German police conducted early morning raids on mosque associations in several federal states, media reported. EPA
German police conducted early morning raids on mosque associations in several federal states, media reported. EPA
German police conducted early morning raids on mosque associations in several federal states, media reported. EPA
German police conducted early morning raids on mosque associations in several federal states, media reported. EPA

Germany is right to see Hezbollah for what it really is


  • English
  • Arabic

On Thursday, Germany joined the US, UK and a number of other countries, including members of the Arab League, in designating Hezbollah a terrorist entity. This decision means banning all activities carried out by the group on German soil. The Interior Ministry in Berlin also confirmed that police had conducted early morning raids to detain suspected Hezbollah operatives.

Germany's decision is a welcome one. It comes five months after the Bundestag – Germany's legislature – approved a motion calling on the country's authorities to put a stop to Hezbollah's local activities. It also represents a significant step within the international community towards curbing the influence of a rogue operator that has for years window-dressed itself as a responsible political actor in Lebanon. In reality, Hezbollah has been little else but an armed proxy for Tehran's wider geopolitical interests, holding Lebanese politics – and the Lebanese state – hostage. It has also succeeded in spreading its tentacles across the Middle East and elsewhere in the world, including within the European Union and even Latin America.

  • Supporters of Hezbollah hold photos of slain Iranian general Qassem Suleimani as they listen to a televised speech by Hezbollah leader Hassan Nasrallah in a southern suburb of the Lebanese capital Beirut. EPA
    Supporters of Hezbollah hold photos of slain Iranian general Qassem Suleimani as they listen to a televised speech by Hezbollah leader Hassan Nasrallah in a southern suburb of the Lebanese capital Beirut. EPA
  • A giant cutout of Qassem Suleimani set up in the Garden of Iran park built by the Iranian government in the southern Lebanese village of Maroun Al Ras near the border with Israel. AFP
    A giant cutout of Qassem Suleimani set up in the Garden of Iran park built by the Iranian government in the southern Lebanese village of Maroun Al Ras near the border with Israel. AFP
  • A view of a giant cutout depicting Iran's late top general Qasem Soleimani, who was killed in a US drone strike near Baghdad airport on January 3, 2020. AFP
    A view of a giant cutout depicting Iran's late top general Qasem Soleimani, who was killed in a US drone strike near Baghdad airport on January 3, 2020. AFP
  • A Hezbollah supporter holds pictures of Qassem Suleimani during a ceremony marking the the end of a 40-day Muslim mourning period for the Iranian general and the anniversary of the assassination of Hezbollah leaders Abbas Al Moussawi, Ragheb Harb and Imad Mughniyeh. AP Photo
    A Hezbollah supporter holds pictures of Qassem Suleimani during a ceremony marking the the end of a 40-day Muslim mourning period for the Iranian general and the anniversary of the assassination of Hezbollah leaders Abbas Al Moussawi, Ragheb Harb and Imad Mughniyeh. AP Photo
  • Hezbollah supporters hold pictures of Qassem Suleimani in the southern suburb of Beirut. AP Photo
    Hezbollah supporters hold pictures of Qassem Suleimani in the southern suburb of Beirut. AP Photo
  • Hezbollah leader Hassan Nasrallah addresses supporters via a video link. EPA
    Hezbollah leader Hassan Nasrallah addresses supporters via a video link. EPA
  • A Hezbollah supporter holds a photo of Qassem Suleimani during a rally to mark the group's Martyrs Day. EPA
    A Hezbollah supporter holds a photo of Qassem Suleimani during a rally to mark the group's Martyrs Day. EPA
  • Supporters of Hezbollah hold photos of Hassan Nasrallah and Iran's supreme leader Ali Khamenei in southern Beirut. EPA
    Supporters of Hezbollah hold photos of Hassan Nasrallah and Iran's supreme leader Ali Khamenei in southern Beirut. EPA
  • An screen grab from Hezbollah's Al Manar TV shows Hassan Nasrallah delivering a televised address from an undisclosed location in Lebanon. AFP
    An screen grab from Hezbollah's Al Manar TV shows Hassan Nasrallah delivering a televised address from an undisclosed location in Lebanon. AFP
  • Hezbollah supporters wave the group's flag as they listen to Hassan Nasrallah speak. AP Photo
    Hezbollah supporters wave the group's flag as they listen to Hassan Nasrallah speak. AP Photo
  • Hezbollah supporters sing the Lebanese and Hezbollah anthems during a ceremony marking the deaths of slain commanders and the Iranian general Qassem Suleimani in the southern suburb of Beirut. AP Photo
    Hezbollah supporters sing the Lebanese and Hezbollah anthems during a ceremony marking the deaths of slain commanders and the Iranian general Qassem Suleimani in the southern suburb of Beirut. AP Photo

These new developments then amount to yet another setback for Iran, which is already saddled with an economy battered by US-led sanctions in response to its illegal nuclear and ballistic programmes, as well as its military adventurism in the region. The regime has often relied upon on the EU to act as an interlocutor between itself and Washington in its bid to get sanctions relief. Now, the largest EU member state has sent an extraordinary signal that there is a limit to European patience with Iran's broader extremist agenda.

Perhaps the most immediate hit to Hezbollah will be financial. Already set to lose 40 per cent of its income from Iran after the dramatic fall in oil prices as a result of coronavirus, Hezbollah's ability to raise funds from its activities in Europe, including its running of fake orphanages, will be significantly hampered.

There is also a renewed spotlight on Hezbollah's decades-long cloak-and-dagger operations, which include terror plots across the Middle East and the world, and a range of illegal activities from money-laundering to drug-smuggling. It has become an integral part of a global nexus between rogue states and organised crime. In Venezuela, for instance, Hezbollah has been linked to Caracas's newly appointed oil minister, Tareck El Aissami, a man accused of a host of illicit activities by the US State Department.

Lebanese Prime Minister Hassan Diab has the backing of Hezbollah. Reuters
Lebanese Prime Minister Hassan Diab has the backing of Hezbollah. Reuters

Worryingly, despite its transgressions, Hezbollah has been able to use its status as the dominant political party within the Lebanese parliament to garner some political legitimacy abroad. Its status in Beirut, where it is a significant backer of the government of Prime Minister Hassan Diab, gives it the look of one among many parties operating within the confines of a national political system. But Hezbollah runs its own militias, who not only enforce its power in certain parts of Lebanon, but also conduct independent operations in neighbouring Syria, where they support President Bashar Al Assad, and further afield in Iraq. These units often answer directly to senior commanders of the Iran's Islamic Revolutionary Guard Corps.

Berlin had previously made a distinction between Hezbollah’s political arm and its military units. But the two are by no means cleanly separated, and the sooner more countries recognise this, the better the outcome will be for the victims of Hezbollah’s activities. It would also present a victory for proponents of the rule of law; states should have a monopoly on the use of force, not individual political parties. If this is well understood now in Berlin, perhaps someday it will be understood just as well in Beirut.

RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

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.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The%C2%A0specs%20
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6-cylinder%2C%204.8-litre%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E5-speed%20automatic%20and%20manual%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E280%20brake%20horsepower%20%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E451Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh153%2C00%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ENadeera%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ERabih%20El%20Chaar%20and%20Reem%20Khattar%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ECleanTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20About%20%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHope%20Ventures%2C%20Rasameel%20Investments%20and%20support%20from%20accelerator%20programmes%20%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A

COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

Pathaan
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Siddharth%20Anand%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Deepika%20Padukone%2C%20John%20Abraham%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
GRAN%20TURISMO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Neill%20Blomkamp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20David%20Harbour%2C%20Orlando%20Bloom%2C%20Archie%20Madekwe%2C%20Darren%20Barnet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The Specs:

The Specs:

Engine: 2.9-litre, V6 twin-turbo

Transmission: 8-speed automatic

Power: 444bhp

Torque: 600Nm

Price: AED 356,580 incl VAT

On sale: now.

Five films to watch

Castle in the Sky (1986)

Grave of the Fireflies (1988)

Only Yesterday (1991)

Pom Poki (1994)

The Tale of Princess Kaguya (2013)