Lebanese find success wherever they roam


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When the Egyptian actor Omar Sharif died on Friday, many Lebanese were quick to claim him as their own. In many ways they were right to do so, as the world’s media was big-hearted enough to recognise Sharif’s roots.

Born Michel Shalhoub, he grew up in a small Greek Catholic community from the Cairo suburb of Heliopolis, many of whose residents – my mother’s family included – came from the Bekaa Valley town of Zahleh in the 19th century. “They were our neighbours,” she said when I called, tongue firmly in cheek, to offer my condolences.

Not since the Apple founder Steve Jobs, an American of Syrian descent (close enough given we were once the same country) died in 2011, has there been such a fuss over claiming an emigrant son. But then again, the Lebanese love to list the dozens of famous compatriots who have made it abroad. And to be fair (given the mediocrity of those who run the show at home), for such a small country we do punch above our weight.

For openers we can claim Carlos Slim, the Mexican telecoms mogul often cited as the richest man in the world. But we can also point to a stellar list of actors, writers, artists, designers, doctors and businessmen – all of whom can trace their origins back to Lebanon.

At a talk at the American University of Beirut in the spring of 2010, Mr Slim reminded those gathered of the ability of the Lebanese to set off with nothing and make a go of it in whatever country they landed in. The earliest Australian tinkers – hawkers of cheap goods – were Lebanese and Syrians who probably had no idea where they had ended up after boarding the boat at Beirut, but laid the foundations for what is now a thriving, prosperous and hard-working expatriate community. They did the same in West and Central Africa, Canada, Brazil and the United States, where the Michigan town of Dearborn could be twinned with anywhere in south Lebanon, such is the influence of the predominantly Shia Lebanese population

All this is nothing new, but I mention it because the sad – yes, sad – tradition of emigration is still very much alive, such is the level of desperation back home.

At Sunday lunch last week in my village I met a man who had been made redundant from a decent job in the hospitality sector in Oman. He had returned to Lebanon with his young family but was not planning on sticking around, such was the dearth of opportunities in a country that is focusing all its efforts on not imploding. I asked him where he wanted to go. “I don’t care,” he shrugged. “Anywhere. The trouble is not many countries are giving visas to the Lebanese nowadays.”

In the 24 years since I returned to Lebanon – a period when the country was dusting itself down after 15 years of civil war – I have not felt such a palpable sense gloom as I did last week. And yet the country and its people have so much to offer if they are only given a chance.

Certain elements of the political class (Michel Aoun, I’m looking at you) are so hell-bent in achieving their own narrow sectarian interests that if they are not careful there will no be a country left in which to implement their outrageously self-seeking agendas.

I lived through two wars, a popular revolution, an attempted coup, a bombing campaign and too many political crises to mention, but even then Lebanon was always able to bounce back.

I still recall in wonder how everyone went back to work the day after the ceasefire in the 31-day war between Israel and Hizbollah in the summer of 2006. One million people had been displaced and material damage ran into the billions of US dollars, but we just rolled up our sleeves and cracked on – and within months the tourists were back.

If there is a glimmer of hope, it is that the Lebanese have been here before and will continue to tread that perilous path between emigration and digging in for the long haul. In the meantime, as was the case for a certain Michel Shalhoub whose family left Zahleh for Cairo, when we leave, every now and then we can take on the world and win.

Michael Karam is a freelance writer who lives between Beirut and Brighton.

War and the virus
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

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.”

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

While you're here
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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UAE currency: the story behind the money in your pockets
Results
%3Cp%3E%3Cstrong%3EStage%206%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%203hrs%2041min%2012sec.%3Cbr%3E2.%20Sam%20Bennett%20(GBR)%20Bora%20%E2%80%93%20Hansgrohe%20%E2%80%93%20ST%3Cbr%3E3.%20Dylan%20Groenewegen%20(NED)%20Team%20Jayco%20Alula%20%E2%80%93%20ST%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%209sec%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20%E2%80%93%2013sec%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Japan 30-10 Russia

Tries: Matsushima (3), Labuschange | Golosnitsky

Conversions: Tamura, Matsuda | Kushnarev

Penalties: Tamura (2) | Kushnarev

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

Places to go for free coffee
  • Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day. 
  • La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
  • Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
  • Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

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.
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.
Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more