Israel attacked Iranian nuclear sites and ballistic missile factories on Friday, marking the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. The strikes hit several cities including the capital Tehran.
Iran’s semi-official Tasnim News Agency confirmed the deaths of prominent military commanders and nuclear scientists in the Israeli strikes.
It reported Maj Gen Hossein Salami, commander of the Islamic Revolutionary Guard Corps, was killed, along with another senior IRGC commander, Maj Gen Gholam Ali Rashid and his son.
The chief of staff of Iran's armed forces, Gen Mohammad Bagheri, was also killed state television reported.
Two prominent Iranian nuclear scientists, Mohammad Mehdi Tehranchi and Fereydoun Abbasi, were also killed, according to the Tasnim news agency. It later reported that six had been killed in total.
Maj Gen Hossein Salami
Born in Golpayegan, Maj Gen Salami joined the IRGC during the Iran-Iraq War, when he was a college student. He rose through the ranks and was appointed IRGC chief in 2019. Maj Gen Salami was known for his staunch anti-Israel and anti-US rhetoric. In March, he vowed swift retaliation against those who might attack Tehran: “If a threat is carried out, we will respond in the most severe manner – decisive, crushing and devastating.”
Under his leadership, the IRGC expanded its regional influence through proxies in Syria, Iraq, Lebanon and Yemen. He was central to Iran's missile and drone programmes.
Maj Gen Mohammad Bagheri
Maj Gen Bagheri became the chief of staff of Iran’s armed forces in 2016. Previously a high-ranking IRGC officer, he played a central role in co-ordinating Iran’s regular army (Artesh), the IRGC and law enforcement forces.
Maj Gen Bagheri joined the IRGC in the early 1980s, serving in the Iran-Iraq War and later rising through the ranks in intelligence and operational planning. He held a doctorate in political geography and was affiliated with Iran’s top military academic institutions, including the Supreme National Defence University.
As military chief, Maj Gen Bagheri was instrumental in expanding Iran’s missile and drone programmes, as well as deepening military co-operation with Russia, China, and regional allies such as Syria and Hezbollah. He also took a prominent public stance during periods of regional tension, including voicing support for certain Palestinian groups and overseeing air defence alerts in Tehran.
Maj Gen Bagheri was sanctioned by western governments for his role in weapons proliferation and the suppression of nationwide protests in 2022–2023.
Maj Gen Gholam Ali Rashid
Maj Gen Rashid served as commander of Khatam Al Anbiya Central Headquarters, Iran’s strategic joint command overseeing operations of the IRGC, regular army, intelligence and drone and missile deployments, from June 2016.
He began his military career during the Iran–Iraq War, later becoming deputy chief of staff of Iran’s armed forces.
Maj Gen Rashid was a key architect of Iran’s regional military outreach. In interviews he acknowledged controlling “six armies” abroad – including Hezbollah in Lebanon, militias in Iraq, Syria, Palestine, and Yemen – as strategic deterrents.
He publicly warned that attacking Iran would be a “strategic mistake” and supported forward defence across the Middle East.
He was designated and sanctioned by western governments for his role in weapons proliferation, command of the missile and drone programmes and leading Iran’s military co-ordination.
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Yahya Al Ghassani's bio
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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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UAE currency: the story behind the money in your pockets
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