Lebanon has just gone through a revolution – one that started more than five years ago with street protests demanding an end to corrupt political rule. It took all that time and a whole myriad of developments to get to a point where a president and prime minister have been elected outside the grip of the usual political parties that have dominated the country for decades.
In having former head of the Lebanese Armed Forces Joseph Aoun and former head of the International Court of Justice Nawaf Salam elected by Parliament this week, Lebanon has entered a new era. No longer is Hezbollah able to use its “veto” by having a third of parliamentary votes hold up all government activity.
The end of the constitutional paralysis of the country, with no president in power for more than two years and four months, is coupled with the return of political life to the country. It is a historic moment – Lebanon may be the closest it has been in at least 20 years to freeing itself from the chokehold of warlords of the previous civil war, Hezbollah and its regional backer Iran.
There is no denying that the devastating wars in Gaza and Lebanon since the Hamas attack of October 2023 led to major changes in the Arab world and particularly in Palestine, Syria and Lebanon. Some of these changes are terrible, like the displacement of close to 90 per cent of Gaza’s population due to Israel’s continued war. Others are transformative, like the end of Bashar Al Assad’s rule in Damascus.
All came to a head in Lebanon last year, with Israel assassinating Hezbollah leader Hassan Nasrallah and other senior members of the paramilitary group, while also displacing over a million Lebanese from the south of the country. In addition to the loss of life, there was an intolerable strain on Lebanon after five years of a chaotic downward spiral in the country. From the collapse of the country’s banking system, to the Beirut port explosion that was one of the largest recorded in human history, to a political stalemate that meant the country was led by a fragile caretaker government – all of this was set against the backdrop of a hobbled state, with political parties taking advantage of that weakness to build their strength and influence.
No entity benefited more than Hezbollah from the weakness of the Lebanese state, and it is only with a weakened Hezbollah that the state is able to re-emerge. For the first time in years, Hezbollah was no longer the determining voice in deciding who was Prime Minister. Mohamed Raad, the head of its parliamentary bloc, made his anger clear after the decision to name Mr Salam as Prime Minister, saying Hezbollah extended a hand in allowing quorum in Parliament last Thursday, which led to voting in the President, “but that hand was cut”.
Mr Salam’s appointment was not a foregone conclusion. Hezbollah had banked on caretaker prime minister Najib Mikati being sworn in and maintaining existing power-sharing agreements. That order has been upended.
Lebanon may be the closest it has been in at least 20 years to freeing itself from warlords, Hezbollah and Iran
Equally, neither is Mr Salam’s success a foregone conclusion. Spoilers will be waiting for him to slip up, or will work at limiting his ability to implement change. Those with vested interests threatened by these changes are, of course, going to try their best to limit them. Some of the challenges are economic and political, but fundamentally the threat is linked to security and the threat of violence. With at least 13 per cent unemployment, a proliferation of arms in the country and undercurrents of sectarian tensions, the threats are real.
In his first public remarks after returning to Beirut from The Hague, Mr Salam promised on Tuesday a “just, strong, modern civic state” to emerge. Such a state would run contrary to the interests of those who object to a “civic” state and want to see sectarian interests dominate it. Equally, those who object to “justice” being served will have a lot to lose.
February will mark 20 years since the devastating assassination of Rafic Hariri. Justice for that crime was not served directly, and in a sweet irony, it was Mr Salam who established the special tribunal for Lebanon to bring those behind Mr Hariri’s killing to justice. Impunity has been one of the hallmarks of Lebanese politics in the past two decades; ending it will not be easy but it is necessary to ensure that change is institutional and not just dependent on a few personalities.
Mr Salam has promised that “the time is now for a new chapter, based in justice security, progress, opportunities and equality”, with a commitment to implementing UN Security Council Resolution 1701 and a full Israeli withdrawal from the country. It is a tall order but at a revolutionary time within the country and with clear international support, Lebanon may just be able to deliver it.
And it is the street protests of five years ago, which led to independent parliamentary candidates winning more seats in 2022 than ever before that ultimately allowed the election of a new president and prime minister to happen. While a long time coming, Lebanon’s revolution seems to have borne fruit.
Sweet%20Tooth
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Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
MATCH STATS
Wolves 0
Aston Villa 1 (El Ghazi 90 4' pen)
Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)
Man of the match: Emi Martinez (Aston Villa)
Why are you, you?
Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.
Ben Okri,
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
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.”
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
SWEET%20TOOTH
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The five pillars of Islam
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
COMPANY%20PROFILE%20
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
LA LIGA FIXTURES
Saturday (UAE kick-off times)
Leganes v Getafe (12am)
Levante v Alaves (4pm)
Real Madrid v Sevilla (7pm)
Osasuna v Valladolid (9.30pm)
Sunday
Eibar v Atletico Madrid (12am)
Mallorca v Valencia (3pm)
Real Betis v Real Sociedad (5pm)
Villarreal v Espanyol (7pm)
Athletic Bilbao v Celta Vigo (9.30pm)
Monday
Barcelona v Granada (12am)
Notable groups (UAE time)
Jordan Spieth, Si Woo Kim, Henrik Stenson (12.47pm)
Justin Thomas, Justin Rose, Louis Oosthuizen (12.58pm)
Hideki Matsuyama, Brooks Koepka, Tommy Fleetwood (1.09pm)
Sergio Garcia, Jason Day, Zach Johnson (4.04pm)
Rickie Fowler, Paul Casey, Adam Scott (4.26pm)
Dustin Johnson, Charl Schwartzel, Rory McIlroy (5.48pm)
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
BLACKBERRY
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