BEIRUT // Gunmen killed three Lebanese soldiers in a drive-by shooting on a government checkpoint near the Syrian border yesterday, Lebanon's military said, escalating tensions in a country deeply divided by the civil war next door and fearful of being engulfed by the conflict.
Sectarian clashes tied to Syria's war have broken out with increasing regularity in Lebanon, while rockets fired from across the frontier have struck Lebanese border villages with growing frequency. That violence, coupled with the Hizbollah militant group's direct intervention in the Syrian conflict has deeply shaken Lebanon, and threatened to throw off the country's precarious sectarian balance.
The border shooting took place before dawn yesterday when gunmen opened fire from a moving car on a checkpoint near the predominantly Sunni town of Arsal, nestled in the hills about 12 kilometres from the Syrian border, the military said in a statement. Government troops have launched a search for the assailants.
The shooting is "part of a series of terrorist and criminal acts that seek to sow civil strife in Lebanon and attack soldiers working hard to prevent that," Lebanese president Michel Suleiman said.
To the north of Arsal, two rockets fired from Syria struck the Lebanese town of Hermel, wounding several people, Lebanese security officials said.
Hermel is located just across the border from the embattled Syrian town of Qusayr, where gunmen from the Lebanese Shiite militant Hizbollah group have been fighting alongside Syrian government troops against rebels defending the strategic town.
General Salim Idris, the commander of the main western-backed umbrella group of Syrian rebels said yesterday that Hizbollah has sent thousands of fighters to Syria and is emerging as the main threat to his Free Syrian Army. He called for urgent international action to stop the influx of Hizbollah fighters, warning that if no action is taken, his rebels might ignore his standing order and start targeting the Shiite militant group's bases in Lebanon.
"If this kind of behaviour of Hizbollah continues, I can't ... control the units of the FSA anymore. They will start to target the bases of Hizbollah inside Lebanon territory," he said.
Gen Idris, however, said he has no information on the soldiers killed in Arsal yesterday. "I don't accept this kind of action against the army of Lebanon," he said.
He added that unless the rebels receive weapons quickly, they might not be able to hold Qusayr.
Hizbollah has not said publicly how many of its fighters have been killed, but the group has held a series of funerals in recent days for its dead. Activists say Hizbollah has lost nearly 80 fighters in the offensive.
The Britain-based Syrian Observatory for Human Rights reported sporadic clashes and some shelling in Qusayr yesterday, although the fighting was much lighter than in previous days.
Syria's state-run news agency said a senior government official was killed in Qusayr. Terrorists were responsible for the death of Ahmed Al Shaar, the chairman of the National Reconciliation Committee, the agency said.
Syrian officials refer to rebels as terrorists whose aims to destroy Syria are backed by the West and their Arabian Gulf allies.
Hizbollah's growing role in the fighting has exacerbated tensions in Lebanon itself. The northern port city of Tripoli has been engulfed by clashes for more than a week, with factions backing opposing sides in the Syrian conflict fighting gun battles in the streets that have left at least 28 people dead.
The bloodshed has raised fears that the Syrian violence spilling over into Lebanon will reignite the sectarian bloodshed that devastated the country in its own 15-year civil war that ended in 1990.
Two rockets hit Hizbollah's strongholds in south Beirut on Sunday, wounding four people. The rocket attacks came a day after Hizbollah leader Hassan Nasrallah pledged to lift Assad to victory.
The conflict began in March 2011 as peaceful protests against Assad, then turned into a civil war after some opposition supporters took up arms to fight a brutal government crackdown on dissent. More than 70,000 people have been killed and more than five million Syrians fled their homes, seeking shelter in neighbouring countries or in other parts of Syria.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Mountain%20Boy
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Results:
6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)
7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar
7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash
8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe
8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson
9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar
10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash
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
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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COMPANY%20PROFILE
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The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Match info
Uefa Nations League A Group 4
England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')
Man of the match: Harry Kane (England)
The%20specs
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
UAE%20v%20West%20Indies
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