French Foreign Minister Jean-Yves Le Drian talks to reporters at a school in Mechref on July 24, 2020, at the end of a two-day visit to Lebanon. Reuters
French Foreign Minister Jean-Yves Le Drian talks to reporters at a school in Mechref on July 24, 2020, at the end of a two-day visit to Lebanon. Reuters
French Foreign Minister Jean-Yves Le Drian talks to reporters at a school in Mechref on July 24, 2020, at the end of a two-day visit to Lebanon. Reuters
French Foreign Minister Jean-Yves Le Drian talks to reporters at a school in Mechref on July 24, 2020, at the end of a two-day visit to Lebanon. Reuters

French foreign minister announces aid for Lebanese schools but nothing for government without reforms


Sunniva Rose
  • English
  • Arabic

French Foreign Affairs Minister Jean-Yves Le Drian ended a two-day visit to Lebanon on Friday by announcing more than €15 million (Dh64m) in aid for schools after delivering a firm message to the country's leaders: they will see no economic assistance without implementing long-delayed reforms to increase transparency and fight corruption.

“I have decided that Lebanon would benefit from a special effort with means that are up to the level of our historic relations and the position of French education in this country,” Mr Le Drian said during a visit to Carmel Saint Joseph school in Mechref, south of Beirut.

“In total, nearly €15 million are now at the disposal of the Lebanese education sector, which is equivalent to one tenth of the financial commitments that we implemented in the entire world,” he said.

“In parallel, €2m have been rallied for Christian schools in the region, and because of their importance, a large part of this sum will go to those of Lebanon.”

Sources at the French Embassy in Beirut explained that the €15m was part of a global emergency aid package managed by the Agency for French Education Abroad, which operates under the umbrella of the French Ministry of Foreign Affairs. The package supports schools that have been approved by the French Education Ministry throughout the world.
The aid will be distributed in various ways, including interest-free loans and emergency scholarships to non-French families.

The €2m fund for Christian schools in the region was approved earlier this year. Half the fund has been donated by the French state and the other half by the French NGO L’Oeuvre d’Orient which serves Christian French-speaking schools, including those that do not run programmes approved by the French government.

The education sector in Lebanon has a strong relationship with former colonial power France. About 60,000 Lebanese students study in schools certified by the French government – the highest of any foreign country, said a source at the French embassy. Morocco comes second with 37,000 students among a population that is over seven times bigger than Lebanon’s.

Speaking to journalists after his speech at the school, Mr Le Drian said that he came to Lebanon with two messages: firm demands regarding the implementation of reforms, and solidarity with the education sector. “This country is on the verge of an abyss. If actions are not taken, it could become a country adrift,” he said.

Lebanon has been suffering its worst economic crisis for the past year, causing soaring inflation, job losses and a massive devaluation of its local currency on the black market.
Authorities have requested a bailout from the IMF but negotiations have stalled as local politicians bicker over how to solve the crisis.

Mr Le Drian said he had told President Michel Aoun, Parliament Speaker Nabih Berri and Prime Minister Hassan Diab that it was essential to implement reforms.

“First, wrap up negotiations with the IMF, which means going forward with an audit of the Lebanese central bank and taking the necessary measures regarding capital controls,” he said.

Recent reports by the Financial Times and Reuters said that the central bank governor inflated the institution's assets by over $6 billion in 2018 to help prop up the economy.
Lebanese banks have implemented capital controls since last November, several months into a dollar cash crisis. But these measures have not been rendered legal either by Parliament or the government. The IMF has requested that they be formally organised, but local reports suggest that Mr Berri is opposed to this.

Mr Le Drian said Lebanon also needed to reform its electricity sector, which does not produce enough power to satisfy demand but also eats up between $1bn and $2bn a year in state subsidies. Finally, Mr Le Drian said that Lebanon needed to increase the transparency of procurement contracts and of its justice system.

“I heard President Michel Aoun make strong statements regarding his will to fight corruption and I hope that all actors will do the same,” he said.

On Wednesday, President Aoun told Mr Le Drian that there had been “difficulties and obstacles [in] the fight against corruption because of the presence of many people involved in it who exert strong pressures to stop [the fight]”.

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A

Profile Periscope Media

Founder: Smeetha Ghosh, one co-founder (anonymous)

Launch year: 2020

Employees: four – plans to add another 10 by July 2021

Financing stage: $250,000 bootstrap funding, approaching VC firms this year

Investors: Co-founders

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Naga
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COMPANY%20PROFILE
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Gulf rugby

Who’s won what so far in 2018/19

Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain

What’s left

UAE Conference

March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers

March 29, final

UAE Premiership

March 22, play-offs: 
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes

March 29, final

%3Cp%3EThe%20Department%20of%20Culture%20and%20Tourism%20-%20Abu%20Dhabi%E2%80%99s%20Arabic%20Language%20Centre%20will%20mark%20International%20Women%E2%80%99s%20Day%20at%20the%20Bologna%20Children's%20Book%20Fair%20with%20the%20Abu%20Dhabi%20Translation%20Conference.%20Prolific%20Emirati%20author%20Noora%20Al%20Shammari%2C%20who%20has%20written%20eight%20books%20that%20%20feature%20in%20the%20Ministry%20of%20Education's%20curriculum%2C%20will%20appear%20in%20a%20session%20on%20Wednesday%20to%20discuss%20the%20challenges%20women%20face%20in%20getting%20their%20works%20translated.%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The%20specs
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Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack

if you go
F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Studying addiction

This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.

Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.

The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.

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.”

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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.
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Turkish Ladies

Various artists, Sony Music Turkey 

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Schedule:

Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore

Company%20profile
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Tips for avoiding trouble online
  • Do not post incorrect information and beware of fake news
  • Do not publish or repost racist or hate speech, yours or anyone else’s
  • Do not incite violence and be careful how to phrase what you want to say
  • Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
  • Do not forget your children and monitor their online activities
While you're here ...

Damien McElroy: What happens to Brexit?

Con Coughlin: Could the virus break the EU?

Andrea Matteo Fontana: Europe to emerge stronger

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.