Rescuers clear the rubble as they look for survivors at the site of Friday's Israeli strike in Beirut's southern suburbs. AP
Rescuers clear the rubble as they look for survivors at the site of Friday's Israeli strike in Beirut's southern suburbs. AP

Death toll from Israeli strike on Beirut rises to 37



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The death toll from an Israeli strike on the south Beirut suburb of Dahieh rose to 37, the Lebanese Health Ministry said on Saturday, adding that efforts to clear the rubble are still under way.

Earlier in the day, Lebanon's Health Minister Firass Abiad put the death toll at 31, including three children and seven women. He said that 68 people were injured.

Mr Abiad said he expected the death toll to rise. Transport Minister Ali Hamieh later told a press conference that 23 people were missing under the rubble.

Friday's strike razed a building in the densely populated suburb in the Lebanese capital. Israel claimed the targets of the attack were senior Hezbollah commander Ibrahim Aqil and other leaders of the group.

Hezbollah confirmed the death of Mr Aqil, the head of the elite Radwan Force. It also acknowledged that a meeting had been taking place underneath the building. On Saturday morning, it announced that a second senior commander, Ahmed Wahbi, was among at least 14 fighters killed in the attack.

Mr Wahbi commanded military operations for the Radwan Force on the Lebanese support front since Hamas's October 7 attack until early 2024, before returning to his role in the Central Training Unit after the death of commander Hajj Wissam Al Tawil, according to a biography published by the group.

He also took the responsibility of training in the Radwan Force until 2012, before leading the Central Training Unit until 2014, playing a leading role in developing capabilities across formations of the Islamic Resistance, Hezbollah said.

The strike follows a series of attacks targeting communications devices earlier this week that killed at least 37 people, a severe setback to the Iran-backed group.

Israel and Hezbollah have traded fire regularly since Hamas’ October 7 assault on southern Israel ignited the Israeli military’s offensive in Gaza. But previous cross-border attacks have largely struck areas in northern Israel that had been evacuated and less-populated parts of southern Lebanon. But fears of a wider war have been at their highest following Tuesday's pager attacks.

Stephane Dujarric, representative for UN Secretary-General António Guterres, urged “maximum restraint” and said the world was “very concerned about the heightened escalation”.

It was the second such strike since the start of the war in Gaza. In July, an Israeli strike on Beirut killed senior Hezbollah commander Fouad Shukr.

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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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Updated: September 24, 2024, 7:03 AM