BEIRUT // A UN-backed tribunal seeking the killers of Lebanon's prime minister, Rafik Hariri, handed indictments and arrest warrants to Lebanon today that officials said accused members of the militant Hezbollah group of involvement.
The long-awaited move was hailed as a "historic moment" by Hariri's son, the opposition leader Saad Hariri, but poses an immediate challenge to the new government of current prime minister Najib Mikati, whose cabinet is dominated by Hezbollah allies.
Prosecutor Saeed Mirza gave no details of the indictments. Lebanese officials said four warrants were issued for Hezbollah members including a senior leader, Mustafa Badreddine, who was jailed in Kuwait in 1983 over a series of bombings and is a brother-in-law of the Hezbollah commander Imad Moughniyeh, assassinated in Syria in 2008.
The other three suspects were named by Lebanese officials as Salim Jamil Ayyash, Hassan Issa and Assad Sabra. It was not clear how many belonged to Hezbollah or what positions they held. All four were also suspected of involvement in the killing of the communist leader George Hawi and attempts to kill former ministers Marwan Hamade and Elias Al Murr, the officials said.
Hezbollah denies any role in the huge explosion on the Beirut seafront. which killed Hariri and 22 others.
According to the Daily Star, an English-language newspaper based in Beirut, the indictment alleges Mr Badreddine masterminded and supervised the plot to kill Hariri, while Mr Ayyash led the cell that actually carried out the operation
The assassination of Hariri, in February 2005, plunged Lebanon into a series of political crises, assassinations and bombings which led to sectarian clashes in May 2008, dragging the country back to the brink of civil war.
Analysts said Mr Mikati, whose government has yet to win a confidence vote in parliament, now faces irreconcilable demands from Hariri's domestic and international allies. who want Lebanon to comply with the court, and the majority of his cabinet. who reject any cooperation with it.
Lebanese analyst Oussama Safa said that refusal would lead to Lebanon's isolation. "Now the government of Mikati has to decide what it is going to do. If it does not cooperate it risks putting Lebanon in trouble," he said.
There have been fears in Lebanon that indictments of Hezbollah members over the assassination of Hariri, a Sunni Muslim who was prime minister for several terms between 1992 and 2004, could raise sectarian tensions between factions still struggling with the legacy of the country's 1975-90 civil war.
Mr Mikati urged Lebanese to be "reasonable and far-sighted" to ensure that "those who want to target the country and push us towards strife miss their chance".
Hezbollah has promised to thwart attempts to arrest any of its members and wants Lebanon to end cooperation with the tribunal, withdraw Lebanese judges and halt contributions to its funding.
A carefully-worded policy statement by Mr Mikati's cabinet, which was formed just two weeks ago after months of wrangling, said on Thursday only that it "stressed the [importance of] truth in the crime against Rafik al Hariri" and said it would monitor the progress of the court.
Mr Mikati has said he wants the government to honour Lebanon's international commitments unless a national consensus emerges to reverse that position, which is unlikely given Saad Hariri's continued strong support for the tribunal.
Saad Hariri, who became prime minister of Lebanon after his father's death, but whose national unity government collapsed earlier this year when Hezbollah and its allies resigned in protest at his refusal to renounce the court, urged Mr Mikati to cooperate with the court.
"The Lebanese government is invited, politically, nationally, legally and ethically, to implement its commitments towards the tribunal. There is no reason for anyone to run away from this responsibility," he said in a statement.
"It is time to put an end for the episodes of killing. The era of the murderers is over and the time for justice is close."
Critics of the investigation into Hariri's killing say it has been marred by mishaps, including an early reliance on witnesses who later recanted their testimony and the detention of four senior Lebanese officers for four years, only for them to be released in 2009 for lack of evidence.
Early reports implicated Syria, which denied any involvement, before attention switched to Hezbollah.
However discredited the tribunal may be for some Lebanese, today's indictments pose an early dilemma for Mr Mikati.
If his government does not cooperate with the court "it will face a problem with the international community," said Judge Yusif Saadallah al Khoury. "The UN Security Council will act under Chapter Seven and move towards taking exceptional measures of political, economic and military nature."
The tribunal, a hybrid international and Lebanese court, was established under Chapter Seven of the UN charter, granting the United Nations wide powers to address violations.
The Lebanon tribunal declined to comment after Mr Mirza said he had received the indictments, but Lebanese authorities will have up to 30 days to inform the tribunal of the measures taken in response to the arrest warrants being issued.
Warrants of arrest also include an order for the "prompt transfer" of the accused to the tribunal upon their arrest.
If authorities fail to make arrests, the court may start putting out "wanted" adverts. If no arrests are carried out, the tribunal can hold trials in absentia.
The indictments triggered a political crisis in Lebanon when they were submitted to the pre-trial judge in January. The indictments were twice amended while the judge assessed whether there was enough evidence to proceed with a trial.
Public condemnation of the killing in 2005 forced neighbouring Syria to end a 29-year military presence in Lebanon, but attention slowly turned to Hezbollah and last year its leader Sayyed Hassan Nasrallah said he expected members to be accused.
Hezbollah enjoys strong moral, political and military support from Iran and Syria. The United States lists Hezbollah as a terrorist organisation.
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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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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
- Fly it within visual line of sight
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How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
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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.
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
UAE currency: the story behind the money in your pockets