BEIRUT // After the second mysterious explosion since July levelled a Hizbollah member's home, Israel has formally complained to the United Nations that the militia continues to maintain weapons stockpiles south of the Litani River, along the Israel-Lebanon border, in defiance of the ceasefire that ended the July 2006 war.
In both cases, Israel immediately released footage from cameras on unmanned drones showing what are thought to be Hizbollah members emptying both buildings of what appear to be rockets before UN and Lebanese army forces were allowed into the villages to investigate. Monday's blast was almost identical to an explosion in a Hizbollah commander's home in Khirbit Selim in July.
Hizbollah's official statement about Monday night's explosion in the village of Teir Felsay said unexploded munitions from the 2006 war detonated and wounded a low-level member of the group as he tried to dispose of the material.
Unofficially, however, a representative of the Shiite militant group admitted that an explosion rocked the member's home, where he was storing military equipment.
The Lebanese military and Hizbollah both deny that anyone was killed in the explosion, but off the record, an official with the military wing of the group said one Hizbollah fighter was killed in the explosion. He would not release the man's name.
The Hizbollah official, who cannot be identified, said the group believed that the blast was the work of either Israeli commandos or Lebanese agents working on behalf of Israel.
The group strongly suspects someone blew up the arms cache, perhaps by placing a bomb among weaponry.
"We are investigating," he said. "These two explosions are very suspicious and we believe that they are the work of the Zionists or their Lebanese agents."
The commander explained that Hizbollah's refusal to give the Israelis an excuse to invade Lebanon has forced the government of Benjamin Netanyahu, the prime minister, to approve risky operations to expose Hizbollah's military preparations for another war.
"The resistance has said the next war, and there will be another war, God willing, will not be started by our hands," he saidd. "So the Zionists are trying to prove we have rearmed and embarrass the UN and Lebanese army by making these actions."
When asked if the group had rearmed south of the Litani River, which is supposed to provide a buffer between Hizbollah's military wing and the Israeli border, the official chuckled.
"Did they think we wouldn't?" he said. "Sayid Hasan Nasrallah himself has said that we have doubled or tripled our supply of rockets since 2006. Do we not have the right to defend our land from aggression?"
The official admitted that Hizbollah had followed the spirit of the 2006 agreement and pulled its hardened military fortifications and operations north of the river, but that the villages remained armed and prepared to repel an Israeli attack.
In 2006, according to Hizbollah sources, Israeli investigations and military analysts, Hizbollah fired about 90 per cent of approximately 4,000 rockets into Israel from about 30 hardened bunker complexes located outside of the southern villages, while part-time fighters and militia defended the villages themselves from Israeli ground troops.
Because of the ceasefire agreement and the presence of the Lebanese army and UN peacekeepers south of the river, Hizbollah appears to have reversed this strategy, pushing its bunkers and professional military wing beyond the river, while bolstering the defences of the villages themselves for the next round of fighting.
The Lebanese army and the UN theoretically have the authority to search villages for weapons, but in practice are more likely to patrol the once heavily defended countryside and avoid altercations with Hizbollah in the villages.
Andrew Macdonald Exum, a military affairs analyst from the Centre for a New American Security in Washington, who has studied the group, said he has seen evidence that Hizbollah is hardening the villages themselves, while pushing much of its static defences out of reach of the peacekeepers.
"I doubt the border defences are as good. You couldn't move around south Lebanon at all because there was always a guy with an AK-47 to turn you back from closed areas. Today, those guys are in the villages; it would be much easier for the Israelis to avoid Unifil or the Lebanese army and insert special operations soldiers."
However, Mr Exum said he doubted agents could have pulled off two successful missions without being caught, or whether it would be worth the risk.
mprothero@thenational.ae
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
MATCH INFO
Everton 0
Manchester City 2 (Laporte 45 2', Jesus 90 7')
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Company%20Profile
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Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
DUBAI CARNIVAL RESULTS
6.30pm Handicap US$135,000 (Turf) 2,410m
Winner Dubai Future, Harry Bentley (jockey), Saeed bin Suroor (trainer).
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
Winner Dubai Love, Patrick Cosgrave, Saeed bin Suroor.
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
Winner: Equilateral, James Doyle, Charles Hills.
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
Winner Laser Show, Kevin Stott, Saeed bin Suroor.
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
Winner Glorious Journey, James Doyle, Charlie Appleby.
9.25pm Handicap $135,000 (D) 2,000m
Winner George Villiers, Tadhg O’Shea, Satish Seemar.
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
PREMIER LEAGUE TABLE
1 Man City 26 20 3 3 63 17 63
2 Liverpool 25 17 6 2 64 20 57
3 Chelsea 25 14 8 3 49 18 50
4 Man Utd 26 13 7 6 44 34 46
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5 West Ham 26 12 6 8 45 34 42
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6 Arsenal 23 13 3 7 36 26 42
7 Wolves 24 12 4 8 23 18 40
8 Tottenham 23 12 4 8 31 31 39
The%20specs
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Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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 SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
ARM%20IPO%20DETAILS
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COMPANY%20PROFILE
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