International community pledges $370 million for Lebanon on Beirut blast anniversary


Elias Sakr
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The international community pledged $370 million in humanitarian aid for crisis-hit Lebanon at a donor conference on Wednesday marking the anniversary of the Beirut port blast.

French President Emmanuel Macron pledged $120 million and called on Lebanese leaders to enact reforms. US President Joe Biden announced $100 million in aid.

“Today I am announcing nearly $100 million dollars in new humanitarian assistance. That’s on top of $560 million of humanitarian aid that the United States provided to Lebanon,” Mr Biden said in a pre-recorded message to the virtual conference hosted by France.

But he said that “no amount of outside assistance will ever be enough if Lebanon's leaders do not commit to do the hard but necessary work of reforming the economy".

“That’s essential and has to start now. There is no time to waste, you all know it,” Mr Biden said.

Germany, Kuwait, Canada and Sweden pledged $50 million, $30 million, $20 million and $14 million, respectively.

The total of $370 million in donations was in line with what France said it was seeking from the international community to support Lebanon.

Mr Macron, who has visited Lebanon twice since the blast, blamed the country’s political leaders for the severe economic crisis, and said aid would be channelled directly to non-governmental organisations in the fields of education, food, agriculture and healthcare. The French president also pledged more than 500,000 Covid-19 vaccine doses.

The crisis, Mr Macron said, was the result of the individual and collective failures of Lebanon’s ruling class and its unwillingness to prioritise people’s interests over their own.

“The crisis that Lebanon is going through is neither fated nor inevitable. It is the fruit of individual and collective failures and an unjustifiable dysfunction. The ruling class in its entirety has aggravated the crisis by prioritising their individual and partisan interests over those of the Lebanon people,” Mr Macron said.

Mr Biden, Egypt's President Abdel Fattah El Sisi and Lebanon's President Michel Aoun were among participants from about 40 countries and organisations, including Saudi Arabia, Qatar and the International Monetary Fund.

The French leader addressed President Aoun and the country’s political class before threatening political leaders with sanctions if they failed to take action.

He said the EU had established a sanctions regime and members of the international community, including France, had taken restrictive measures against figures involved in corruption and blocking reforms.

“Lebanese leaders should not doubt for a second our determination,” he said, stopping short of naming any of the country's politicians.

He urged officials to quickly form a government and seek justice in the probe into the explosion that killed more than 200 people and injured thousands.

Mr Macron said that since 2018 the international community had offered $11 billion in financial support for Lebanon in exchange for reforms, but “none of the reforms have been delivered”.

Today’s aid is unconditional, the French president said, but “there won’t be any blank cheques to the benefit of Lebanon’s political system”.

The priority now is for the formation of a government that enacts reforms to receive international financial support, Mr Macron said.

IMF Managing Director Kristalina Georgieva said that Lebanon will have access to about $860 million in Special Drawing Rights (SDR) but added that the funds will not help the country tackle its woes without a government that enacts reforms.

Lebanon has been without a functioning Cabinet since the blast forced Hassan Diab’s government to resign.

Since then, political bickering has blocked the formation of a government amid a worsening crisis that plunged half the population into poverty.

Mr Aoun said Lebanon was in need of “every assistance and support”, urging the international community to provide aid.

The blast and coronavirus-related restrictions compounded the country’s problems, while the probe into the blast continues to stall as Parliament continues to deny the lead investigative authorisation to question senior politicians and security officials.

“There is still no progress on the formation of a government or the implementation of urgent reforms. Given the dramatic deterioration of the economy, this is irresponsible,” German Foreign Minister Heiko Maas said.

Mr Aoun said he was committed to serving justice and ensuring those responsible for the blast were held accountable.

Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others. 

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food. 

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra. 

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House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Mobile phone packages comparison
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Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees 

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital

Arctic Monkeys

Tranquillity Base Hotel Casino (Domino) 

 

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Updated: August 04, 2021, 4:35 PM