Lebanon is close to signing a pan-Arab power agreement that could help prevent severe blackouts in the country as it faces reconstruction amid a fragile ceasefire deal with Israel.
The Lebanese Ministry of Energy and Water has approved the electricity market agreement and is now awaiting the government's final approval to “authorise the signature”, minister Walid Fayad told The National in an emailed statement.
“This is expected to happen soon and we will then sign the agreements. These agreements are strategic for Lebanon and for the Arab region,” he added.
This month, the Arab League announced the launch of the Arab Common Electricity Market, a Gulf-led drive promoting regional grid integration.
Two deals were signed: one outlining the market's goals and development, the other establishing framework, governance and co-operation between member countries.
The market aims to stabilise electricity supplies, reduce costs, promote renewable energy, position Arab countries as global clean energy exporters, improve energy efficiency and support national energy strategies, the Arab League said.
The UAE, Kuwait, Palestine, Syria, Egypt, Saudi Arabia, Qatar, Libya, Sudan, Yemen, Morocco and Jordan signed the deal.
Lebanon has increasingly suffered frequent and prolonged power cuts, sometimes lasting for hours or even days. These disruptions have severely affected businesses, hospitals and homes, forcing many to switch to expensive private generators that pollute the air.
The Lebanese government is working to address the electricity crisis by exploring options such as importing power, boosting renewable energy and reforming the sector, but progress is hindered by political instability and economic challenges.
Last month, a ceasefire agreement was signed between Israel and Hezbollah after a 13-month long conflict in Lebanon that killed nearly 4,000 people and destroyed entire villages.
Reconstruction could cost Lebanon $10 billion due, Nasser Yassin, the country’s Environment Minister, told The National in an interview last week.
Besides Lebanon, several countries in the Middle East and North Africa have been grappling with power cuts and energy shortages due to ageing infrastructure, fuel shortages and surging demand in the summer.
This year’s summer was particularly challenging, as the region experienced record-high temperatures, leading to increased demand for electricity for cooling purposes.
Francesco Sassi, a researcher at Ricerche Industriali Energetiche in Bologna, Italy, highlighted the significance of including countries vulnerable to domestic and international conflicts, such as Palestine, Lebanon, Syria, Egypt, Libya, Sudan and Yemen, in the electricity agreement.
“The possibility to co-operate with major electricity producers such as Saudi Arabia, the UAE and eventually gain from green electricity output in Morocco or others is an alluring perspective,” Mr Sassi told The National.
Boost to regional ties
In the initial phases of the project, electricity will be traded largely between the Gulf and other Arab countries.
“Gulf rulers have an interest in political stability in Arab countries and energy infrastructure is their opportunity to support it,” said Ilan Zalayat, Gulf researcher at the Institute for National Security Studies and Tel Aviv University's Moshe Dayan Centre.
Gulf nations have become increasingly proactive in regional affairs, aiming to foster stability and mediate conflicts. They have offered financial assistance to struggling nations, invested in regional infrastructure programmes and participated in diplomatic efforts to settle disputes.
However, the groundwork for the agreement was laid decades ago when Bahrain, the UAE, Kuwait, Saudi Arabia, Qatar and Oman commissioned a study in 1986 to explore the idea of connecting electricity grids across the Middle East.
Subsequent research laid out a road map and in 2001, the GCC Interconnection Authority (GCCIA) was formed. By 2011, all GCC countries were connected, with the exception of Oman, which was linked up the following year.
The GCCIA operates a 400-kilovolt grid, which links the electricity grids of the six member countries.
The latest agreement “solidifies” the link between Qatar, Saudi Arabia and other Gulf states, which was “far from obvious only a few years ago during the Gulf blockade on Doha”, Mr Zalayat said.
Iraq, a major oil producer often plagued by power shortages, could be among the first to benefit from electricity trade with the Gulf.
Last year, Saudi Arabia signed an agreement with Iraq that involves building a one-gigawatt transmission line between Arar in the kingdom’s north and Yusufiya near Baghdad.
The GCCIA plans to start exporting electricity to the country next year and is finalising details with the Iraqi government, Ahmed Al Ebrahim, chief executive of the regulator, told The National last month.
The agreement could reduce Iraq's reliance on power and gas imported from Iran, which supplies about a third of its total power, while also countering Tehran’s political influence in the predominantly Shiite country, Mr Zalayat said.
Diversified power
The deal comes as Gulf countries are shifting from fossil fuels in their electricity mix.
Renewable energy sources such as solar and wind power are increasingly contributing. However, their intermittent nature, where power output varies with the weather, can lead to excess production that can overload the grid.
The agreement could help the Gulf deal with the excess power coming from renewables to sell to “other regions in need”, Mr Al Ebrahim said.
The UAE and Saudi Arabia – two of the largest economies in the Arab world – are investing heavily in renewable energy to meet their growing needs. The UAE aims to triple its renewable energy output by 2030, while Saudi Arabia wants half of its electricity from renewable sources by the same year.
However, the interconnection agreement depends on modernising power grids and infrastructure in many economically disadvantaged Middle Eastern countries, Mr Sassi said.
“[This would] guarantee an integration in the system and not generate an electricity dependency, which could become a new source of leverage in a dysfunctional electricity market,” he added.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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
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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Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
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%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Barbie
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57%20Seconds
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More from Rashmee Roshan Lall
Sholto Byrnes on Myanmar politics
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Reputation
Taylor Swift
(Big Machine Records)
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
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U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
