US President Joe Biden and members of his cabinet at the White House on September 20, 2024. EPA
US President Joe Biden and members of his cabinet at the White House on September 20, 2024. EPA

Another snub for Biden diplomacy as Netanyahu pushes button on Hezbollah from US soil


Willy Lowry

The administration of President Joe Biden spent much of high level week at the UN General Assembly working behind the scenes to establish a ceasefire proposal that would lead to Israel and the Lebanese militant group Hezbollah silence their weapons for three weeks.

Despite a public rejection from Israeli Prime Minister Benjamin Netanyahu on Thursday, US officials still held out hope that a ceasefire was possible.

US officials spent the week trying to convince Israeli counterparts that the ceasefire proposal was worth considering, despite a sense that many in Israel were feeling emboldened by strikes against Hezbollah, a group that had proved to be a resilient adversary for decades.

Instead, from US soil, Mr Netanyahu ordered a strike on Friday that destroyed several buildings in Beirut’s southern suburb of Dahieh, killed Hezbollah’s leader Hassan Nasrallah and left the region once again on the precipice of conflict.

Friday’s attack was just the latest in nearly a year of Israeli actions that have gone against Washington's requests and neutered US diplomacy in the region.

Secretary of State Antony Blinken has made 10 trips to the Middle East since October 7. Each visit has been marked by some sort of Israeli rebuff to his requests and he has typically left the region with tension between Washington and Israel higher than when he arrived.

Despite his best efforts, Mr Blinken has been all but ignored by Mr Netanyahu, who has shown time and again he can ignore US wishes without Washington imposing any real consequences.

It appears increasingly obvious that Mr Netanyahu sees the unfolding wars in Gaza and Lebanon as an opportunity for Israel to forever change the regional chessboard.

He wants to deliver fatal blows to Hamas, Hezbollah and likely Iran and appears to have little concern for civilians killed by Israel’s missiles and bullets.

Friday's strike in Beirut took out several buildings in one of Lebanon’s most densely populated areas and Israel has conducted thousands of air strikes killing hundreds of people since October 7.

Mr Biden said Nasrallah’s death was “a measure of justice for his many victims, including thousands of Americans, Israelis, and Lebanese civilians.”

But he added the US still hoped “to de-escalate the continuing conflicts in both Gaza and Lebanon through diplomatic means.”

The administration has long maintained publicly and privately that if not for their efforts, Israel’s actions in Gaza and Lebanon, would likely be far more destructive.

But more than 41,200 people have been killed in Gaza since Israel launched its retaliatory campaign following Hamas’s attack on Israel a year ago.

Huge swathes of the densely populated enclave have been obliterated, leaving behind apocalyptic scenes of destruction.

In Lebanon, Israeli strikes and the threat of them, have displaced more than one million people. Lebanese have fled their homes in the south and Beirut’s southern suburbs taking refuge in city squares and open spaces.

Israel has wreaked 11 months of havoc on the region and while Washington may feel that if not for them, it would have been worse, that’s little solace for terrified civilians in Gaza and Lebanon.

In his statement following Nasrallah death, Mr Biden reiterated his desire to see the conflicts end.

“It is time for these deals to close, for the threats to Israel to be removed, and for the broader Middle East region to gain greater stability,” he said.

In the hours since, Israel has continued to bomb Lebanon, once again ignoring US pleas and has now struck Yemen, showing it is willing to bring the fight wherever it chooses.

Mr Biden, 81, only has a few more months left to influence events in the Middle East, something officials are keenly aware of. As Israel targets its adversaries, it appears increasingly unlikely that he will be able to broker any sort of ceasefire in Gaza or in Lebanon.

The specs: Fenyr SuperSport

Price, base: Dh5.1 million

Engine: 3.8-litre twin-turbo flat-six

Transmission: Seven-speed automatic

Power: 800hp @ 7,100pm

Torque: 980Nm @ 4,000rpm

Fuel economy, combined: 13.5L / 100km

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Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

Managing the separation process

  • Choose your nursery carefully in the first place
  • Relax – and hopefully your child will follow suit
  • Inform the staff in advance of your child’s likes and dislikes.
  • If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
  • The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
  • Be patient. Your child might love it one day and hate it the next
  • Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.  
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RESULT

Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)

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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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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EA Sports FC 25
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The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

ALL THE RESULTS

Bantamweight

Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.

Lightweight

Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.

Catch 74kg

Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.

Strawweight (Female)

Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.

Featherweight

Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.

Lightweight

Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.

Welterweight

Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.

Lightweight

Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.

Lightweight

Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.

Welterweight

Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.

Updated: September 29, 2024, 7:27 PM