Lebanon's Health Minister Firas Abiad. The country's hospitals are suffering extreme shortages of medical supplies. AP
Lebanon's Health Minister Firas Abiad. The country's hospitals are suffering extreme shortages of medical supplies. AP
Lebanon's Health Minister Firas Abiad. The country's hospitals are suffering extreme shortages of medical supplies. AP
Lebanon's Health Minister Firas Abiad. The country's hospitals are suffering extreme shortages of medical supplies. AP

Lebanon's health sector needs world's help, caretaker minister Abiad says


Nada Homsi
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Lebanon’s Caretaker Minister of Public Health used an appearance at the World Health Assembly in Geneva last week to call for support for Lebanon's crumbling health sector, he said on Monday.

Firas Abiad attended the assembly to secure regional and international support, saying the international community must prioritise assistance to Lebanon. The country's hospitals are suffering extreme shortages of medical supplies amid the country’s continuing economic crisis.

"It is the duty of the international community to provide support to Lebanon and its health system," he said.

"Appreciation for the Lebanese people on the international level is something to be proud of, and it is not something new for Lebanon."

Meetings with regional allies held on the sidelines of the summit in the Swiss capital generated the most support for Lebanon, Mr Abiad said.

Lebanon has been mired in a far-reaching economic crisis since 2019 which, along with the Covid-19 pandemic, has hit the country's health services hard.

Since 2019, hospitals throughout the country have suffered from electricity shortages and power cuts due to a shortage in diesel to meet the increasing reliance on generators.

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Speaking on Monday, Mr Abiad said he was expecting Qatari assistance in the form of diesel for government hospitals to arrive this week.

While Mr Abiad was in Geneva, doctors and hospital workers held a two-day strike throughout Lebanon, decrying the health sector’s dire condition.

But the strike garnered little in the way of reaction from any governing entities, members of the troubled country’s hospital unions told The National, despite two days of pressure.

Since 2019 the Lebanese pound has lost over 90 per cent of its value and inflation has soared.

Medicine, diesel, and electricity shortages continue to dominate Lebanon’s health sector — and all sectors — due to an inability to secure funds from the country’s deteriorating Central Bank.

Meanwhile, doctors and hospital staff, along with most of the general public, remain unable to gain access to the majority of their funds from commercial banks. This is due to the Central Bank’s harsh measures to stem the depletion of its reserves.

With hospitals unable to administer proper care to patients, doctors struggling to gain access to their salaries, and many patients unable to pay hospital bills, one hospital administrator called the situation “impossible”.

“The problems are piling up, getting worse,” said Etoile Matar, the economic affairs director at the Notre Dame Des Secours Hospital in Byblos. “It’s really hard.”

Healthcare workers protest in front of Lebanon's Central Bank building in Beirut on May 26. Reuters
Healthcare workers protest in front of Lebanon's Central Bank building in Beirut on May 26. Reuters

The hospital owners' syndicate on Saturday called on several ministers to intervene with the Central Bank and the Association of Banks to allow hospitals to secure funds to buy essential medical supplies and pay salaries.

In a statement, the syndicate said that commercial banks, at the behest of the Central Bank, were “essentially holding funds hostage".

“This suffocates hospitals and paralyses their work,” the statement said.

Hospitals have warned that their inability to secure funds could force them to shut down or charge patients in cash — which is not a solution, Ms Matar said.

"The problem is if we want to take cash from the patients — they are also limited in terms of how much they can withdraw."

With around 80 per cent of Lebanon's population now living under the poverty line, according to the United Nations, Matar said, "their ability to pay is limited".

Several days since the hospital strike, there has been no response from any governing authority, Ms Matar said.

“It used to be that we would go on strike and our voices would be heard. We would get some sort of solution out of it,” she said. “But now, no matter how much you shout — it’s like shouting into a void. There is no response.”

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Dubai Rugby Sevens

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Friday, December 1:

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Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

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Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

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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.”

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Director: Hasan Hadi

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Rating: 4/5

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

Updated: May 30, 2022, 5:07 PM