It is increasingly clear that the US is content with Israel taking the initiative to degrade Hamas and Hezbollah, as it focuses on the coming presidential election.
Israel’s killing of Yahya Sinwar, the Hamas leader and mastermind behind the October 7, 2023 attacks, is a major development. It is particularly significant, as it comes less than a month after it killed Hezbollah secretary general Hassan Nasrallah and senior military leaders in his group.
These killings represent major coups not just for Israel but also for the US. As Washington supplies Israel with advanced military equipment for its war, it tacitly – and sometimes openly – endorses the latter’s actions in Gaza and Lebanon, supporting its stated goal of eliminating Hamas and Hezbollah. Conversely, with the US presidential election in less than a month’s time, the administration of President Joe Biden is determined to avoid getting dragged into a war with Iran under any circumstances.
It is confident that Israel has recognised the futility of dragging it into a conflict by attacking Iranian nuclear or energy facilities, which could provoke a large-scale retaliation from Tehran. The use of the Thaad missile defence system, manned by American soldiers in Israel, is aimed at deterring Iran and reassuring Israel of the US commitment to its security, albeit at a high cost.
There is broad consensus among US-based foreign policy thinkers I spoke to in recent days that neither Israel nor Iran is seeking a direct conventional war. Israel will probably strike key military sites inside Iran, and Tehran might retaliate with significant but limited strikes.
In turn, Israel will probably focus its subsequent retaliatory actions on Hezbollah, Iran’s strongest regional proxy. As a result, Lebanon will bear the brunt of the Iranian-Israeli confrontation as long as Hezbollah continues to regroup and position itself and Lebanon in the service of Iran, while Tehran avoids a direct war with Israel.
Tehran recently announced its withdrawal from indirect negotiations with the US aimed at reaching a comprehensive deal
Between now and January 20, when the next US president enters office, the Biden administration is expected to disengage from the Middle East, regardless of developments in Gaza or Lebanon. It is also possible that whoever succeeds Mr Biden – Vice President Kamala Harris or former president Donald Trump – the US is unlikely to overly engage in the region’s affairs, leaving Israel to act as it wishes, possibly creating a new reality by severely degrading Hezbollah. This could eventually allow America to reassert its role in the region.
The belief among some optimistic thinkers, that Hezbollah might agree to transform itself into exclusively a political party within the Lebanese context, is pure fantasy. Hezbollah has not been weakened yet to the point where it would accept major concessions. Therefore, Lebanon is expected to continue to pay the price.
The US-based experts I spoke to believe that Hezbollah still retains the ability to launch rockets and has, according to varying estimates, a significant arsenal. Thus, Hezbollah is unlikely to facilitate the full implementation of UN Security Resolution 1701, which calls for its withdrawal from the area between the Israeli border and the Litani River, and for it to surrender its weapons to the Lebanese state.
This will strengthen Israel’s resolve to clear the buffer zone of Hezbollah elements to neutralise the threat of rocket and drone launches from the region, which are preventing Israelis from returning to northern Israel. How long this will take remains uncertain – especially with Iran unlikely to pressure Hezbollah to withdraw from the buffer zone.
Tehran recently announced its withdrawal from indirect negotiations with the US aimed at reaching a comprehensive deal. Such an agreement would normalise bilateral relations, lift sanctions on Iran and require it to curb its proxies. These negotiations are now postponed until after the US presidential election.
The conclusion is that Iran is not negotiating in good faith regarding its regional behaviour and its strategy of maintaining proxies as part of its regional expansion.
Thus, the only option – in the American view – would be to impose a new reality concerning these proxies. The entity capable of enforcing this reality is Israel, with solid backing from the US. This situation will lead to continuous escalation between Iran and Israel, whether because of direct tit-for-tat attacks, even if limited, or Israel’s determination to weaken Hezbollah’s capabilities.
After Sinwar’s assassination, it is possible that the Biden administration will make only minimal efforts to end the war in Gaza. It did recently demand that Israel heed its concerns about the humanitarian cost of its operation, but the question is whether it will go beyond that.
Israel should use this moment to do two things: ensure genuine security for the people of Gaza and improve their living conditions.
Indeed, any positive political vision for Gaza begins with security. Israel should announce that it does not intend to remain in Gaza and is ready to secure areas one by one, allowing people to return to their homes. It should then invite financial support from the international community and advance a “day after” strategy.
Similarly, in southern Lebanon, the return of displaced people is a key element of any lasting solution. In both cases, reconstruction and rehabilitation are essential components of any solution based on a long-term vision for the day after.
All this would require bold political decisions, which are yet to be seen from the Israeli leadership.
These ideas are unlikely to be implemented immediately. However, an honest attempt to push them forward without imposing strict deadlines could help regional players to escape the current strategic impasse.
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.”
Andor
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
EMILY%20IN%20PARIS%3A%20SEASON%203
%3Cp%3ECreated%20by%3A%20Darren%20Star%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Lily%20Collins%2C%20Philippine%20Leroy-Beaulieu%2C%20Ashley%20Park%3C%2Fp%3E%0A%3Cp%3ERating%3A%202.75%2F5%3C%2Fp%3E%0A
DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Who's who in Yemen conflict
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
Disturbing%20facts%20and%20figures
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