Live updates: Follow the latest news on Israel-Gaza
EU foreign policy chief Josep Borrell warned on Saturday that it is “imperative” action is taken “to avoid Lebanon being dragged into a regional conflict”.
His call came during an urgent visit to Lebanon as part of a diplomatic push to prevent the conflict in Gaza escalating to the broader region following the killing of Hamas deputy leader Saleh Al Arouri in Beirut.
“I’m sending this message to Israel that nobody will win from a regional conflict,” Mr Borrell said.
Border violence at the Lebanon-Israel border has gradually intensified in the past three months since Hezbollah initiated a pressure front against Israel in support of its ally, Hamas.
“It is imperative to avoid regional escalation in the Middle East. It is absolutely necessary to avoid Lebanon being dragged into a regional conflict,” he said, during a joint press conference in Beirut with Lebanon's Foreign Minister, Abdallah Bou Habib.
“We are seeing a worrying intensification of exchange of fire across the Blue Line between Lebanon and Israel. I think that the war can be prevented, [it] has to be avoided and diplomacy can prevail,” Mr Borrell said.
The Blue Line is the frontier mapped by the United Nations that marks the line to which Israeli forces withdrew when they left south Lebanon in 2000.
Mr Borrell called for a pause in the Israel-Gaza war, which could become “permanent”, describing the humanitarian situation in the besieged enclave as “beyond catastrophic.”
“Even war has rules, and international humanitarian laws have to be respected; one horror doesn’t justify another,” he said.
“Israel has declared the goal to eradicate Hamas. There must be another way to eradicate Hamas than to kill so many innocents.”
Earlier on Saturday, Mr Borrell met Lebanese Prime Minister Najib Mikati, United Nations peacekeeping force (Unifil) commander Aroldo Lazaro and speaker of parliament Nabih Berri.
The meeting came as Hezbollah announced it had retaliated against Israel by launching more than 60 rockets at a military base in an “initial response” to the killing of Mr Al Arouri on January 2.
Mr Borrell had previously warned that the air strike on Beirut – the first strike on the capital since the month-long war in 2006 which pitted Hezbollah and Israel – was “an additional factor that can cause an escalation of the conflict”.
French President Emmanuel Macron told Israel to avoid escalation, “particularly in Lebanon”, following the air strike in Beirut, while US Secretary of State Antony Blinken visited Turkey at the start of his fourth trip to the region since the Gaza war began on October 7.
In late October, EU leaders agreed on a call for “humanitarian corridors and pauses for humanitarian needs”, stopping short of demanding a ceasefire.
EU countries have been deeply divided in their approach to the war, with a majority, including France and Spain, supporting a call for a ceasefire, while others, such as Germany – a steadfast ally of Israel, remained cautious.
The EU has limited diplomatic leverage over Israel compared to the US, which remains the country's staunchest ally.
Mr Borrell called on the international community to work towards a two-state solution. He said that he will visit Saudi Arabia on Sunday to discuss steps towards peace in the region.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
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.”
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
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