Lebanon’s most high-profile products are probably sweets and wine. As an industry, wine generates revenues of about US$50 million annually, the kind of money that might buy a Russian businessman a half-decent London town house. Not much is it? But then again Lebanese industry has always been something of a non-starter, blighted as it is by a lack of government support and the high cost of land, permits and power.
And things, as you can imagine, are only getting worse. While our politicians try to form a cabinet, I read in the local press last week that some “energy-intensive” Lebanese industrial firms, either have, or are considering, relocating abroad. And you know things must be really bad when you read that for many Lebanese business owners, Egypt is the destination of choice. Then again, who cares about a little instability when, as one company confirmed, the move can save a reported $500,000 a year in electricity bills? Instability is after all part of our default setting.
In Lebanon what passes for real industry is the production of paper, cardboard, tissue and plastics. Not very glamorous is it? But it is a manufacturing base that is the mothership of two items, without which we Lebanese would be lost: Ladies and gentlemen I give you the white (it’s always white) plastic chair and a box of paper tissue or Kleenex (emphasis on the “n”, please).
The plastic chair is the ultimate Lebanese invention. (By the way, the “Florence” model, made by Kamaplast in Sidon and which with comes in nine other redundant colours – I have never seen pistachio or navy blue chairs – must surely be the gold standard of this mighty tradition.) Affordable, easy to wipe down and eminently stackable, the white plastic chair is not only practical, a quality the Lebanese love, it performs a huge cultural role. It allows people to instantly gather and sit, always a big deal in Lebanon, where everything takes time.
If political rallies were banned plastic manufacturers would, if not go out of business, then at least take a new strategic direction. But then again there are always funerals, a serious red-letter day for cheap seating. Two years ago, an elderly man in my village died suddenly when I was visiting his house. As news spread of his death, the well-rehearsed protocol kicked in and by the time the local doctor pronounced the poor fellow dead (we already knew), the familiar lines of white chairs had already been set up outside the house to receive the first wave of mourners.
Understandably, tissues are also very big at funerals, but when we Lebanese are not dabbing away a tear, we are also reaching for them in shops, garages and waiting rooms where they are always handed out with unconditional understanding.
“We just don’t use them in the same way,” barked my sister, who lives in London. “Why would anyone want a box of tissues in every room? And what about the environment? No wonder there is so much litter in Lebanon when everyone blows their nose all the time.”
She had a point. All this plastic and all this tissue – I haven’t even touched on the millions of free shopping bags and bottles of mineral water that are consumed every day – add up to one gigantic environmental headache in a country which is already one of the most polluted in the Mediterranean.
Michael Karam is a freelance writer based in Beirut
The five pillars of Islam
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
More coverage from the Future Forum
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
Killing of Qassem Suleimani
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Fight card
1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)
9. Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
HWJN
Director: Yasir Alyasiri
Starring: Baraa Alem, Nour Alkhadra, Alanoud Saud
Rating: 3/5
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now
MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45+2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
Company profile
Company: Splintr
Started: May 2019
Founders: Mohammad AlMheiri and Badr AlBadr
Based: Dubai and Riyadh
Sector: payments / FinTech
Size: 10 employees
Initial investment: undisclosed seven-figure sum / pre-seed
Stage: seed
Investors: angel investors
The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Courses at Istituto Marangoni, Dubai
Undergraduate courses
Interior Design; Product Design; Visual Design; Fashion Design & Accessories; Fashion Styling & Creative Direction; Fashion Business; Foundation in Fashion; Foundation in Design
Professional courses
Fashion e-Commerce & Digital Marketing; Fashion Entrepreneurship; Fashion Luxury Retail and Visual Merchandising
Short courses
Fashion design; Fashion Image & Styling; Fashion Trend Forecasting; Interior Design; Digital Art in Fashion
More information is at www.istitutomarangoni.com
CONFIRMED LINE-UP
Elena Rybakina (Kazakhstan)
Ons Jabeur (Tunisia)
Maria Sakkari (Greece)
Barbora Krejčíková (Czech Republic)
Beatriz Haddad Maia (Brazil)
Jeļena Ostapenko (Latvia)
Liudmila Samsonova
Daria Kasatkina
Veronika Kudermetova
Caroline Garcia (France)
Magda Linette (Poland)
Sorana Cîrstea (Romania)
Anastasia Potapova
Anhelina Kalinina (Ukraine)
Jasmine Paolini (Italy)
Emma Navarro (USA)
Lesia Tsurenko (Ukraine)
Naomi Osaka (Japan) - wildcard
Emma Raducanu (Great Britain) - wildcard
Alexandra Eala (Philippines) - wildcard
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50