BEIRUT // The sudden bursts of gunfire filled the air, shattering the calm around the Grand Serail, the seat of the Lebanese government. The cabinet was meeting inside the building, which was constructed in 1853 in Beirut's now glitzy downtown area.
The few men loitering among a fleet of expensive black cars in the courtyard of the Saray, or palace, looked nervous. Two young men ran toward the source of the gunfire, the mixed Shiite-Sunni district of Zqaq El Balat, a stone's throw away.
The gunfire continued for several minutes, intense and deafening. It did not take long for everyone in the Saray area to figure out what was happening. It was a celebration, not a shooting.
Life soon resumed its normal pace, as it often does in Beirut - a city on edge, a place of beauty, many contrasts and an unenviable knack for getting quickly and unexpectedly thrown into trouble, sometimes of the deadly variety.
Of late, the conflict in neighbouring Syria has been the main source of tension in Beirut.
But with or without the Syrian conflict, Beirut is, in many ways, a city that often looks on the brink of an outbreak of violence.
The gunfire on Wednesday near the Saray was celebratory - Shiites celebrating the release on bail of Wessam Alaaedeen, a Shiite militiaman who was arrested on June 25 while trying to set fire to a building housing an independent television station, with scores of employees inside. The militia, the Resistance Brigades, is a faction of Hizbollah, the militant group backed by Iran and Syria.
The man's release can hardly be an occasion that calls for celebration, but this is Beirut, where each one of the major political factions seizes every chance that comes along to make a point or get one over on their rivals.
In the case of Hizbollah and its allies, a show of force seems to be the preferred method.
Hizbollah, after all, has a guerrilla force that is arguably a more effective, better-armed and better-trained force than the country's national army and has defiantly rejected calls for it to disarm under the pretext that it defends the nation against Israel.
To those with no insight into the city's subtleties and socio-political intricacies, it is vexing, to say the least.
Beirut prides itself on being a centre of culture, art and music. In the 22 years since its ruinous civil war ended, it has built a reputation as a commercial and tourist hub and, of course, a nightlife so vibrant it has no equal in the Middle East.
Bookshops are often packed, concerts and local stage productions play to full houses. It is also a culinary haven, with healthy Lebanese fare and everything else from across the world.
So, how come some Beirutis can let off hundreds of rounds of live ammunition in the air and get away with it?
There is no easy answer, but consider this: Beirut's cultural sophistication is genuine, but - and this is what puzzles many - underneath that, there is an unpleasant, perhaps even rough, Beirut that only its natives and longtime residents identify.
Beirut is a city of divisions, suppressed aggression and a combustible sectarian mix that at times come to the surface with a bang.
On a different level, living in Beirut is both expensive and sometimes tough. Power and water cuts are an often daily nightmare that the city's estimated 1.2 million residents have to live with.
In most cases, Beirutis are buying their electricity from neighbourhood entrepreneurs who own power generators. The monthly bill can be anywhere between $120 (Dh440) and $500 depending on how much power a household needs to run essential appliances.
Residents also complain of high fuel and food prices, as well as rents. A taxi ride, no matter how short, costs a minimum of $5.
The high cost of living is just one of many things Beirutis have to cope with.
Beside the tragic deaths last month in Tripoli - 17 dead and more than 100 wounded - the Al Muqdads, a Shiite clan that not many outside Lebanon had heard of before, kidnapped Syrians and Turkish nationals in Beirut last month in a bid to secure the release of one of their own.
And that was not all. Angry Al Muqdad clansmen cut off the road to the city's international airport. In a series of news conferences shown live on all local television channels, the clan's elders addressed the nation while surrounded by security details made up of Rambo-like, heavily armed and tattooed young men.
This is not to say that Beirut is an entirely lawless city. It is heavily policed. Traffic officers dispense hefty fines for offences such as speaking on mobile phone while driving or not using a seat belt. The fines can be as much as 70,000 Lebanese liras (about Dh184).
But, more often than not, their authority does not extend to armed men with political connections - and not just any connections.
On Friday, scores of policemen in body armour and machine guns surrounded an office of the secular and pro-Syrian National Syria Party in the Al Hamra area, after two members took away the weapon of a plainclothes policeman whom they mistook for an anti-Syrian activist.
The standoff lasted several hours and attracted a large crowd while being shown live on all local TV channels. It ended with the party handing over the two men to the authorities, and their arrest.
Beirutis, much like Lebanese elsewhere, have a seemingly undying passion for firearms, something that explains why the city has had one bout of violence after another involving rival militiamen since the end of the 1975-90 civil war.
Iraq's sectarian strife in 2006 and 2007 lasted so long and claimed so many lives because, like in many parts of Lebanon, possessing and knowing how to use a firearm is a rite of passage to manhood.
Beirut's recently renovated seaside boulevard, or corniche, holds part of the secret of that passion for firearms. During the first day of the Muslim feast of Eid Al Fitr on August 19, many children played with toy guns, something that is seen across much of the Arab world on these religious holidays.
But in Beirut, the children, some as young as five, hold their innocuous toys in a manner worthy of a seasoned militiamen or professional hitmen.
Some tucked them in the waistband at the back of their trousers, others held their pistols with both hands as they aimed. Those with toy machine-guns had the muzzle facing down when not pretending to shoot, just like professional soldiers.
foreign.desk@thenational.ae
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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.”
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Company%20Profile
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Company%20Profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
Company%20Profile
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