Last Tuesday, after, wait for it, less than two hours of rain, thousands of Beirut commuters heading to the airport and all stops to the south, found themselves caught in flooding usually reserved for monsoon-drenched Asian countries.
As the water rose, in some cases halfway up car windows, so did impatience with the authorities – there were calls for the minister of public works, Ghazi Aridi, to resign. He had plenty of time to unblock the drains before the annual winter rains but didn’t.
The issue of our shameful water mismanagement could not have come at a better time for the Civic Influence Hub, a non-partisan group that wants to change and develop “economic and social policies through civic influence … under the rule of law and institutions”.
Today it will unveil its Blue Gold for Lebanon initiative, which seeks to create a privatised water company as well as lobby for new legislation to properly husband our considerable water resources. If its plan is adopted, it promises Lebanon can have a 500 million m3 surplus by 2020, rising to 1 billion m3 surplus by 2030.
To achieve this, Blue Gold wants to establish The Water Council of Lebanon, an “apolitical [body that] will ensure good governance of the water sector and will be responsible for the successful implementation of defined strategies”.
Pearls before swine? Probably. In the 22 years since the civil war the Lebanese have had plenty of time to address our shocking electricity situation, an arguably more important priority, and yet, to all intents and purposes, we have so far achieved zilch.
There is still nowhere in the country that receives 24-hour power. Central Beirut gets 21, but one only has to step an inch or two outside Zone 1 and this is reduced to between 12 and 16 hours.
Water is our next biggest concern and despite the fact that rain can bring the whole country to a standstill, nearly drowning hapless commuters, we have woefully little to go around. What makes me sceptical that Blue Gold for Lebanon will get off the ground is that there have been other water initiatives, presented in periods of greater stability, that have since been filed away.
“I wrote one for the ministry of water resources in 2005,” says Nicolas Photiades, an investment banker. “Did you know that Beirut gets more rain in the winter months than Manchester gets all year round and that does not even take into consideration the significant volume of melting snow in the spring, much of which currently runs into the Mediterranean”.
Most Lebanese are painfully aware of this. Before last week’s farce, my street was blocked with water lorries brought in to make up the shortfall, while every year I have to order at least an extra 50,000 litres for my house in the mountains. Now that the population has increased by a mind-blowing 45 per cent in two years, there is even less to go around.
As well as ensuring all households and industrial sectors are supplied with non-stop drinking water, Mr Photiades’ report proposed selling any surplus to neighbouring countries and building dams to generate energy for Lebanon and for the rest of the Levant region. It would, it was calculated, comfortably yield US$2 billion to $3bn a year to the state, as well as creating jobs and having a positive knock-on effect on the rest of the economy.
To do all this, the report recommended that the government award water concessions for a minimum of 25 years to “experienced multinational firms”, a common arrangement in countries such as the Philippines, Australia, Argentina and even the US, with ownership remaining in state hands and net profits going entirely into the state’s coffers.
Speaking in Beirut on Sunday I asked Mr Photiades why his recommendations went unheeded. “The then minister, who was pro markets and privatisation, was replaced by one who wasn’t. Since 2005 and the interim government of Najib Mikati, which was actually quite promising given the short time it was in office, it’s all gone sour.”
In the meantime, we have been told to expect a severe winter.
Michael Karam is a freelance writer based in Beirut
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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The Scale for Clinical Actionability of Molecular Targets
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MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
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.”
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UAE currency: the story behind the money in your pockets