River with military presence, even if temporarily, in the area.

This would be a grave mistake – not only because it would expose Israeli soldiers to attrition but also because it would prevent civilians from returning to their homes, potentially planting the seeds of civil conflict in Lebanon.

If Israel and Iran are the elephants battling in the Lebanese arena, then the country is the grass being trampled underfoot.

The question is, can the US save Lebanon from these two adversaries? Neither French nor regional diplomacy alone can save the country. It appears only the Biden administration has the power to do so. But this requires vision, courage and the determination to prioritise peace in Lebanon.

If the will exists and the decision is made, the Biden administration must place Lebanon on its agenda in its negotiations with Iran. It should firmly insist that Tehran stop hindering Lebanon’s neutrality and force it to agree to the dismantling of Hezbollah’s military apparatus. If the US does not take such action, then it is simply talking a good game.

The Biden administration also needs to press Lebanese Speaker Nabih Berri on the need to call for an extraordinary parliamentary session to elect a president. Such a session should be called without the condition of dialogue, and there should be no concern given about which parties attend this election or abstain.

Iranian Parliament Speaker Mohammad Bagher Ghalibaf meets Lebanese Parliament Speaker Nabih Berri in Beirut on Saturday. AFP
Iranian Parliament Speaker Mohammad Bagher Ghalibaf meets Lebanese Parliament Speaker Nabih Berri in Beirut on Saturday. AFP

Mr Biden needs to assign a full-time envoy who will be dedicated to enforcing the full implementation of UN Security Council Resolution 1701.

This means establishing mechanisms to enable the posting of the Lebanese army in the south, from the border to the Litani River, to replace Hezbollah, as well as the reinforcement of the UN Interim Force in Lebanon – or Unifil. The mechanisms must also ensure Israel’s full withdrawal from southern Lebanon, along with a firm Iranian commitment to not obstruct these efforts.

Further, American leadership is crucial in rallying European and Arab support behind the political process to save Lebanon, which necessarily includes a reconstruction fund and return and rehabilitation efforts for the 1.3 million displaced people. This is vital not only for humanitarian reasons but also to prevent tensions between the country’s myriad communities.

Some may argue that this is only possible if an Iran-Israel war is averted. That’s not true. Even if an all-out war breaks out – as unlikely as it seems – it will eventually end. On the contrary, the implementation of Resolution 1701 might even serve to secure some sort of Iran-Israel rapprochement.

The pretext for fearing another necessary UN Security Council Resolution – No 1559 – which calls for the disarmament of Hezbollah and the various Palestinian factions in Lebanon, is now irrelevant. There is no longer any ground to pretend that Hezbollah’s weapons are aimed at Israel or for the liberation of Jerusalem, especially after the group’s decision to back Gaza’s “support front” dragged Lebanon into a war that both the group and the country was unprepared to fight.

Might Hezbollah’s “neutralisation” be the key to a trilateral US-Iran-Israel deal involving broader regional agreements, once the voices of vengeance fade and a new balance of power emerges in the Middle East? We can only wait and see.

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

SPECS%3A%20Polestar%203
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ELong-range%20dual%20motor%20with%20400V%20battery%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E360kW%20%2F%20483bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E840Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%3C%2Fstrong%3E%20628km%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%204.7sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh360%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3Cbr%3E%3C%2Fp%3E%0A
Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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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.”

Abu Dhabi Equestrian Club race card

5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

UAE currency: the story behind the money in your pockets
Updated: October 13, 2024, 3:55 PM