A Lebanese stock exchange employee works in Beirut. The country's businesses are hindered by poor internet connectivity.
A Lebanese stock exchange employee works in Beirut. The country's businesses are hindered by poor internet connectivity.
A Lebanese stock exchange employee works in Beirut. The country's businesses are hindered by poor internet connectivity.
A Lebanese stock exchange employee works in Beirut. The country's businesses are hindered by poor internet connectivity.

Group pushes for better net access in Lebanon


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BEIRUT // As Lebanon forms its new government, businesses and other stakeholders are urging the liberalisation of the broadband internet market to create more competition. The result would be faster, cheaper access, according to the Lebanese Broadband Stakeholder Group (LBSG).

"There is an opportunity. Today we feel that we are in a good situation where we will have a new government and there is a consensus in the country. We want broadband to be on the agenda," said Salam Yamout of the LBSG, an employee of Cisco, one of the companies backing the group. She said the LBSG, a coalition of individuals, non-profits and businesses established less than a year ago, is mobilising the media and pushing for its programme.

The LBSG argues that internet in Lebanon is slow and expensive by regional and international standards. It notes that the maximum speed of 1Mb/s available for private use in Lebanon is referred to as broadband, while elsewhere, 100Mb/s is not uncommon. It also says that 1Gb/s should be available for businesses. The SBGL emphasises the cost to the economy and the business community of the lagging internet service in the country. It says that the 1Mb/s maximum is priced at US$199 (Dh731)/month, while in Jordan the same costs $30/month, and in France 100 megabits per second can be had for 100 euros, or about $140.

"In a country like Lebanon, where the resources of the government are limited, it is best to use the market power to its maximum by liberalising the market and opening it to open and fair competition as soon as possible," the LBSG says on its website. It says that previous governments, although not opposed to better internet access, have been very slow to enact reforms and provide more bandwidth. Kamal Shehade, chairman of the Telecom Regulatory Authority, the government agency that oversees the telecom sector, said he welcomed the involvement of the LBSG.

"This is the first time that civil society and the business sector have established a group to put pressure on the government," he said. Mr Shehade also thinks that the time is right for rapid improvement in the internet sector, but notes that he has faced strong opposition from "the government bureaucracy, vested interests and those who emphasise the fiscal benefits over competition." Khaldoun Farhat, general manager of internet provider Terranet, objects to what he perceives to be an emphasis on bringing in outside investment. "They are sending the wrong messages to the public and the government," Mr Farhat said. He emphasises that the Lebanese service providers are ready to invest in more capacity and even in the very expensive international lines.

"There is demand and we have the resources," he said. business@thenational.ae

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

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Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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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.”

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Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Results:

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Winner: Rodaini, Connor Beasley (jockey), Ahmad bin Harmash (trainer)

7.05pm: Handicap | $135,000 (Turf) | 1,200m

Winner: Ekhtiyaar, Jim Crowley, Doug Watson

7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m

Winner: Spotify, James Doyle, Charlie Appleby

8.15pm: UAE Oakes | Group 3 | $250,000 (D) | 1,900m

Winner: Divine Image, William Buick, Charlie Appleby

8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m

Winner: Mythical Image, William Buick, Charlie Appleby

9.20pm: Handicap | $135,000 (T) | 1,600m

Winner: Major Partnership, Kevin Stott, Saeed bin Suroor

How much do leading UAE’s UK curriculum schools charge for Year 6?
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  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

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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 four: an affection for classic cars lives on

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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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