Samir Geagea, leader of the Lebanese Forces, gives an interview from his residence in Maarab, Lebanon, on November 29. Reuters
Samir Geagea, leader of the Lebanese Forces, gives an interview from his residence in Maarab, Lebanon, on November 29. Reuters
Samir Geagea, leader of the Lebanese Forces, gives an interview from his residence in Maarab, Lebanon, on November 29. Reuters
Samir Geagea, leader of the Lebanese Forces, gives an interview from his residence in Maarab, Lebanon, on November 29. Reuters

Samir Geagea says vote delay would lead to Lebanon's 'slow death'


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One of Lebanon's main Christian politicians has accused Hezbollah and its allies of working to postpone a parliamentary election set for March, saying such a move would condemn the country to a "slow death".

Samir Geagea, leader of the Lebanese Forces and an ally of Saudi Arabia, pointed the finger at Hezbollah and its ally President Michel Aoun's Free Patriotic Movement.

The Lebanese Forces leader argued that although Hezbollah’s military clout extends from Beirut to Sanaa, the party can be politically contained in the parliamentary elections.

Western donors that have been trying to save Lebanon from its financial implosion have said the vote must go ahead.

"They are near certain that they will lose their parliamentary majority," Mr Geagea told Reuters in an interview at his residence in the mountains overlooking the coastal town of Jounieh.

Politicians from all sides, including Shi'ite Muslim Hezbollah, have repeatedly said it should happen, in order not to deal a further blow to the country's standing.

Hezbollah Member of Parliament Ibrahim Moussawi responded to Mr Geagea's comments by saying they were "lies" and "slander," in a statement published on the state-run National News Agency.

Hezbollah was firmly in favor of holding elections "on their scheduled constitutional dates," the statement said.

Mr Aoun said this month he would not sign authorisation for the vote to be held on March 27 as the date was too early.

Asked whether a postponement would lead to more fighting after clashes last month between the Lebanese Forces and Hezbollah, Mr Geagea said: "Not fighting, but to more slow death."

"With the current way things are going, state institutions - and so the state - is dissolving day by day," he said.

Lebanon's government, formed from most major political parties in September, has not convened in nearly 50 days amid a push by Hezbollah and its allies to remove the judge investigating the deadly August 2020 Beirut port blast.

Without an election to shake up parliament "you will see more of the same," Mr Geagea said. The United Nations says the economic meltdown has left nearly 80 per cent of people in the country in poverty.

Lebanon has been facing a wave of Gulf Arab anger after prominent broadcaster-turned-minister George Kordahi levelled blunt criticism at Saudi Arabia. Mr Geagea, who maintained close contact with the Saudi ambassador in Beirut, said Hezbollah's increasing influence was the main problem behind the rift, which is harmful to Lebanon's economy.

"We see Saudi and the Gulf as economic lungs for Lebanon," he said.

Street clashes

Following October's violent clashes, where seven people, all followers of Hezbollah and its ally Amal were killed, Hezbollah's leader, Sayyed Hassan Nasrallah, accused Geagea's Lebanese Forces of seeking to start a sectarian conflict and said Hezbollah had 100,000 fighters at his disposal.

Mr Geagea denied Nasrallah's allegation that the Lebanese Forces had 15,000 fighters, saying the party had 35,000 members of whom only some had personal arms and perhaps more than 10,000 – "the whole old generation" - had military training.

Mr Geagea said the Lebanese Forces did not seek a physical confrontation with Hezbollah and were not concerned about the breakout of sectarian violence due to the role of the Lebanese Army in maintaining civil peace.

However, he said he had limited his movement and was not leaving his mountain residence in Maarab due to security threats, without giving further details.

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

RESULT

Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)

Mubalada World Tennis Championship 2018 schedule

Thursday December 27

Men's quarter-finals

Kevin Anderson v Hyeon Chung 4pm

Dominic Thiem v Karen Khachanov 6pm

Women's exhibition

Serena Williams v Venus Williams 8pm

Friday December 28

5th place play-off 3pm

Men's semi-finals

Rafael Nadal v Anderson/Chung 5pm

Novak Djokovic v Thiem/Khachanov 7pm

Saturday December 29

3rd place play-off 5pm

Men's final 7pm

LAST-16 EUROPA LEAGUE FIXTURES

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

MATCH INFO

Schalke 0

Werder Bremen 1 (Bittencourt 32')

Man of the match Leonardo Bittencourt (Werder Bremen)

WHAT ARE NFTs?

     

 

    

 

   

 

Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.

 

An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.

 

This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.

 

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.”

Updated: December 01, 2021, 5:41 AM