Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP
Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP
Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP
Hassan Nasrallah, the head of Lebanon's Shiite movement Hezbollah, announced the delivery of Iranian fuel during a televised speech on August 19. AFP

Hezbollah leader: Iranian tanker carrying fuel oil to sail for Lebanon today


Aya Iskandarani
  • English
  • Arabic

The "first of several shipments" of Iranian fuel oil sets sail for Lebanon on Thursday, Hezbollah leader Hassan Nasrallah said.

Lebanon is in the midst of a severe fuel shortage that has caused long queues at petrol stations and power cuts for as much as 22 hours a day.

Iran has been under US sanctions for decades. Countries and individuals importing fuel from Tehran could also face sanctions.

Hezbollah supporters hold up pictures of Iran's supreme leader Ayatollah Ali Khamenei, left, the late commander of Iraq's Popular Mobilisation Forces Abu Mahdi Al Muhandis, second left, Abdel-Malek Al Houthi, the leader of Yemen's Shiite rebels, second right, and Hezbollah leader Hassan Nasrallah. AP
Hezbollah supporters hold up pictures of Iran's supreme leader Ayatollah Ali Khamenei, left, the late commander of Iraq's Popular Mobilisation Forces Abu Mahdi Al Muhandis, second left, Abdel-Malek Al Houthi, the leader of Yemen's Shiite rebels, second right, and Hezbollah leader Hassan Nasrallah. AP

“The first ship which will sail from Iran will be loaded with the needed commodities. All arrangements are finalised. It will set sail within hours to Lebanon. It will be followed by others,” Mr Nasrallah said.

Later on Thursday, Iran's semi-official Nournews reported that a group of Lebanese Shiite businessmen bought the fuel.

"The shipments are considered their property from the moment of loading” said the news website, which is close to Iran's Supreme National Security Council.

Lebanon's economic collapse caused the shortage of fuel and other essential imported goods.

The leader of the Iran-backed group announced the shipment in a speech to mark the occasion of Ashura, the most important religious holiday for Muslim Shiites.

During Ashura Shiites commemorate the death of Imam Hussein, the grandson of the Prophet Mohammed, at the Battle of Karbala in present-day Iraq in the 7th century.

The speech was broadcast live to thousands of supporters on giant screens in Hezbollah's stronghold in Beirut's southern suburbs.

“The first ship to Lebanon will carry fuel oil because it is vital to hospitals... and we tell the Americans and Israelis that the ship will be considered as Lebanese territory from the moment it sets sail,” he told the cheering crowds.

A Hezbollah spokesperson told The National the ship would take at least 10 to 15 days to reach Beirut

Mr Nasrallah announced the departure of the ship "to reassure people", she said. "Any attack on the ship will be considered an attack on Lebanese soil."

Lebanon's three-time prime minister Saad Hariri, who has close ties to Iran's regional rival Saudi Arabia, accused Hezbollah of treating Lebanon like an Iranian province.

The Shiite group was founded by Iran's Revolutionary Guard in 1982 and has been funded and armed by them since then. Hezbollah is the only Lebanese militia that was allowed to keep its weapons arsenal after Lebanon's civil war ended in 1990 and holds great sway over politics.

Mr Hariri also accused Iran of interfering in Lebanon's government formation, a process that has dragged on for more than a year as political leaders bicker over their share of ministerial portfolios.

"These decisions will double people's economic misery and pave a highway to hell," Mr Hariri said.

He added that Iranian ships will bring sanctions to the country, similar to the US sanctions on Venezuela, which has also received shipments of Iranian fuel.

Lebanon’s economy has been collapsing for the past two years as political leaders fail to implement the reforms needed to access billions of dollars in debt relief and loans from international lenders.

The central bank's dwindling foreign currency reserves have impeded imports of essential goods such as fuel and medicine, which are subsidised.

The fuel crisis has hit hospitals, bakeries and other essential services which say they could be forced to close.

A spokesperson for Lebanese President Michel Aoun said Tehran had yet to inform Beirut of the arrival of a fuel oil tanker.

“We have not taken any practical steps, Lebanon has not received any formal information from Iranian authorities about any fuel ship,” he told The National.

Mr Nasrallah said the logistics for fuel shipments from Iran were finalised. He mentioned last week that Hezbollah could bring in the fuel while bypassing the central bank to avoid breaching US sanctions.

He said Iran assured him it would stand by Lebanon and blamed the Lebanese government and American influence for the lack of response to the Iranian offer.

Mr Aoun's office said on Thursday that the US had granted Lebanon a waiver from possible sanctions to allow it to get electricity from Jordan via Syria.

Doing business with the Syrian regime, or individuals linked to it, is punishable under the Caesar Act.

“It took time but the Americans told us electricity can be supplied to Lebanon through Syria and this will not be considered a violation of the siege on Syria,” the president’s spokesperson said.

Washington will help provide Egyptian gas to Jordan to produce electricity, which will be channeled to Lebanon via regime-held Syria, the president’s statement said.

The US will also “facilitate the transfer of Egyptian gas through Jordan and Syria to northern Lebanon”.

The US embassy in Lebanon declined to comment.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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.”

Chelsea 2 Burnley 3
Chelsea
 Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

EA Sports FC 25
Updated: August 20, 2021, 7:28 AM