Lebanon is facing an unemployment crisis — earlier this month the country’s former caretaker Labour Minister Lamia Yammine said nearly half of the country’s population was out of work.
It is a disaster of staggering proportions as the crisis forces the country’s young, talented and qualified to leave in droves.
Jobs for Lebanon’s qualified are scarce. Every day, the queues outside of General Security’s passport office grow as thousands prepare to leave. Yet despite the odds being stacked against him, one law student has stepped in to try to stem the flow.
LEBridge is a recruitment agency with a difference. It was founded by Tarek Eid, a third-year law student at the London School of Economics, who is trying to convince international employers to hire Lebanese, but says the initiative is about far more than that.
“Finding a job and searching for a job is sometimes dreadful and lonely,” he says.
Mr Eid said LEBridge is as much a counselling and support service as it is a recruitment agency. The Lebanese don't just need jobs, they need the mental support for dealing with a crisis which the UN has declared one of the worst in the world since the 1800s.
“We want to be here every step of the way and provide really personal counselling. There is a human touch that we are trying to implement.”
The initiative guides candidates through the recruitment process with the help of 10 human resources professionals. It has more than 150 jobs currently posted on its job board in everything from accountancy and sales to graphic design. Many of the jobs can be done freelance from within Lebanon but for international salary.
Many of the positions are with companies run by Lebanese professional who have left Lebanon, but our desperate to do something that might help back home –recruitment is the unlikely answer.
Since starting operations in January, LEBridge has advised more than 300 people on job searches and expanded its team to 20 volunteers, including 10 counselors, all without having spent a dollar. Though they do not track the exact figure of how many people they have placed in positions, Mr Eid stresses that the benefits go way beyond the individual being hired.
“One Lebanese hire is help for the whole family,” he said, referring to the fact that many Lebanese families are supported by at least one family member who earns aboard, or is employed in Lebanon by a foreign company.
These remittances, which reached in 37 per cent of GDP in 2020, according to the Secretary General of the Union of Arab Banks, have been a lifeline for thousands of Lebanese families.
Mr Eid highlights two key advantages of Lebanese candidates: the amount many have already invested in education and qualifications, and their multilingualism.
“Most of these people have a bachelor's degree and a lot of the time masters degrees and even PhDs,” he says. “They spent a lot of money, a lot of time on their education in Lebanon. And they find themselves unemployed today.
“Most of the people are fluent in English, French and Arabic. There's always a minimum of two languages.”
The agency is trying to link up the country’s growing unemployed with foreign businesses, encouraging them to pay in dollars, helping individual families and the ailing economy at the same time.
Like many of his compatriots, the powerlessness of the Lebanese people is a clear frustration for Mr Eid, but he says if Lebanon is to have a bright future, it is likely that some of those thousands to have left amid the brain drain will play a role.
“I think that today, you have more power contributing to the reconstruction of Lebanon from outside than from the inside,” he says.
People outside gain a level of exposure and experience that they wouldn't gain in Lebanon today
Recruitment business owner Tarek Eid
“We need people on the inside, we need those people working on the politics side and the economic sides, but people outside first of all make more money than they can then use to the benefit of their country.”
“People outside gain a level of exposure and experience that they wouldn't gain in Lebanon today, nor in the next 10 years.”
There is hope amid the brain drain, he says. Every person leaving the country is making a potential investment that one day they may return with the wealth and knowledge to rebuild the country.
“I hope they will come back to Lebanon someday and help rebuild in their own sectors,” he says.
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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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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.”
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Sholto Byrnes on Myanmar politics