Lebanon can lead and prosper with investment, Saad Hariri tells Abu Dhabi conference


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Lebanese Prime Minister Saad Hariri made an impassioned appeal for UAE investment on Monday, as the country seeks ways to boost its economy. Beirut is buckling under the mounting pressure on its currency and ever-growing debt servicing obligations.

At the second UAE-Lebanon Investment Forum in Abu Dhabi, sponsored by the UAE Ministry of Economy and the Abu Dhabi Chamber of Commerce, Mr Hariri urged investors to pour resources into the Lebanese economy, which he said is intent on reform.

"We will do all the planned reforms to change the way we do business and become almost like the UAE," Mr Hariri told delegates. "The UAE has long stood with Lebanon in good and bad days" he added. He asked investors to look at his country as a springboard for the reconstruction of Syria and Iraq.

“With conflicts all around, Lebanon is situated in a difficult location but at the same time there is an opportunity.”

Lebanon has $86 billion (Dh316bn) of public debt as of the end of July, one of the world’s highest debt-to-GDP ratios, and faces maturing debt of $1.5bn in November.

However, Lebanon's Central Bank governor Riad Salameh told the conference that authorities have enough resources under their disposal to keep supplying dollars to banks, dismissing the emergence of a black market in the country's currency in recent weeks as the country seeks billions of dollars to refinance maturing debt.

“We cannot say there is a parallel currency market unless banks start using a different exchange rate than the central bank,” Mr Salameh said, referring to the official exchange rate of 1,507.5 Lebanese pounds to the dollar.

He acknowledged that Lebanon is undergoing “difficulties” but said the authorities have taken “the necessary precautions” to keep the system liquid.

Mr Salameh said gross foreign exchange reserves at the central bank, excluding gold, currently stand at $38.5 billion, up an unspecified amount from their level in June.

The conference held various workshops and bilateral meetings between UAE and Lebanese companies, which discussed partnerships between the public and private sectors in both countries. The companies looked into renewable energy as well as oil and gas, an area Lebanon is keen to develop offshore in its Mediterranean waters.

"We believe that Lebanon, with its expertise and potential, is able to move forward and lead in various areas of development. We are keen to be partners in our countries' march towards progress and prosperity," UAE Minister of Economy Sultan Al Mansouri said at the conference.

Lebanon faces its deepest economic crisis since the end of a 15-year civil war in 1990. The mounting pressure on the Lebanese pound, which is pegged to the US dollar, has resulted in individual Lebanese banks placing curbs on greenback withdrawals. Mr Hariri has vowed to maintain the long-standing pound-dollar peg.

This month Moody's Investors Service put Lebanon's credit rating under review for a possible downgrade. Moody's said the review was taken due to the recent significant tightening in external financing conditions and the reversal in the bank deposit inflows that are essential in enabling Lebanon to meet the government's financing needs".

Sultan Al Mansoori, UAE Minister of Economy. Pawan Singh / The National
Sultan Al Mansoori, UAE Minister of Economy. Pawan Singh / The National

Private sector deposits at the banks in Lebanon declined by $2.2bn, or 1.3 per cent, in the first seven months of this year.

The announcement by the rating agency followed weeks of protests in the country by citizens demanding banks to remove curbs limiting foreign currency withdrawals.

Mr Hariri, 49, is seeking to remain a political force who Arab and Western capitals can count on to curb the expansion of Hezbollah and Iran in the region.

His connections were crucial to $11bn of pledges made at an international donor conference held in Paris last year. Those funds, however, are contingent on Lebanon implementing structural reforms and cutting its fiscal deficit.

From 2017 to 2018, UAE imports from Lebanon grew 21 per cent, while re-exports from the UAE to Lebanon increased more than 55 per cent, Mr Al Mansouri said. Non-oil trade between the two countries reached $2.6bn, up 34 per cent on 2017.

"We have a wide horizon of opportunities and sectors through which we can strengthen our mutual investment activities,"  Mr Al Mansouri said. Infrastructure and gas exploration are among the sectors where the UAE would be exploring opportunities, he added. "We would like to see Lebanon as an emerging economic power in the region".

MATCH INFO

Wales 1 (Bale 45 3')

Croatia 1 (Vlasic 09')

Key facilities
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If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

UAE currency: the story behind the money in your pockets
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The biog

Hobby: Playing piano and drawing patterns

Best book: Awaken the Giant Within by Tony Robbins

Food of choice: Sushi  

Favourite colour: Orange

F1 The Movie

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

Director: Joseph Kosinski

Rating: 4/5

Long read

Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response

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6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m

6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m

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Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

What it means to be a conservationist

Who is Enric Sala?

Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.

What is biodiversity?

According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.

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

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'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

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Who is Tim-Berners Lee?

Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.

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MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

The%20specs
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

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