Saudi Arabia's Foreign Minister Prince Faisal bin Farhan. Reuters
Saudi Arabia's Foreign Minister Prince Faisal bin Farhan. Reuters
Saudi Arabia's Foreign Minister Prince Faisal bin Farhan. Reuters
Saudi Arabia's Foreign Minister Prince Faisal bin Farhan. Reuters

Saudi Arabia says 'no useful purpose' for Lebanon talks


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Saudi Arabia's Foreign Minister has said there are no plans to engage with the Lebanese government any time soon as the rift between the two countries deepens.

Lebanon is facing its worst diplomatic crisis with Gulf states, after a minister made critical comments about the Saudi-led intervention in Yemen.

The remarks prompted Riyadh to expel Lebanon's ambassador, recall its own envoy and ban all imports from Lebanon.

Saudi Foreign Minister Prince Faisal bin Farhan called on the political class to end the “domination” of the Iran-allied Hezbollah movement.

“We see no useful purpose of engaging with the Lebanese government at this point in time,” he told France 24 television in an interview broadcast on Saturday.

“We think that the political class needs to step up and take the necessary actions to liberate Lebanon from the domination of Hezbollah, and through Hezbollah, Iran.”

Saudi Arabia was angered by an interview in which Lebanon's Information Minister George Kordahi appeared to side with the Iran-backed Houthi rebels and said Yemen was being subjected to external aggression.

Mr Kordahi said the interview was recorded before he became a minister and refused to apologise or step down.

Hezbollah's leader, Hassan Nasrallah, last week described Saudi Arabia's reaction as “exaggerated” and accused the kingdom of seeking a civil war in Lebanon.

Some Lebanese activists who have long opposed Hezbollah’s overbearing role on political life have blamed the group and its allies for prolonging the crisis and demanded that it lay down its weapons.

In a communique released on Monday, a group of activists, writers and politicians demanded that representatives of Hezbollah be removed from government.

They also urged Lebanon's Prime Minister Najib Mikati to halt all Cabinet meetings until Hezbollah surrenders its weapons to the state and for Gulf nations to return diplomatic representatives to Beirut.

“The policy of President [Michel] Aoun's supporters, Hezbollah and their allies has turned Lebanon into a hub supporting the worst tyrants in the region, especially in Syria and Yemen,” the communique said.

The group has a rotating leadership and is currently led by Soulaf al-Hage, a prominent activist from North Lebanon. Former MPs Fares Souaid and Mustafa Alloush were among those who signed the petition.

Riyadh has said its actions were driven not only by Mr Kordahi's comments, but by the kingdom's objection to the growing influence of Hezbollah in Lebanese politics.

Gulf states were traditional aid donors to Lebanon but, dismayed by Hezbollah's expanding power, have been reluctant to help rescue the country from its current economic crisis, which is rooted in decades of corruption and mismanagement.

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

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.”

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially

First Person
Richard Flanagan
Chatto & Windus 

Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Updated: November 15, 2021, 4:46 PM