A major breakthrough is not expected in the second round of indirect maritime border talks that began on Wednesday morning between Lebanon and Israel, two countries still technically at war.
"They are buying time and de-escalating tension as they wait for the results of the US presidential elections," Lebanese political analyst Imad Salamey told The National.
“If Joe Biden wins, the Iranians will provide him with a positive start. If [President Donald] Trump wins, I think there will be an escalation of tensions.”
Mediated by the US with help from the UN, the talks are a highly sensitive topic in Lebanon because of Iran’s influence there.
Tehran directly backs the country’s most influential party and powerful militia Hezbollah, an ally of President Michel Aoun.
An unidentified assistant of UN special co-ordinator for Lebanon Jan Kubis led the talks in the presence of US mediator, ambassador John Desrocher, the Lebanese state National News Agency reported.
The talks were held at the headquarters of the UN peacekeeping force in the Lebanese border town of Naqoura.
Delegations are said to have entered technical issues but no news yet as to what exactly
The Lebanese delegation arrived by helicopter, while the Lebanese army was heavily posted along with UN forces to ensure the security of those attending. The security precautions appear to have been justified.
Lebanon's caretaker Information Minister Manal Abdel Samad tweeted that journalists from the government-owned Tele Liban had been assaulted while covering the talks.
Ms Abdel Samad did not identify the attackers. Journalists covering South Lebanon must obtain a permit from the army and often co-ordinate with Hezbollah, which controls the region.
Karim El Mufti, professor of political science at Universite La Sagesse in Beirut, said the Lebanese and Israeli delegates were still meeting mediators separately.
"Delegations are said to have entered technical issues but no news yet as to what exactly,” Prof El Mufti said.
Tension between the US and Iran escalated during the mandate of Mr Trump, who pulled his country out of a nuclear deal between Tehran and world powers, which was brokered by Barack Obama in 2015.
Hezbollah and Israel, which fought a 33-day war in 2006, regularly clash along Lebanon’s southern border.
“Iran does not want to create tensions with the United States at the moment to not encourage electors to favour Trump,” Mr Salamey said.
“Trump could use any Iranian escalations in his favour.”
But Lebanon and Israel want to solve their maritime border dispute to exploit potentially lucrative oil and gas discoveries.
The two countries claim 860 square kilometres of the Mediterranean Sea as being within their respective exclusive economic zones.
After nearly a decade of attempts at mediation by the US, Lebanon and Israel sat down for a first round of talks on October 14.
A few hours before the meeting, Hezbollah and its local ally the Amal Movement, also backed by Tehran, said they disapproved of the Lebanese negotiating team, which was chosen by Mr Aoun’s office.
The two parties were unhappy because two of the four delegation members were civilians, not members of the military.
They feared this would pave the way to a more political approach to discussions and to a normalisation of relations with Israel.
The NNA reported on Wednesday that the team’s composition had not changed.
“The Lebanese delegation carried maps and documents showing points of disagreement,” it said.
Lebanon is expected to adopt a "maximalist approach" to maritime border negotiations, Laury Haytayan, a Lebanese energy expert, told AFP.
"We have to wait to see the reaction of the Israelis," Ms Haytayan said.
UAE currency: the story behind the money in your pockets
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.”
AUSTRALIA SQUAD
Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa
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Consoles: PC, PlayStation 4/5, Xbox Series X/S
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
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First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
1 L Westwood (Eng), J Spieth (US)
3 R McIlroy (NI)
4 D Johnson (US)
