BEIRUT // The potential indictment of Hizbollah members by an international tribunal investigating the 2005 murder of the former prime minister Rafiq Hariri will not cause widespread civil unrest in Lebanon, the current prime minister and son of the slain leader has said.
Saad Hariri, in an interview published yesterday in the daily Al Hayat, also said any named suspects that may be members of Hizbollah will be regarded as rogue elements of the Shia militant group.
Mr Hariri made the statements in an effort to reassure the country that any indictments of Hizbollah members by the Special Tribunal for Lebanon would not lead to a return of sectarian violence between Sunni supporters of the Hariri family and the mostly Shiite supporters of Hizbollah.
The prime minister was said to have informed the Hizbollah leader, Hasan Nasrallah, during a meeting in May that the indictments - expected later this year - would include several members of the Shiite militant group.
Mr Nasrallah revealed in a closely watched speech and press conference on Thursday evening that Mr Hariri had told him of the impending indictments. In the speech, Mr Nasrallah denounced the tribunal process as biased and chided Syria's opponents in Lebanon for jumping to conclusions about the murder of Hariri and destabilising the country from 2005 until 2008.
The 2005 blast in downtown Beirut killed Hariri and 21 others and set a near civil war into motion, one that first saw Syria forced to end its three-decade-long occupation of Lebanon and later turned into violent clashes between the Sunni and Shiite communities of Beirut.
"I was personally informed by prime minister Saad Hariri before his visit to Washington [in May] that the tribunal will accuse some undisciplined members [of Hizbollah]," Mr Nasrallah said during the press conference. In keeping with his often-draconian security measures, due to fears he could be targeted by Israel, Mr Nasrallah spoke by video link to supporters and some journalists for Arabic-language media.
"That's where things seem to be heading," Mr Nasrallah said, calling the indictments "a dangerous plot that is targeting the resistance".
"We are not at all afraid, nor are we worried. We know how to defend ourselves," he added.
Mr Nasrallah, who spoke for about an hour and answered several questions, refused to discuss how Hizbollah will react should the indictments be issued.
He confirmed for the first time that tribunal investigators had come to Lebanon this year to interview members of the group and said that, in his view, there was bias in their questioning, leading him to believe that not only were indictments a foregone conclusion but that the investigation had been held to target Hizbollah.
His argument ran counter to years of speculation and leaks from the tribunal that have led many Lebanese to think that the Syrian regime would be implicated in the 2005 truck bombing of Hariri's convoy.
"All the data we have indicate that the charge sheet was written up before even the interrogation of our members," Mr Nasrallah said. "The indictment is ready [and] it is only a matter of political timing.
"As long as the probe does not look into the possibility that Israel is implicated, we believe it is biased," he said. "Never has the investigation considered the hypothesis that Israel had the means and the motive" to assassinate Hariri.
The assassination sparked a political movement, later dubbed "March 14", led by Saad Hariri, and supported by a coalition of Sunni, Druze and some Christian parties opposed to Syria's influence.
The group won parliamentary majorities in 2005 and 2009. But it has since imploded with defections and in-fighting among its members in the wake of a 2008 cabinet decision to regulate Hizbollah's internal communications network. Hizbollah and its allies responded with an armed assault on Mr Hariri's supporters in West Beirut that killed scores of people and forced intervention by Arab states to help form a unity government to end the fighting.
Mr Nasrallah used his press conference to imply that the March 14 movement has been duped by the United States and Israel into an overreaction to Hariri's murder. He called on the movement to re-evaluate its positions now that it seems certain, he said, that Syria will not be directly accused in Hariri's murder.
But March 14 leaders, at least among the Christian community, threw blame back at Mr Nasrallah, citing both the 2006 war with Israel, which was sparked by a Hizbollah operation to kidnap Israeli soldiers, and the 2008 takeover of West Beirut.
"We will not allow Sayyed Nasrallah to devastate the country like he did in July 2006 and in 2008," MP Nadim Gemayel warned. "Moreover, we will not allow any international ruling to cause internal strife."
Mr Gemayel then described March 14 as a "Lebanese movement" and asked Mr Nasrallah whether he would like the group to adopt "Syria First or Iran First" as a new slogan, in a direct reference to the very close ties between those countries and the militant group.
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.”
The%20specs
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THE%20SPECS
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
UK%20-%20UAE%20Trade
%3Cp%3ETotal%20trade%20in%20goods%20and%20services%20(exports%20plus%20imports)%20between%20the%20UK%20and%20the%20UAE%20in%202022%20was%20%C2%A321.6%20billion%20(Dh98%20billion).%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A%3Cp%3EThis%20is%20an%20increase%20of%2063.0%20per%20cent%20or%20%C2%A38.3%20billion%20in%20current%20prices%20from%20the%20four%20quarters%20to%20the%20end%20of%202021.%3C%2Fp%3E%0A%3Cp%3E%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20UAE%20was%20the%20UK%E2%80%99s%2019th%20largest%20trading%20partner%20in%20the%20four%20quarters%20to%20the%20end%20of%20Q4%202022%20accounting%20for%201.3%20per%20cent%20of%20total%20UK%20trade.%3C%2Fp%3E%0A
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Mrs%20Chatterjee%20Vs%20Norway
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MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Killing of Qassem Suleimani
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Seven%20Winters%20in%20Tehran
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Most%20polluted%20cities%20in%20the%20Middle%20East
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
