At the end of this month, Lebanon’s central bank governor, Riad Salameh, is scheduled to leave office after 30 years, unless a shady political deal somehow extends his mandate until a replacement is found. Mr Salameh has been accused in several European countries of corruption, and France and Germany have issued Interpol “red notices” for his arrest.
However, there is a more profound message in the governor’s departure. In many regards, it represents the symbolic end of Harirism – the financial and economic strategy of the late prime minister Rafic Hariri to revive Lebanon at the end of its civil war in 1990. While Mr Hariri did rebuild Beirut’s historical downtown area, it was his monetary policy that really drove the Lebanese revival – until the country’s finances collapsed in 2019.
The basis of this policy was, very generally, to maintain parity between the Lebanese pound and the US dollar and attract capital to Lebanon through high interest rates on treasury bills and bank accounts. In this way, the state could roll over the debt indefinitely, relying on inflows to offset Lebanon’s perennial balance of trade deficit, so the balance of payments would more or less remain positive. When the inflows started declining at the beginning of the last decade, Lebanon’s financial situation became more precarious, which slowly undermined confidence in the system’s financial stability.
Yet Mr Salameh remained in office, even after the breakdown of 2019. He did so because the political class protected him, seeing him as a reliable keeper of their secrets and someone willing to do their bidding. However, when the governor himself became the target of multiple investigations in Europe and elsewhere, the politicians sensed that his time was up. Even though he continued to be protected, he also became, conveniently, a lightning rod for public anger, which deflected the anger from the politicians.
For many people, the end of Harirism came in 2022, when Saad Hariri, Rafic’s son, declared that he had withdrawn from politics. However, the real closing of the book will be Mr Salameh’s exit, precisely because the central bank governor is associated with the successes of Rafic Hariri’s years in office, whereas Saad, who was absent from politics in the 1990s at the inception and height of Harirism, never approximated those successes.
Mr Salameh was brought to the central bank in 1993 by Rafic Hariri after being his portfolio manager at Merrill Lynch. He was the principal architect, with the then prime minister, of the monetary policy adopted by Lebanon in the immediate post-war years. In those days, few people described the high interest rates offered on treasury bills as a Ponzi scheme, largely because Lebanon was thriving after years of conflict.
There was a serious glitch in 1998, when the government faced a fiscal crisis due to debt-servicing obligations, but this was resolved by issuing debt in foreign currencies. The banking sector expanded and Mr Salameh collected plaudits all around, including being named in the Euromoney Awards as best central banker worldwide in 2006. The optimism accompanying Rafic Hariri’s reconstruction programme washed off on Mr Salameh, and if anyone could claim to be the beating heart of Harirism, it was the governor.
It was also Mr Salameh who understood best that Lebanon’s financial system was built on an alliance between the sectarian political leaders or parties and a banking sector that had shrewdly integrated them into its affairs. The bankers bankrolled the politicians’ system of political and communal patronage, and in exchange the politicians protected the interests of the banking sector. At the heart of this nexus was one man, Mr Salameh.
Rafic Hariri, a dynamic man crucial for post-war revival, but also someone who could never be confused with a reformer, understood the game. Unless such a system was in place, he realised, his reconstruction ambitions would be held hostage by the political class. But he also had a political aim: Mr Hariri was always in need of building coalitions to advance his plans, and money was the best way to overcome political obstacles.
Perhaps most significantly then, Mr Salameh’s departure closes the book on a return to such a model. The political class has strangled the goose that laid the golden egg, and this probably spells the end of a prosperous Lebanese financial and economic system wrapped around its interests, as was the case until 2019. Certainly, the politicians will continue to plunder the state as best they can, but with Lebanon bankrupt and the politicians and bankers rejecting reform, the country will likely never regain what it had in the 1990s.
Harirism, though sometimes criticised by economists and others, was about Lebanon’s resurrection, albeit one based on very risky financial foundations. With Mr Salameh preparing to go home, the coda that he leaves behind is that Lebanon was living a self-destructive illusion, with the central bank governor as its impresario.
It’s remarkable that when he took office for the first time in 1992, Rafic Hariri seemed to represent a new type of Lebanese figure. He was not from a traditional political family, nor was he tied to a political party. His claim to fame was great wealth and he exemplified how a new business class was taking on a political role in the country. More than three decades later, Mr Salameh’s fate shows that this expectation was overblown, given the realities of the Lebanese state. The system both men helped create is clinically dead, as well it should be.
MWTC
Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.
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
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Abu Dhabi Desert Challenge – Rally schedule:
Saturday: Super Special Spectator Stage – Yas Marina Circuit – start 3.30pm.
Sunday: Yas Marina Circuit Stage 1 (276.01km)
Monday: Nissan Stage 2 (287.92km)
Tuesday: Al Ain Water Stage 3 (281.38km)
Wednesday: ADNOC Stage 4 (244.49km)
Thursday: Abu Dhabi Aviation Stage 5 (218.57km) Finish: Yas Marina Circuit – 4.30pm.
The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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RACE CARD
5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
Yuki Means Happiness
Alison Jean Lester
John Murray
Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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