BEIRUT // An Israeli strike on Syria killed an Iranian general, Tehran confirmed on Monday, as Hizbollah buried one of six of its fighters killed in the same raid.
The attack, near to the destroyed city of Quneitra on the Syrian-controlled side of the Golan Heights, enraged Hizbollah’s supporters, but analysts said the Lebanese group would seek to avoid a major escalation with Israel.
A source close to Hizbollah said Sunday’s strike killed six Iranian soldiers, including an officer of the elite Revolutionary Guards, although Tehran only confirmed the death of the general.
“General Mohammad Ali Allahdadi and a number of fighters and Islamic Resistance (Hizbollah) forces were attacked by the Zionist regime’s helicopters,” said a statement on the Revolutionary Guards’ website.
“This brave general and some members of Hizbollah were martyred,” it said.
The Hizbollah dead included Jihad Moughniyeh, the son of an assassinated Hizbollah commander, and Mohammed Issa, a commander responsible for the Shiite group’s operations in Syria and Iraq.
Once solely focused on fighting Israel, Hizbollah is now deeply involved in the war in neighbouring Syria, where it backs President Bashar Al Assad.
With its forces spread thin, and little appetite in fragile Lebanon for a new conflict with Israel, analysts said Hizbollah would seek to respond to the attack without provoking a full-on war.
On Monday afternoon, mourners gathered in the group’s south Beirut stronghold for Mr Moughniyeh’s funeral.
He is the most prominent Hizbollah figure killed in Syria since the group joined the conflict in 2012.
“God willing, the resistance will retaliate but the leadership of the resistance will be the one to decide the nature and timing,” said Hassana Sadaqa, as she prepared to pay her respects.
Mr Moughniyeh was to be buried in the same grave as his father, Imad Moughniyeh, who was killed in a 2008 car bombing that Hizbollah blamed on Israel.
The six Hizbollah fighters killed on Sunday afternoon were carrying out a field reconnaissance mission in Mazraat Amal village, the group’s Al Manar television said.
An Israeli security source confirmed that an Israeli helicopter had carried out a strike against “terrorists,” claiming that they were preparing to carry out an attack on the Jewish state.
Hizbollah’s Al Manar channel branded the strike “a costly adventure that threatens the security of the Middle East”.
The raid came days after Hizbollah chief Hassan Nasrallah threatened to retaliate against Israel’s repeated strikes on targets in Syria, and boasted the movement was stronger than ever.
He spoke of its sophisticated arsenal, including Fateh-110 missiles, which have a range of 200 kilometres or more and are capable of hitting much of Israel.
Analysts said the precision Israeli strike stood to embarrass Mr Nasrallah and Hizbollah.
“What happened is that the Israelis called Hizbollah’s bluff last night,” said Hilal Khashan, a professor of political science at the American University in Beirut.
But he said Hizbollah’s response would be limited “because if it retaliates, it will be another war. Hizbollah is in Syria and it is not ready for another war against Israel.”
Walid Charara, an analyst close to the group, said he had “no doubt” that it would respond, either from Lebanese or Syrian territory.
“Israel has decided to expand the line of confrontation to Syria,” Mr Charara said.
Prof Khashan said Hizbollah could resort to small-scale attacks, like a roadside bomb on the ceasefire line with Israel it claimed last year, but would avoid a more serious response.
“[Mr] Nasrallah will say the Israelis are trying to provoke us to help in their elections and we will not fall into their trap. That’s the best they can do.”
Lebanese media weighed the prospect of conflict, with the Al Safir newspaper saying Hizbollah needed something “more than a reply and less than a war.”
In Israel, analysts made the same calculation.
“Hizbollah doesn’t want a full-fledged war,” said Yoram Schweitzer, a former Israeli military counterterrorism chief.
“It has a number of possibilities to respond in different arenas. We assume that it currently does not want full contact,” he said.
Israel occupied parts of Lebanon for 22 years until 2000 and the two countries are still technically at war.
In 2006, Israel fought a bloody war against Hizbollah that killed more than 1,200 people in Lebanon, mostly civilians, and some 160 Israelis, mostly soldiers.
* Agence France-Presse
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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