At a town-hall meeting in the Lebanese village of Kfeir, nestled under the snowy peaks of Mount Hermon, a lawyer in a grey suit speaks into a microphone to a large crowd sitting in an orderly half circle around him.
Firas Hamdan, 34, running for the first time in parliamentary elections scheduled for next month, is discussing his programme with residents. It's the first electoral meeting of its kind in the village, people say.
The main preoccupation in Kfeir, as it is in the rest of the country, is the economy. Lebanon’s two and a half year-long economic crisis probably ranks in the top three in the world since the 1850s, according to the World Bank, amid “deliberate inaction” by its entrenched sectarian leaders.
“Can you give us jobs? Can you make the economic situation better?” ask members of the audience, comprising elderly mustachioed men wearing the traditional white hat of the small Druze community as well as younger men and women.
Mr Hamdan promised that if around 10 opposition MPs like him are elected on May 15, they “can change the way politics are done in the country”. In 2018, only one opposition candidate was elected, from the capital, Beirut, to the 128-member Parliament.
If I give you money and you don’t return it to me, can you ask me to vote for you?
Faysal Naoufal,
retired teacher from Kfeir
The Druze vote in the South 3 electoral district, to which Kfeir belongs, is not considered to be strategic — with only about 10,000 votes out of 500,000 in total.
The district, which is the largest in the country, sends 11 MPs to Parliament, all Shiite Muslim except for one Druze, one Sunni Muslim and one Roman Catholic. Citizens traditionally vote for a candidate representing their sect, but this is not obligatory.
Despite being a minority, the Druze voters in South 3 might contribute on May 15 to bringing into Parliament the first opposition MPs from southern Lebanon, largely because of the unpopularity of Mr Hamdan’s opponent, Marwan Kheireddine.
The opposition is hoping that all voters will look beyond their sectarian affiliations this year as public sentiment has turned sharply against Lebanon's sectarian parties following the financial meltdown since 2019.
“It is not just about Shiites and Druze. It is about a new electoral behaviour that we'll see on the elections day,” said Fares Al Halabi, Mr Hamdan's campaign manager.
Mr Kheireddine, a 54-year old Druze banker, is running on an electoral list backed by Lebanon's strongest Shiite Muslim groups, Hezbollah and its ally Amal. This means that he is competing with Mr Hamdan for the one Druze seat in South 3.
Amal and Hezbollah struck a deal with rival Druze parties to include Mr Kheireddine, a political newcomer, on their list, sources say. The Amal leader, veteran Parliament Speaker Nabih Berri, chose him personally.
Banker for banker
Mr Kheireddine’s uncle, banker and businessman Anwar El Khalil, has been the Druze MP for South 3 since 1992 but chose not to run this year. An independent MP also supported by Mr Berri, Mr El Khalil told The National his position towards his nephew's candidacy was “neutral".
But locals in Kfeir see Mr Berri’s attempt to replace Mr El Khalil with another banker as a symbol of the hypocrisy of mainstream political parties.
“If I give you money and you don’t return it to me, can you ask me to vote for you?” said Faysal Naoufal, a 75-year-old retired schoolteacher who used to vote for Mr El Khalil. “This system stole our rights, our money, and everything we had.”
Many candidates from traditional parties have promised to “return the stolen money”, yet most of them, including those from the parties that support Mr Kheireddine, have shared power in Parliament since the end of Lebanon’s 1975-1990 civil war.
The World Bank wrote in June that the country’s economic meltdown was caused by its leaders’ mismanagement of its finances, coupled with their “defence of a bankrupt economic system, which benefited a few for so long”.
Mr Berri himself has called on banks to return “billions of dollars” transferred abroad while they were closed to the public for two weeks in October 2019 as the Lebanese pound slipped for the first time since 1997 and protests spread across the country.
These billions are widely assumed to be owned by the country’s elite. Meanwhile, capital controls imposed after the banks reopened have barred most Lebanese from access to their savings.
Mr Naoufal, the retired teacher in Kfeir, has been a card-carrying member since 1982 of Lebanon’s largest Druze political party, the Progressive Socialist Party, headed by the Joumblatt family.
“Walid Beyk supports Marwan Kheireddine”, he said, using a respectful term for Walid Joumblatt, who, at 72, recently handed over the direction of PSP to his son, Teymour.
“But he can’t impose that on me,” added Mr Naoufal, sitting in his living room after Mr Hamdan’s town hall meeting.
Mr Joumblatt told The National that Mr Kheireddine was a “compromise” candidate agreed upon between himself and Mr Berri, with a green light from his Druze rival, Talal Arslane, who is also Mr Kheireddine’s brother-in-law.
The PSP views the Druze vote in the south as less strategic than its heartland of Mount Lebanon, which is a two-hour drive away.
Mr Joumblatt denied media reports that Mr Kheireddine was also supported by Hezbollah, an Iran-backed party with a regional militia that is labelled a terrorist group by many Western countries.
“He is an independent candidate and part of a general environment in which there’s Berri, and maybe Hezbollah, I’m not sure. It’s up to him to explain this to you. But he’s not Hezbollah’s candidate,” he said.
Multiple controversies
Mr Kheireddine did not respond to several requests for comment sent through the communications manager of his bank, which was cofounded by his father. Hezbollah’s media office referred The National to MP and former minister Hussein Hajj Hassan, who said he had “no comment to make on the topic”.
The banker has been linked to controversy. Prominent economist and journalist Mohammad Zbib filed a complaint alleging that Mr Kheireddine’s bodyguards assaulted him in Beirut in February 2020 because of his criticism of the banking sector.
The trial, which was due to start on Thursday, was postponed until after the parliamentary election because of a judges' strike. NGO Legal Agenda tweeted that this would “deprive voters of the ability to see the trial of a candidate in South 3 accused of violence to silence his opponents".
Lebanese daily L'Orient Today reported in February that Mr Kheireddine was the initial investor behind a company that won the bid to operate the Beirut port's container terminal in 2004, with its ownership obscured through a complex corporate structure.
Mr Kheireddine did not respond to The National's request for comment at the time, and has never spoken publicly about it.
Ali Mourad, a candidate running for a Shiite seat in South 3 on the same opposition list as Mr Hamdan, described Mr Kheireddine’s candidacy as “not respectful” to voters.
“He is a symbol of the alliance between politics and finance in this country,” he said.
“It’s very strange that the Shiite duo decided to include a bank owner in a list at such a low point in their popularity,” said Mohanad Hage Ali, a research fellow at the Carnegie Middle East Centre in Beirut.
“It seems that they have decided that money is more important than voter appeasement. This is also telling of how they define these elections,” he said, a reference to media reports that Mr Kheireddine was chosen for his ability to finance Amal’s election campaign.
The Amal source described the reports as “fake news” and said Mr Kheireddine was expected to fund only his own campaign.
Unlike anywhere else in the country, the opposition candidates in South 3 have the added advantage of presenting a unified front by all running on the same list.
Mr Mourad said one reason was the backing the opposition received from the Lebanese Communist Party, which is historically strong in southern Lebanon. An awareness of its own weakness in the face of Hezbollah and Amal might have also helped, he said.
“I personally would have stepped out of the race if we had been divided in two lists,” he said.
Mr Mourad also knows that Shiite challengers such as himself stand very little chance against Amal and Hezbollah under Lebanon's electoral system, leaving the candidates for the three minority seats in Sector 3 — Druze, Sunni Muslim and Christian — as the opposition's best hope.
Back in Kfeir, Mr Naoufal said he was hopeful of change.
“They are fighting hard against the opposition,” he said, referring to the established parties.
“Some people say that voting won’t change anything and that they’ll vote blank,” he said. “But that’s wrong. The most important thing is to vote.”
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
Ant-Man%20and%20the%20Wasp%3A%20Quantumania
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EPeyton%20Reed%3Cbr%3E%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Paul%20Rudd%2C%20Evangeline%20Lilly%2C%20Jonathan%20Majors%3Cbr%3E%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Killing of Qassem Suleimani
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
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
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.