Israeli forces digging along the Alpha Line separating the occupied Golan Heights from a demilitarised zone in Syria patrolled by UN forces. Photo: PBC
Israeli forces digging along the Alpha Line separating the occupied Golan Heights from a demilitarised zone in Syria patrolled by UN forces. Photo: PBC

Israeli actions on Syrian border breach 1974 ceasefire deal with 'severe violations', UN warns


Adla Massoud

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UN peacekeepers on Tuesday warned the Israeli military has committed “severe violations” of a 1974 ceasefire deal with Syria as it carries out a substantial construction project along the Alpha Line, which separates the Israeli-occupied Golan Heights from Syrian territory.

Construction work, which reportedly began in July, follows other major Israeli infrastructure projects, including new roadways and a buffer zone along the Gaza frontier. The Israeli military has also begun demolishing villages in Lebanon, where other UN peacekeepers have reportedly come under fire.

“Violations of the 1974 Disengagement Agreement have occurred where engineering works have encroached into the AoS [Area of Separation]. There have been several violations by [the Israeli military] in the form of their presence in the AoS because of these activities,” the UN Disengagement Observer Force (Undof) said in a statement.

Undof observed continuing “engineering groundwork activities” by Israeli forces building ditches along several sections of the Alpha Line.

Last month, UN special envoy for Syria Geir Pedersen reported to the UN Security Council that the peacekeeping mission had seen an “Israeli battle tank and excavators cross the ceasefire line into the area of separation” in the demilitarised zone on the Israel-Syria border.

Syrian authorities have voiced “strong protests” over the construction, citing concerns over Israeli military equipment and personnel in the demilitarised zone, Undof noted.

Although violence has not erupted along the Alpha Line, Undof warned the Israeli actions “have the potential to increase tensions in the area and are being closely monitored”.

Israel seized the Golan Heights from Syria during the 1967 Arab-Israeli war. In 1974, the UN Security Council established Undof to monitor a 400-square-kilometre demilitarised zone after another war in 1973.

Undof now has about 1,100 troops from Fiji, India, Kazakhstan, Nepal and Uruguay patrolling the area. Israel formally annexed the Golan Heights in 1981, a move condemned by a UN resolution as “null and void”, with no international legal validity.

In 2019, then-president Donald Trump declared US recognition of Israel’s sovereignty over the Golan, a decision upheld by the subsequent Biden administration.

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

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In criminal cases, you can contact the police for additional support

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
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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: November 12, 2024, 4:32 PM