Christine Tohme had already been told she had ovarian cancer when Lebanon's financial system began to unravel in 2019. She never expected that two years later the country's economic meltdown would pose a direct threat to her life.
Ms Tohme, 50, was in February found to be suffering from stage three colon cancer. After surgery this year, she was prescribed six sessions of chemotherapy.
But with shortages of basic goods affecting every aspect of Lebanese life, Ms Tohme was told there was no guarantee she would complete her treatment because hospitals were likely to run out of vital drugs.
So far she has undergone only three sessions. The cancer has metastasised to her lymph nodes and she fears if she cannot complete her treatment she will have only months to live.
Having knocked on every door to try to secure her medication at any cost, Ms Tohme took to the streets on Thursday, despite her ailing health, to join a sit-in protest with other cancer patients, doctors and non-government organisations.
"I'm hoping that God gives me strength, as I don't have that much, to stand on my two feet and take part so that maybe people will see us and sympathise with us and send us treatment," she said before the event.
"I have kids, I want to be happy with them and see them get married and become a grandmother."
Lebanese healthcare workers have for months expressed concern about declining stocks of vital medical supplies. Many pharmacy shelves are empty as the country's foreign reserves are depleted by state subsidies for fuel, wheat and medicine that cost about $6 billion a year.
We need an immediate solution. I can't tell my patients this is a crisis and ask them to wait till it eases because this disease has no patience
Dr Joseph Makdessi
This month the central bank declared it could no longer finance fuel imports at subsidised exchange rates because its dollar reserves had been so badly depleted.
Ms Tohme's case is not unique. Joseph Makdessi, who heads the haematology and oncology department at the Saint George Hospital University Medical Centre, estimates that about 10 per cent of cancer patients have been unable to get treatment in the past couple of months.
"We need an immediate solution," Dr Makdessi said. "I can't tell my patients this is a crisis and ask them to wait till it eases because this disease has no patience."
Lebanon's deeply indebted state is struggling to raise funds from abroad amid political paralysis and has gradually eradicated many subsidies.
Cancer medications are still subsidised, meaning that for agents to import them they have to wait for financing from the central bank, which has all but run down its reserves.
Dr Makdessi is not optimistic that easing subsidies on cancer drugs will solve his patients' pressing problem.
Some chemotherapy treatments, which can cost as much as $5,000 per session, are subsidised so that the patient pays about $400, with the state bearing the rest of the cost.
"Even if you lift this subsidy to make the medication available, many patients won't be able to afford it," he said.
The health ministry did not immediately respond to a request for comment.
Caretaker health minister Hamad Hassan, who has been raiding depots storing large quantities of drugs and medical supplies, partly blamed the shortages on traders hoarding supplies.
The Barbara Nassar Association for Cancer Patient Support, the Lebanese advocacy group that organised Thursday's sit-in, has provided medication worth more than $1.5 million in 2020 through in-kind donations from former patients.
But Hani Nassar, whose wife Barbara founded the organisation before passing away from the disease years ago, says the country's fractious politics are now hampering efforts to alleviate the problem.
"The central bank wants to remove the subsidy and the health ministry doesn't and in the meantime the patient is sitting there without treatment," Mr Nassar said.
At Thursday's sit-in, patients said they were reaching out to whoever could help them get a second chance at life.
"After all I endured, I lost my nails and hair and my body changed, now I reached this point of not finding the treatment and this really set me back," engineer Bahaa Costantine said.
"I was a person who was full of energy and loves life, I don't want to be a bride for heaven, this is what I refuse. I hope my voice reaches someone who can help."
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
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Killing of Qassem Suleimani
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
The%20Color%20Purple
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBlitz%20Bazawule%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EFantasia%20Barrino%2C%20Taraji%20P%20Henson%2C%20Danielle%20Brooks%2C%20Colman%20Domingo%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
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.”
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Jetour T1 specs
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MATCH INFO
Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Mobile phone packages comparison
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
Specs
Engine: Dual-motor all-wheel-drive electric
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