It is excellent news that ISIL has been driven out of Lebanon. Yet serious alarm is warranted regarding the evolving role of Hizbollah.
ISIL has been defeated in Tal Afar in Iraq and is rapidly losing Raqqa, its main redoubt in Syria. Thus, ISIL was already struggling when its positions along the Syrian-Lebanese border were simultaneously attacked by the Lebanese military and Hizbollah from its strongholds in Syria.
Territorially, the operation was a success. However, in a bizarre surrender agreement, reportedly unilaterally agreed by Hizbollah, several hundred ISIL terrorists and their families were allowed to escape in air-conditioned buses to eastern Syria. In return, the bodies of nine Lebanese soldiers were located.
Hizbollah apparently did not consult the authorities in Beirut, but did inform Syrian president Bashar Al Assad.
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Read more from Opinion on Hizbollah and ISIL
While Hizbollah celebrates its victory against ISIL in Lebanon, Syrians and Iraqis must prepare for the next showdown
Is there ever an appropriate occasion to negotiate with terror groups?
Editorial: Lebanon's executive power is hijacked by Hizbollah
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This underscores Hizbollah's willingness and ability to unilaterally decide when and how it coordinates with the Lebanese state or usurps its authority. Hizbollah is using the victory to increase its already alarming dominance of Lebanese politics.
Worse, the Syrian war has transformed the nature and role of Hizbollah. The organisation has become much better armed, experienced, connected and capable. It now controls highly strategic areas in Syria, answering only to Tehran, and not Damascus, let alone Beirut.
Hizbollah is no longer simply, or even primarily, a Lebanese political organisation or another militia. It is becoming a regional player, serving, in effect, as the armed vanguard of pro-Iranian forces as far afield as Yemen.
Indeed, Hizbollah has a plausible claim to being the most powerful non-state fighting force, depending on how that’s defined, in human history.
The organisation has long been more than a non-state militia, serving as a sub-state actor that carries out many state functions and prerogatives in parts of Lebanon and now Syria. But it is also a supra-state actor operating at a regional level, playing a crucial role within the pro-Iranian alliance in a growing list of battlegrounds.
Hizbollah's role as a hyper-empowered and transnational sub-state entity spells big trouble for the Middle East in general and Lebanon in particular.
For years, Hizbollah has maintained an independent foreign and defence policy to match its autonomous military capability. And it has demonstrated a brazen willingness to drag the rest of Lebanon into disastrous conflicts, particularly with Israel, without warning.
In July 2006, apparently hoping to seize prisoners for a swap, Hizbollah launched a cross-border raid that killed three Israeli soldiers. This, almost inevitably, provoked a massive Israeli response that left about 1,000 Lebanese dead and much of the country devastated.
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Read more from Opinion on Lebanon
Hizbollah, Assad and his Iranian masters: what the returning refugees deal tells us about the Syrian conflict
Editorial: Lebanon's executive power is hijacked by Hizbollah
Lebanon is now in the crosshairs of some complex regional rivalries
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Hizbollah's leader, Hassan Nasrallah, described this debacle as a "divine victory", but later apologised to other Lebanese, claiming he would never have authorised the attack had he anticipated the consequences. No one, however, even remotely familiar with Israel's policies could have failed to anticipate them.
The truth is that Hizbollah acted in its own interests, and those of its Iranian masters, and both its own constituency and the rest of Lebanon paid the price.
With the primary fighting in the main part of the Syrian civil war effectively resolved by the fall of the rebel-held parts of Aleppo eight months ago, Hizbollah is not only stronger than ever, but also no longer fully occupied or bogged down in Syria. Indeed, it has emerged from that conflict as a much graver strategic threat to Israel, among many others, than it ever was in the past.
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Also read
Editorial: It is a losing game in Syria
What ISIL's rise in 2014 tells us about Al Qaeda's potential in Syria today
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Israeli alarm is evident, and all year long the two sides have been exchanging dire, and very real, threats.
Hizbollah has been touting its undoubtedly greatly improved missile capabilities, threatening to attack all of Israel, including Tel Aviv, and even the nuclear reactor at Dimona.
The Israelis have made it clear that no part of Lebanon will be spared in any future conflict. Israel never cared much what other parts of Lebanon suffered in its conflicts with Hizbollah. But now it has sent the message that next time it will actively seek to brutally punish everyone and everything.
Can Israel live with a hyper-empowered, regionally significant and ascendant Hizbollah more dominant than ever in Lebanon, ruling parts of Syria and threatening its cities and nuclear reactors? Israel has already struck several times in Syria to prevent weapons transfers to Hizbollah forces in Lebanon.
If no other means of containing or reversing Hizbollah’s rise develops, then a broader Israeli campaign designed to significantly degrade this perceived threat could be a matter of when, not if. Alternatively, Iran might decide to unleash Hizbollah against Israel for its own reasons. Or Hizbollah could again deliberately initiate a conflict.
In any of these scenarios, most other Lebanese would pay an appalling price for a decision over which they have practically no influence.
Lebanese Shiites plainly need effective leadership to defend their interests. But they don't need, and neither they nor their Lebanese compatriots can afford, to be the playthings of a region-wide terrorist network answerable to no one except the most cynical hardliners in Tehran.
Hizbollah’s growing power and nefarious regional agenda isn't just a nightmare for Lebanon. It’s a serious threat to the whole region and a surefire recipe for yet more war.
Hizbollah’s growing power and nefarious regional agenda isn't just a nightmare for Lebanon. It’s a serious threat to the whole region and a surefire recipe for yet more war.
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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.”
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
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One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
UAE currency: the story behind the money in your pockets
Naga
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