Lebanon militants hide with refugees



Beirut // Lebanese security officials said yesterday that they believe the perpetrators of a series of bombings and attacks in northern Lebanon linked to Sunni militants have taken refuge in a nearby Palestinian refugee camp. The Lebanese armed forces have been ordered to begin preparations for a possible assault on the Bedawi refugee camp - home to tens of thousands of Palestinians displaced from the nearby Nahr al Bared camp destroyed last year in fighting between Fatah al Islam, a group of radicals inspired by al Qa'eda, and the Lebanese Army - according to Lebanese intelligence and military officials. "If it's determined there are terrorists operating inside Bedawi, we face regional pressures to contain them," said a top intelligence official, not authorised to speak to the media. "Nothing is imminent," however, he said. Recent activity by Sunni militants around the northern city of Tripoli has thrust Lebanon and Syria into a delicate diplomatic situation as the two countries attempt to establish official diplomatic relations for the first time. Syria has never recognised the independence of its tiny neighbour and occupied Lebanon for almost 30 years before withdrawing its forces in 2005. The two countries have pursued a reconciliation pushed by French diplomats to establish official ties by mid-October. North Lebanon and its heavily Sunni population have seen a significant rise in the influence of fundamentalist groups since a series of spring clashes between the Hizbollah-led opposition and Sunni-dominated government. After Hizbollah clearly defeated the Sunnis in a series of street fights in May, many young Sunnis began looking towards religious groups with experience fighting in Iraq for protection from Hizbollah and Syrian-aligned groups. Tensions between Syria and Lebanon spiked after a series of attacks on Syrian border posts were blamed on Salafist Sunni militants in late September. After Syria responded by bolstering commando units along the border, a series of bombs in Tripoli and Damascus appeared to target both nations' security forces, raising those tensions even further. After last week's bombing in Damascus, which killed at least 17 people, Syria asked France for permission to send troops into northern Lebanon in a limited antiterrorism operation. The request was rebuffed by Paris but, according to Lebanese security sources, a compromise was reached that would force the Lebanese to take offensive action against any radical Sunni groups linked to the violence. The same intelligence and military officials say the investigation indicates that perpetrators of the Tripoli and border attacks have taken refuge with the remnants of Fatah al Islam in the Bedawi camp, which is administered by the United Nations. The sources say it remains unclear if Lebanese militants have ties to the Damascus bombing, but report that al Qa'eda-linked operatives throughout the region could be trying to destabilise northern Lebanon in an effort to replace Iraq as their main operational headquarters. In recent months, there have been multiple statements by al Qa'eda officials as well as postings to several websites associated with the group that call upon its followers to make their way to Lebanon to engage in attacks on the Lebanese military and government. Security officials do not report a rise in arrests of foreigners suspected of jihadi activities but remain deeply concerned in light of the professionalism shown by the Damascus bombing. "These are not amateurs," said a Lebanese military intelligence official. "This operation required time, support and a lot of skill." A UN security official said they had received no warning about a possible army attack on the camp, but said their own intelligence had unearthed several violent plots against foreigners, which led the UN to issue a warning on Friday against unnecessary travel to north Lebanon by foreign UN staff. After a botched bank robbery last year, Lebanese security forces battled members of Fatah al Islam in and around Tripoli before laying siege to the Nahr al Bared camp for three months. Apparently made up of remnants of Salafist militants with experience fighting in Iraq, Fatah al Islam held off the assault for months and the siege eventually killed hundreds on both sides and displaced more than 20,000 people, most of which were moved to the nearby Bedawi camp. Shaker Absi, the leader of the group, is reported to have escaped the siege and been arrested by Syrian intelligence services in Damascus one month ago, according to unconfirmed reports in the Syrian media. Rifaat Ali Eid, who heads the pro-Syrian Arab Democratic Party in Tripoli, spent the summer leading his followers in battle against Sunni militants in a series of summer clashes that killed more than 20 people. He says his community has repeatedly come under threat of bombing and assassination from radical Sunni groups and called for strong action by either Lebanon or Syria. "My opinion is the army should strike with an iron fist and eliminate all signs of terrorism in Lebanon and especially in the north where extremism has been growing," he said. "We just got some information about some political rivals in Lebanon [have] been purchasing stolen cars, guns, heavy, and light weaponry. Things like this can only be used for chaos. If the Lebanese army is weak and [is] a target, [then] we are weak and unprotected. If the army cannot protect us who else will? The Syrians are tired of Lebanese politicians who only talk and talk, with no result for their talking." mprothero@thenational.ae

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

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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SPECS
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Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Five%20calorie-packed%20Ramadan%20drinks
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

UAE currency: the story behind the money in your pockets
RESULTS
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Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

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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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
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

Company%20Profile
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UAE currency: the story behind the money in your pockets
HAJJAN
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hall of shame

SUNDERLAND 2002-03

No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.

SUNDERLAND 2005-06

Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.

HUDDERSFIELD 2018-19

Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.

ASTON VILLA 2015-16

Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.

FULHAM 2018-19

Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.

LA LIGA: Sporting Gijon, 13 points in 1997-98.

BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

Eyasses squad

Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)

Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)  

Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)

Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)

Jemma Eley – goal attack / wing attack (Dubai College)

Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)

Molly Fuller – goal attack / wing attack (Dubai College)

Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)

Noorulain Hussain – goal defence / wing defence (Dubai College)

Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)

Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)         

Eliza Petricola – wing attack / centre (Dubai English Speaking College)

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

Barings Bank

 Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal. 

Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson. 

Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.