Small linguistic triumph demonstrates Lebanese determination to succeed


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  • Arabic

Depending on who you talk to, the legacy of the former prime minister Rafik Hariri, who was murdered 10 years ago this month, is either a blueprint for where Lebanon can go with a vision built on a sound economic strategy, or a cautionary tale of how not to run the finances; how not to rebuild a city centre; and how, being backed by a regional superpower, in this case Saudi Arabia, can create a dangerous sectarian schism. The truth probably lies somewhere in between.

But away from the political mudslinging hang the fruit of another Hariri legacy, the thousands of Lebanese who owe all they have achieved in their lives to the generosity of the late billionaire businessman from Sidon.

In 1990, under the banner of “Investing in people, investing in Lebanon’s future”, he established the Hariri Foundation for Sustainable Human Development, offering assistance and scholarships to students with talent but not the means, in a genuine bid to leverage Lebanon’s global clout through its much vaunted human capital.

It was a smart move. We Lebanese take education very seriously, perhaps too seriously in some cases, but the undeniable bottom line is that our sons and daughters have shone at universities and in professions all over the world. And we wouldn’t be Lebanese if we didn’t throw in a bit of glamour. Amal Alamuddin, our latest high-profile super-achiever snagged none other than George Clooney, a feat that might unleash a new generation of doe-eyed lawyers upon the world.

So what better way to reach out to the fractious Lebanese than by offering to invest in the future of their sons and daughters? It was certainly a cheerier alternative to handing out AK-47s, cartons of cigarettes and US$400 a month to serve in a militia. Hariri knew he needed a generation that was on board with his dream of building a country predicated on business rather than bloodshed. Was he buying votes? Of course he was. But so what?

February is also the month that 23 years ago I returned to Lebanon. A family friend had found me a job teaching English to Hariri scholarship students at the American University of Beirut. Hariri who? I had never taught anyone anything and they needed to be fluent in six months. As most foreign teachers tended to be kidnapped at that time, the faculty was happy to have a native speaker and I was given the relatively undemanding essay writing and conversational English classes.

The latter was hardly teaching; we just talked. In fact the most challenging part of the job was to steer the conversation away from religion. It offered me a glimpse into the world from which many of the students came. Most, although not all, were from poor rural families from the north, the Bekaa, the south and the suburbs of Beirut. They were from all Lebanon’s main faiths but understandably — probably because they were the most comfortable taking the money — the majority was, like their benefactor, Sunni, with a large portion from Hariri’s hometown of Sidon.

In my second intake of students there was a skinny, underfed and badly shod boy from the Bekaa. We’ll call him Ali. On his first day in class, I asked him his name but he was too petrified to answer. Another student translated the question and, staring down at his sandals, he mumbled in Arabic. I learned later that he was from Baalbek; that he had never been to Beirut before; this was his first time away from home and he lived with an uncle in the suburbs.

These kids were the ones upon which their families had pinned their hopes. Ali had been offered a place at AUB to study medicine, so his exam grades must have been stellar. If he made it, he’d be a superhero. But first he had to master English. I couldn’t imagine going from zero knowledge to passing the Triple E entrance exam in six months. But somehow, like the vast majority, he made it and that was the last I saw of him.

Until six years later, when I shared an elevator at the American University Hospital with a well-groomed and confident intern. “Mr. Karam?” The accent was that ubiquitous Lebanese with an American twang. I looked round at him, grappling for some kind of recognition. “Mr Karam. It’s me, Ali. Your English student. How are you sir? It’s good to see you man.”

That’s my Hariri story.

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

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

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.
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The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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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Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

THE%20HOLDOVERS
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RESULT

Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Challenge Cup result:

1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
While you're here
RESULT

Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45' 1 og), van La Parra (red card 90' 6)
Man City: Agüero (47' pen), Sterling (84')

Man of the match: Christopher Schindler (Huddersfield Town)