A Hizbollah-engineered theme park was designed to celebrate the "divine victory" over Israel in the 2006 war and pay tribute to Imad Mughniyeh, a Hizbollah commander slain earlier this year in a car bombing in Damascus.
A Hizbollah-engineered theme park was designed to celebrate the "divine victory" over Israel in the 2006 war and pay tribute to Imad Mughniyeh, a Hizbollah commander slain earlier this year in a car bombing in Damascus.
A Hizbollah-engineered theme park was designed to celebrate the "divine victory" over Israel in the 2006 war and pay tribute to Imad Mughniyeh, a Hizbollah commander slain earlier this year in a car bombing in Damascus.
A Hizbollah-engineered theme park was designed to celebrate the "divine victory" over Israel in the 2006 war and pay tribute to Imad Mughniyeh, a Hizbollah commander slain earlier this year in a car b

Hizbollah honours fallen leader


  • English
  • Arabic

NABATIYEH, LEBANON // The sound of rockets echo off the concrete walls, smoke periodically belches from the shattered turrets of Israeli armoured vehicles, while the ground is littered with boots, shredded uniforms and shell casings. But this is not the scene of a battle, rather a Hizbollah-engineered theme park designed to celebrate the militants' "divine victory" over Israel in the 2006 war and the accomplishments of one of their most famous commanders, Imad Mughniyeh, the top Hizbollah intelligence operative killed last winter in a car bombing in Damascus.

His image adorns most of the walls, and his voice can frequently be heard from the sound system giving orders to his men amid what sounds like fighting in the background. Mughniyeh had been wanted by several of the world's intelligence services for more than 20 years and had survived at least three major attempts on his life. His death sparked threats of revenge against Israeli and Jewish interests worldwide.

Hizbollah is known for its patience in planning attacks and several members of the group had said any retaliation would wait until after July's prisoner exchange with Israel, in which the bodies of two Israeli soldiers were traded for four Hizbollah fighters captured during the 2006 war, as well as Samir Kuntar, a Lebanese fighter imprisoned in Israel for almost 30 years. The impact of an attack on Israeli or Jewish interests would vary depending on the target and magnitude, but with Lebanon still recovering from the 2006 war, Syria making tentative moves to open direct peace talks with Israel, and the Israeli political system in disarray over several scandals, there is a widespread fear that any attack and its subsequent response could quickly spiral out of control.

"We're holding our breath and waiting," said one government official in Lebanon opposed to Hizbollah, who refused to let his name be used discussing the group. "We know they will strike. But how hard and where? And how will the Israelis respond? I wish we knew anything." Last week, Ehud Barak, Israel's defence minister, announced that at least two attempts by Hizbollah to kidnap Israeli citizens abroad had been foiled and warned that the group could strike at embassies or other Jewish or Israeli targets worldwide in revenge for the slaying.

Last month, Canadian and Israeli intelligence sources also confirmed that a cell of Hizbollah operatives had been intercepted while tracking flight crews for the Israeli national air carrier, El Al, in Montreal, in what was feared to be preparations for a strike on either the airline or its employees, according to press reports from both the Israeli and Canadian media. Israeli intelligence warnings to Jewish travellers have highlighted threats in South America, Africa, Canada and Southeast Asia, where many Israelis will holiday during the holidays this month.

The Israeli government also recently ordered all holidaymakers to leave the popular resorts in Egypt's Sinai area for fear they could be targeted by Hizbollah. Last week, Israeli intelligence also warned all travellers against visiting certain Muslim areas of Thailand due to a specific threat that could be linked to Hizbollah but refused to provide any specific details. But West Africa seems to be the area of most concern, not only because of its Jewish populations, but also because its large communities of Lebanese Shiites make it a key operational hub for Hizbollah, according to intelligence reports and regional sources.

A diamond industry official with close ties to both communities said it appears at least one of the attempts referenced by Mr Barak had occurred in West Africa, targeting Jewish diamond brokers. "It's a natural fit: lawless areas, huge Lebanese and Jewish populations both trading in diamonds and local goods, often working together. And both Hizbollah, Amal and the Israeli government operate openly in much of the region. There's been an obvious tightening of security by the Jewish diamond dealers in Africa," said the executive, who asked not to be named discussing terrorism issues.

Even as the region waits for the Hizbollah response to Mughniyeh's death, the exhibit in Nabatiyeh raises the commander's profile to nearly cult-hero status, perhaps to justify any retaliation for his killing. He has been accused in the United States, Israel and France of a litany of abductions, bombings and murders, including attacks on US and French peacekeepers in the 1980s, the hijacking of a TWA flight in 1985 and two major bomb attacks on Israeli or Jewish targets in South America in the early 1990s.

But according to one commander inside the group, Mughniyeh had little command experience and his real expertise was intelligence operations. "Hajj Radwan ran our military intelligence operations," said a Hizbollah commander around the time of his assassination, using Mughniyeh's alias. "He is a great martyr and our brother-commander, but he was not a military man, he was our best spy. The leaders of the [2006 war] were men you have never heard of, our military leadership remains a secret."

What is equally unclear is what impact his death, and possible revenge against Israel, will have on Lebanon and the region as a whole as both sides seem intent on pursuing another war. * The National

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

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The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
%3Cp%3EMercedes-Benz's%20MBUX%20digital%20voice%20assistant%2C%20Hey%20Mercedes%2C%20allows%20users%20to%20set%20up%20commands%20for%3A%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Navigation%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Calls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20In-car%20climate%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Ambient%20lighting%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Media%20controls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Driver%20assistance%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20General%20inquiries%20such%20as%20motor%20data%2C%20fuel%20consumption%20and%20next%20service%20schedule%2C%20and%20even%20funny%20questions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThere's%20also%20a%20hidden%20feature%3A%3C%2Fstrong%3E%20pressing%20and%20holding%20the%20voice%20command%20button%20on%20the%20steering%20wheel%20activates%20the%20voice%20assistant%20on%20a%20connected%20smartphone%20%E2%80%93%20Siri%20on%20Apple's%20iOS%20or%20Google%20Assistant%20on%20Android%20%E2%80%93%20enabling%20a%20user%20to%20command%20the%20car%20even%20without%20Apple%20CarPlay%20or%20Android%20Auto%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Ovo's tips to find extra heat
  • Open your curtains when it’s sunny 
  • Keep your oven open after cooking  
  • Have a cuddle with pets and loved ones to help stay cosy 
  • Eat ginger but avoid chilli as it makes you sweat 
  • Put on extra layers  
  • Do a few star jumps  
  • Avoid alcohol   
SPEC%20SHEET
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Saturday's results

West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley

Manchester City v Chelsea, 9.30pm 

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

While you're here
EU Russia

The EU imports 90 per cent  of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil. 

Jawab Iteiqal
Director: Mohamed Sammy
Starring: Mohamed Ramadan, Ayad Nasaar, Mohamed Adel and Sabry Fawaz
2 stars

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