NAZARETH // Israeli ministers were reported to have emerged from their weekly Cabinet meeting last month smugly satisfied at the news that the Hamas official Mahmoud al Mabhouh had been killed in a Dubai hotel room. Those smiles have turned sour during the past two days.
Yesterday, the finger of suspicion pointed with increasing confidence at Israel, as Dubai police said they were "99 per cent" certain that Israel's spy agency, Mossad, had been involved.
That came as no surprise to most ordinary Israelis, said Uri Avnery, a veteran peace campaigner and for many years a member of the Israeli parliament.
"Almost everyone in Israel understands that this was a Mossad operation," he said. "Not only that, they are taking great pride in it."
But if the Israeli public is revelling in the glory of a successful assassination by its fabled Mossad, the country's leaders may be less sanguine at a rapidly unfolding investigation that leads to their door.
In the wake of revelations that the names of seven of the 11 known members of the death squad belonged to Israeli citizens, their identities apparently stolen, local analysts suggested that this operation was looking like a potential own-goal.
Several commentators have already called for Meir Dagan, Mossad's long-serving head, to resign.
An unnamed "confidant" of Mr Dagan told the Reuters news agency yesterday that there was no question of his quitting, adding that to do so would be tantamount to admitting that Israel had carried out the Dubai hit.
But the confidant conceded that the operation had provoked "anger" towards Israel in a significant number of friendly foreign capitals.
So far, Israel is heading into a diplomatic storm with at least four countries - Britain, Ireland, France and Germany - over the use of forged passports to get the hit squad into Dubai. Both Britain and Ireland called in their local Israeli ambassadors for "clarification" meetings yesterday.
Reports suggested London might punish Israel by cutting off intelligence sharing, and that Ireland was hoping to set up a joint investigation with the other three countries affected.
More countries may also have grounds soon for expressing displeasure: additional members of the team are expected to be identified in the coming days, and the assassins, it seems, communicated among themselves via a control centre in Austria.
The Palestinian Authority and its president, Mahmoud Abbas, currently the only potential partner to a deal with Israel, was looking increasingly exposed too.
Sources in the rival Hamas movement said two Palestinian suspects extradited from Jordan to Dubai were Fatah security officers who fled Gaza when Hamas took control in 2007. Fatah officials said the two men, named as Anwar Shheibar and Ahmad Hasnain, had subsequently defected to Hamas.
In addition, Israel appears to have jeopardised through the assassination its recent attempts to forge better relations with a number of Arab states in the hope of building a stronger coalition against Iran.
Those fingering Mossad for the hit draw interesting parallels with the attempted assassination of the Hamas leader Khaled Meshaal in 1997 in Jordan.
The two Mossad agents who injected Mr Meshaal with poison were travelling on forged passports too, in this case Canadian. Their capture and unmasking led to a diplomatic crisis with Canada and damaged relations with Jordan, one of the few Arab states with which Israel was on reasonable terms.
Another parallel is that in both cases the prime minister was Benjamin Netanyahu. Critics have accused him of a history of acting recklessly.
Yossi Sarid, who was on the parliamentary panel that investigated the Meshaal affair, observed yesterday that the inquiry had shown how "clumsy" Israeli decision-making was. Mr Netanyahu and Mossad officials, he said, had not asked basic questions, including whether it was wise to make the Meshaal hit in Jordan. He suggested similar errors had occurred this time.
An editorial in the liberal Haaretz newspaper, meanwhile, berated the Israeli government for a number of "negligent mishaps" in the Dubai hit, which it said had unnecessarily revealed the Mossad's modus operandi, angered foreign governments, and exposed Israeli nationals to future risk. "Should all Jews considering coming to live in Israel from the West be concerned that their names might be linked with espionage and terror incidents throughout the world?" Haaretz asked.
Certainly, the use of the identities of Israeli citizens, rather than foreign nationals, in the operation - making it traceable to Israel - suggests that Mossad may have been forced to make shortcuts.
Ron Ben Yishai, the security analyst for Yedioth Aharonoth newspaper, noted that whoever organised the assassination had gone to great lengths to try to minimise the danger to the Israelis involved by changing as many details, including document numbers and dates of birth, as they could.
In the past, Mossad has needed a regular supply of genuine foreign passports to carry out its "false-flag operations", but obtaining them has proved to be increasingly difficult. As recently as 2004, two agents were jailed in New Zealand after they were caught trying to acquire passports.
An era of biometric data and more sophisticated border controls was making life more difficult for Mossad, said Yossi Melman, Haaretz's intelligence reporter.
Mr Avnery observed that, while Israelis were interested in examining the details of what might have gone wrong in Dubai, they considered the correctness of the policy itself as self-evident: "No one is asking whether we want to be a state in which assassination is a major pillar of policy. Do we want to be a gangster state?"
jcook@thenational.ae
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.”
ILT20%20UAE%20stars
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Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Book%20Details
%3Cp%3E%3Cem%3EThree%20Centuries%20of%20Travel%20Writing%20by%20Muslim%20Women%3C%2Fem%3E%3Cbr%3E%3Cstrong%3EEditors%3A%20%3C%2Fstrong%3ESiobhan%20Lambert-Hurley%2C%20Daniel%20Majchrowicz%2C%20Sunil%20Sharma%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EIndiana%20University%20Press%3B%20532%20pages%3Cbr%3E%3C%2Fp%3E%0A
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances