A journalist takes a selfie with French President Emmanuel Macron after a news conference at the Pine Residence, the official residence of the French ambassador to Lebanon, in Beirut, Lebanon. Reuters
French President Emmanuel Macron speaks during a news conference in Beirut, Lebanon. Bloomberg
French President Emmanuel Macron speaks during a news conference in Beirut, Lebanon. Bloomberg
French President Emmanuel Macron visits the Rafik Hariri University Hospital in Beirut, Lebanon. EPA
French President Emmanuel Macron, flanked by French Health Minister Olivier Veran visit the Rafik Hariri University Hospital in Beirut, Lebanon. EPA
French President Emmanuel Macron meets members of the military mobilised for the reconstruction of the port of Beirut, in Beirut, Lebanon. Reuters
French President Emmanuel Macron meets members of the military mobilised for the reconstruction of the port of Beirut, in Beirut, Lebanon. Reuters
French Foreign Minister Jean-Yves Le Drian and French President Emmanuel Macron meet members of the military mobilised for the reconstruction of the port, in Beirut, Lebanon. Reuters
French President Emmanuel Macron flanked by French Health Minister Olivier Veran and French Foreign Minister Jean-Yves Le Drian listen to Arnaud Tranchant, commander of the Tonnerre helicopter carrier, off the port of Beirut. AFP
French President Emmanuel Macron and French Foreign Minister Jean-Yves Le Drian meet with UN representatives and NGOs mobilised for the reconstruction of Beirut port. AFP
Alpha jets of the Patrouille de France release smoke in the colours of the Lebanese flag while flying over the Mohammad al-Amin mosque in the centre of Lebanon's capital Beirut, as the former French mandate marked its centenary while teetering on the brink of the abyss. AFP
French President Emmanuel Macron plants a cedar next to members of the NGO Jouzour Loubnan in Jaj, Lebanon. EPA
French President Emmanuel Macron hugs a blast victim, Tamara Tayah, while attending a ceremony to mark Lebanon's centenary in Jaj Cedars Reserve Forest, northeast of the capital Beirut. AFP
French President Emmanuel Macron speaks to victims of the blast as he arrives to a ceremony to plant a cedar next to members of the NGO Jouzour Loubnan in Jaj, near Beirut, Lebanon. EPA
French President Emmanuel Macron meets former Lebanese prime minister Saad Hariri at the Pine Residence, the official residence of the French ambassador to Lebanon, in Beirut, Lebanon. EPA
Lebanese President Michel Aoun and French President Emmanuel Macron during a welcome ceremony at Beirut airport. AFP
Protesters walk outside the home of Fairouz, one of Arab world's most famed singers, as French president Emmanuel Macron visits her, in Rabieh, Lebanon. Reuters
French President Emmanuel Macron, gives respect sign to anti government protesters as he leaves the house of Lebanon's diva Fairouz, one of the Arab world's most popular singers, in Rabieh, north Beirut, Lebanon. AP Photo
French President Emmanuel Macron, center, speaks with an anti government protester after his visit to the Lebanon's diva Fairouz, one of the Arab world's most popular singers, in Rabieh, north Beirut, Lebanon. AP Photo
French President Emmanuel Macron talks to journalists as he leaves the home of Fairouz, one of the Arab world's most famed singers, after visiting her in Rabieh, Lebanon. Reuters
Lebanese President Michel Aoun and French President Emmanuel Macron, both wearing face masks, during a welcome ceremony at Beirut international airport. AFP
French President Emmanuel Macron arrives at Beirut international airport, Lebanon. EPA
French President Emmanuel Macron speaks to reporters after his meeting with Lebanese President Michel Aoun at Beirut international airport. AP
On Sunday night, Lebanese President Michel Aoun made a speech on television to mark the establishment by France of Greater Lebanon on September 1, 1920. In the speech, Mr Aoun called for a “civil state”, declaring that Lebanon’s sectarian system “constitutes an obstacle to all progress and reforms and the fight against corruption”.
At any other moment, such radical remarks should have represented a stirring call to arms for change, with broader implications for Lebanese society. However, coming from a largely invisible President, it fell on a mostly indifferent public. It also does not help matters that Mr Aoun is perceived as covering for the corruption of his son-in-law, Gebran Bassil, who is also a politician.
Yet the antagonism directed against Mr Aoun has underlined how the Lebanese understand that their presidents have considerable influence, even if the constitution does not accord them very much formally. They can be the object of significant popular expectations or, alternatively, profound revulsion, despite the fact that they have little real power to implement decisions.
When Greater Lebanon was established in 1920, France put in place a presidential system that it very much controlled as mandatory power in the country. At the time, the competition between two presidential rivals, Bishara Al Khoury and Emile Eddeh, defined Lebanese politics to a great extent. Ultimately, both men would become presidents, though Al Khoury perhaps ultimately won out by holding the office at the time Lebanon became independent in 1943.
Following independence, the presidency would remain a source of competition between Maronite Christian politicians. According to an agreement known as the "national pact" between Al Khoury and a leading Sunni Muslim politician, Riad Al Solh, the president would always be a Maronite, the prime minister always a Sunni Muslim and the parliament speaker always a Shia Muslim.
At the time, the president had extensive powers, appointing prime ministers, dissolving governments and having a major voice over ministerial appointments. That changed in 1989, when constitutional amendments agreed at Taif, Saudi Arabia, led to a transformation of the system into one where executive power was vested in the council of ministers. The president's role was curtailed, even if he remained head of state "and the symbol of the nation's unity".
Many Christians, including Mr Aoun, regarded the transformation of the president’s role as a defeat for the Maronite community. Mr Aoun for many years was highly critical of Taif, even as he engineered, with the help of Hezbollah, his own ascension to the role in 2016. Evidently, Mr Aoun had grasped that, with or without Taif, in a sectarian system where a president also represents a major Lebanese religious community, he could play a role larger than what the constitution mandated.
A 2011 photo shows a poster in Beirut of Lebanese opposition leaders, Parliament Speaker Nabih Berri, left, then MP Michel Aoun, centre, and Hezbollah chief Hassan Nasrallah. AFP
Michel Aoun could have exploited the implicit powers of his office to his advantage since October 2019, when the Lebanese began denouncing the ineptitude and dishonesty of their political leaders
Yet what Mr Aoun has also shown since then is that he did not have the acumen to consolidate the powers of his office. Instead, the President has completely undermined his position by failing to take the lead in guiding Lebanon out of its profound economic and financial crisis. He is now seen as part of the problem, having used his office largely to benefit the personal and political interests of his family, particularly the widely reviled Mr Bassil.
Things could have been different. Mr Aoun could have exploited the implicit powers of his office to his advantage since October 2019, when hundreds of thousands of Lebanese began denouncing the ineptitude and dishonesty of their political leaders. He could have caught the wave to enhance his authority and speak for a nation united against politicians who had brought about financial collapse.
Instead, when appearing on television at the time, Mr Aoun looked disoriented and out of touch, in part perhaps because Mr Bassil was among those the protesters had denounced most vehemently. The President paid the price for being identified too closely with his son-in-law, when a more competent politician might have used the occasion to garner power at Mr Bassil's expense.
Fireworks thrown at riot police by anti-government protesters explode during clashes near the parliament building following last Tuesday's massive explosion in the seaport which devastated Beirut, Lebanon. AP Photo
Lebanese protesters, enraged by a deadly explosion, clash with security forces at Martyrs' Square in Beirut. Lebanon's Prime Minister Hassan Diab stepped down amid fury within and outside his government over the deadly Beirut port blast he blamed on the incompetence and corruption of a decades-old ruling class. AFP
Lebanese protesters, enraged by a deadly explosion, hurl stones at security forces amid clashes in central Beirut. Lebanon's Prime Minister Hassan Diab stepped down amid fury within and outside his government over the deadly Beirut port blast he blamed on the incompetence and corruption of a decades-old ruling class. AFP
Lebanese anti-government protesters throw stones at security forces at one of the roads leading to the parliament building in Beirut, Lebanon. EPA
Lebanese security forces clash with protesters near the parliament building in central Beirut following a huge chemical explosion that devastated large parts of the Lebanese capital. AFP
A demonstrator waves a Lebanese flag during anti-government protests that have been ignited by a massive explosion in Beirut, Lebanon. Reuters
Protesters wave a Lebanese flag during demonstrations near the parliament building in Beirut, Lebanon. EPA
An anti-government protester uses a tennis racket to hit back a tear gas canister towards riot policemen during a protest following last Tuesday's massive explosion, which devastated Beirut, Lebanon. AP Photo
Lebanese security forces clash with protesters near the parliament in central Beirut following a huge chemical explosion that devastated large parts of the Lebanese capital. AFP
A member of Lebanese riot police fires a weapon during anti-government protests that have been ignited by a massive explosion in Beirut, Lebanon. Reuters
Lebanese protesters try to storm the vicinity of the parliament in central Beirut following a huge chemical explosion that devastated large parts of the Lebanese capital. AFP
A demonstrator throws fireworks at riot police during anti-government protests that have been ignited by a massive explosion in Beirut, Lebanon. Reuters
Similarly, after the massive explosion in Beirut port on August 4, Mr Aoun should have gone down on the evening of the blast to commiserate with those who had just lost their homes and loved ones. However, the President only appeared the next day to survey the blast site, with not a moment wasted on the victims. Here was a golden opportunity to bolster his appeal, and instead, Mr Aoun came across as someone indifferent to those who had suffered terrible trauma.
What is so difficult to grasp is why Mr Aoun, who effectively fought a war to become president in 1988-1990, and who helped create a ruinous presidential vacuum in 2014-2016 in order to take office, has proven to be such an inert, mediocre president. He has not brought a single original idea or programme that he has sought to implement.
If there is one enduring message among many others on Lebanon’s centennial, it is that the country’s political system creates many informal spaces for the exercise of constructive power. Even if the presidency is no longer what it once was, a capable president who wants to make a difference can do so if he tries.
Michael Young is a senior editor at the Carnegie Middle East Centre in Beirut and a columnist for The National
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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.”
Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
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the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.