Hezbollah supporters listen to a Martyrs' Day speech by the organisation's leader Hassan Nasrallah on a giant screen in Beirut. EPA/Nabil Mounzer
Hezbollah supporters listen to a Martyrs' Day speech by the organisation's leader Hassan Nasrallah on a giant screen in Beirut. EPA/Nabil Mounzer
Hezbollah supporters listen to a Martyrs' Day speech by the organisation's leader Hassan Nasrallah on a giant screen in Beirut. EPA/Nabil Mounzer
Hezbollah supporters listen to a Martyrs' Day speech by the organisation's leader Hassan Nasrallah on a giant screen in Beirut. EPA/Nabil Mounzer

The net is closing around Hezbollah


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Layer by layer, Hezbollah’s thin veneer of political legitimacy is being torn away, exposing a corrupt organisation as steeped in the worst excesses of the global drugs trade as it is embroiled in the export of Iranian-inspired terror. In a series of actions led by the US government, the organisation and members of its far-flung network of supporters have been designated terrorists and criminals and subjected to far-reaching sanctions designed to disrupt its global funding networks. Such edicts, though welcome and vital instruments in the battle against the pernicious influence of the Iranian proxy, make for dry reading. But now the visceral details of Hezbollah’s cynical operation are to be laid bare in a French courtroom.

With the trial in Paris of a Lebanese crime ring accused of trafficking cocaine for a Colombian cartel, and laundering the profits to buy weapons for the group in Syria, the world will see the inner machinations of Hezbollah in all their sordid, callous detail. Justice must be allowed to take its course. Each of the 15 defendants should be presumed innocent until proven guilty. But the evidence to be presented in court will demonstrate graphically why the US Justice Department last month designated Hezbollah a "transnational crime organisation", in company with several Columbian drug cartels. Over the next two weeks the trial will hear details of a vast drugs-smuggling and money-laundering operation linked to Hezbollah. Operating over four continents, the gang's members are accused of handling tens of millions of dollars in narcotics and luxury smuggled goods.

It is clear that the world's patience with Hezbollah is running out. This month, a fresh wave of sanctions was announced in Washington, targeting among others Jawad Nasrallah, the son of the organisation leader, Hassan Nasrallah, and Al Mujahidin Brigades, a military group in Palestine with ties to Hezbollah. Both have been categorised as "specially designated global terrorists", in order to deny Hezbollah "the resources to plan and carry out terrorist attacks". At the beginning of last month, the US Treasury gave the same designation to Hezbollah financier Muhammad Abdallah Al Amin. Sanctions were imposed upon him and six of his companies for their links to a Hezbollah funding group led by Lebanese businessman Adham Tabaja. Tabaja was himself sanctioned in 2015 by the US Treasury for supporting Hezbollah's financial operations and terrorist activities.

Formed in 1982 and responsible for a series of terrorist outrages, including the suicide truck bombings of the US embassy and marine barracks in Beirut in 1983, Hezbollah has been engaged in Lebanese politics since 1992. Now, almost 21 years to the day since the organisation was first labelled a terror organisation by the US, Hezbollah’s facade is in tatters and its rotten heart exposed for all the world to see.

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Ads on social media can 'normalise' drugs

A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.

The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.

Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.

Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.

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.”

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz