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An Israeli strike destroyed a bridge in the upper reaches of northern Lebanon, official media said on Sunday, in an expansion of an air campaign against Hezbollah supply lines from Syria.
Lebanon's National News Agency said that one child was killed in the attack on Akroum, in Akkar governorate, on the border with Syria. The attack destroyed a bridge linking the rugged area with the interior of Lebanon, local sources said.
Mohammad Yehia, a parliamentarian representing the mostly Sunni region, said the attack late on Saturday was part of Israeli's objective of "cutting off Lebanese areas from each other, and from the outside [world]". Historically, Akkar has been part of a lawless arc comprising northern and eastern Lebanese areas on the border with Syria, where smuggling of drugs, weapons and other contraband has been rife.
Mr Yehia called for "holding on to national unity". Sectarian tensions in Lebanon have risen since Hezbollah, a Shiite armed group supported by Iran that has members in parliament but operates outside the control of state authorities, started attacks on northern Israel in October last year. The Hezbollah-Israel war, the second since 2006, started a day after Hamas, another militant group supported by Iran, killed 1,200 people in an incursion into south Israel from Gaza on October 7. Israel retaliated with a military offensive in Gaza that is now in its 13th month.
Israel has carried out extensive air strikes in the Bekaa Valley, which is adjacent to Akkar, since launching an all-out offensive against Hezbollah in later September, after a year of limited exchanges across Lebanon's southern border.
Earlier that month, Israel reportedly sent its special forces into Syria to destroy an Iranian-controlled weapons development facility in Masyaf, a city in Hama province. The raid ushered in a concerted campaign to cut off Hezbollah weapon deliveries from Iran, focused on areas along the border between Lebanon and central Syria. Among the targets has been the Syrian city of Qusayr and its countryside, a Hezbollah stronghold near Akroum.
The Qusayr area has increasingly served as a supply route since Hezbollah captured the city from rebels fighting the Syrian army and allied pro-Iranian militia in 2013, security officials in the Middle East said. Hezbollah poured militiamen and hardware into Syria shortly after the 2011 revolt against President Bashar Al Assad.
During the course of the ensuing civil war, Hezbollah, along with Iraqi militias, became the enforcers of an Iranian-controlled corridor running across Syria from Iraq to Lebanon. Israel has struck targets in the corridor hundreds of times in the last decade.
The attack on Akroum was followed overnight by an Israeli strike on the Jusiya border crossing south of Qusayr, Telegram groups run by loyalists of Mr Al Assad said, without mentioning any casualties.
On Thursday, Israeli war planes struck a road and workshops in Qusayr, residents said on WhatsApp groups. Syrian media quoted a military official as saying Israel targeted residential buildings.
Precision missiles and drones, developed and assembled at Iranian-run sites in central Syria, have been flowing across the border to Hezbollah, Syrian opposition sources said, adding that Iraqi militias are involved in delivering the parts from Iran.
Iran has launched what it describes as a multi-front war by its proxies against Israel, in response to the war in Gaza. But Hezbollah has said in the recent weeks that it would accept a ceasefire with Israel even if the Gaza war continues, in a reversal of its previous stance.
The so-called Islamic Resistance in Iraq, a collection of Iran-backed armed groups, said it had launched drone attacks on the Israeli-occupied area of the Golan Heights and on the Jordan Valley on the weekend. There were no reports of casualties, or any confirmation that the drones had reached their targets. They would need to pass over Jordan to do so.
In the past several weeks, Jordanian authorities have reported instances of drones falling in various areas of the country, warning people to stay away from the objects and to report any new occurrences. But officials have not said whether the drones were brought down by air defences, or who launched them.
Jordanian troops on Sunday foiled attempts by "several groups of smugglers" to infiltrate the kingdom's northern border with Syria, according to a military official quoted by state media. One smuggler was killed when the army engaged with the infiltrators at dawn, he said, without giving details.
Jordan has accused the Syrian military and its Iran-aligned militia allies of complicity in the cross border drug trafficking, especially of the amphetamine Captagon, which Arab security officials says constitutes a major source of financing for Tehran's allies in Syria and Lebanon. Mr Al Assad has denied that any official Syrian involvement.
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
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.”
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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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
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The%20new%20Turing%20Test
%3Cp%3EThe%20Coffee%20Test%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EA%20machine%20is%20required%20to%20enter%20an%20average%20American%20home%20and%20figure%20out%20how%20to%20make%20coffee%3A%20find%20the%20coffee%20machine%2C%20find%20the%20coffee%2C%20add%20water%2C%20find%20a%20mug%20and%20brew%20the%20coffee%20by%20pushing%20the%20proper%20buttons.%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3EProposed%20by%20Steve%20Wozniak%2C%20Apple%20co-founder%3C%2Fp%3E%0A
COMPANY%20PROFILE
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum