An Iraqi Kurdish man inspects the damage inside a home following an overnight attack on the city of Erbil. EPA
An Iraqi Kurdish man inspects the damage inside a home following an overnight attack on the city of Erbil. EPA
An Iraqi Kurdish man inspects the damage inside a home following an overnight attack on the city of Erbil. EPA
An Iraqi Kurdish man inspects the damage inside a home following an overnight attack on the city of Erbil. EPA


Iranian missile strikes are a reckless escalation


The National
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January 17, 2024

It is a bitter irony that Iraq’s Kurdistan region – the most stable part of the country – was among the Iraqi and Syrian territories hit by Iranian forces in Monday night’s ballistic missile attacks that claimed at least five civilian lives. This centre of relative stability has been struck in attacks before and it will endure, but such a worrying escalation with the targeting of civilian homes with ballistic missiles, at a time of extreme regional volatility poses a serious question: what can be done to stop it?

Iran’s Islamic Revolutionary Guard Corps claimed responsibility for the attacks on the Kurdistan region capital of Erbil and in northern Syria. The Iranians claimed targets included a base hosting US military personnel and a “Mossad headquarters”; the IRGC said it was aiming for ISIS and other militant groups in Syria, according to comments carried by state media. The Iranian government has been searching for a way to respond to the Israeli assassinations of IRGC, Hamas and Hezbollah figures in addition to the ISIS attack in Kerman that killed nearly 100 people close to the tomb of Iranian general Qassem Suleimani.

Iranians mourn for victims of a bomb attack, claimed by ISIS, on January 5 in Kerman in which nearly 100 people died. Getty
Iranians mourn for victims of a bomb attack, claimed by ISIS, on January 5 in Kerman in which nearly 100 people died. Getty

However, just as Israel’s campaign of cross-border strikes and assassinations are particularly reckless at a time when the region teeters on the brink of wider conflict, the same is true of the IRGC’s violent agenda. American forces have contributed to this volatile mix as well, with drone strikes on targets across the region seeding anger in many Arab populations.

It is in no one’s interests for further escalation to take place, and although those who plan and execute such strikes may think they are taking part in a clinical, retaliatory war, the risk is that their operations provoke a reaction that cannot be contained. An example of this is Gaza, where Hamas’s October 7 attacks sparked a chain reaction that is still playing out, with incredible suffering of Gazans, in addition to the Red Sea where Iran-aligned Houthi rebels have started a full-blown international crisis with their attacks on shipping. Civilians are dying and bearing the brunt of all these attacks.

Regional governments and organisations, as well as the wider international community, seem largely unable to contain this deadly game of cat and mouse, and must do better. Although the issue of Palestine is somewhat tangential to this shadowy conflict involving Israel, Iran, its proxies and extremist militants, ending the current Israeli operation in Gaza – thereby removing the issue as a driver of conflict – would be a welcome first step. China’s recent proposal to convene an international peace conference – and its support for a two-state solution – is an intervention worth examining given the paucity of solutions coming from the international community.

But as governments, militants and proxies continue to use Iraq and Syria, as well as long-suffering Lebanon and Yemen, as a chessboard upon which to pursue regional ambitions and vendettas, the number of near misses, such as that seen in Iraq and Syria on Monday night, continue to grow. The danger posed by supposedly surgical strikes is that they can end up killing the patient.

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All you need to know about Formula E in Saudi Arabia

What The Saudia Ad Diriyah E-Prix

When Saturday

Where Diriyah in Saudi Arabia

What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.

Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.

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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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Electric scooters: some rules to remember
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Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

The biog:

Favourite book: The Leader Who Had No Title by Robin Sharma

Pet Peeve: Racism 

Proudest moment: Graduating from Sorbonne 

What puts her off: Dishonesty in all its forms

Happiest period in her life: The beginning of her 30s

Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"

Role model: Everyone. A child can be my role model 

Slogan: The queen of peace, love and positive energy

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Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

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UK’s AI plan
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Day 5, Abu Dhabi Test: At a glance

Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.

Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.

The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.

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Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

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Al Derwaza

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Founders: Ahmad AlZaini and Mosab AlOthmani

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Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

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UAE currency: the story behind the money in your pockets
Match info:

Portugal 1
Ronaldo (4')

Morocco 0

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Updated: January 17, 2024, 10:22 AM