Lebanese President Michel Aoun casts his vote for Lebanon's parliamentary elections at a Beirut suburb, in 2018. AP
Lebanese President Michel Aoun casts his vote for Lebanon's parliamentary elections at a Beirut suburb, in 2018. AP
Lebanese President Michel Aoun casts his vote for Lebanon's parliamentary elections at a Beirut suburb, in 2018. AP
Lebanese President Michel Aoun casts his vote for Lebanon's parliamentary elections at a Beirut suburb, in 2018. AP

Lebanese party's bid to limit overseas vote fails


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Lebanon's Constitutional Council on Tuesday said an electoral appeal by the country's top Christian party had not been upheld, further complicating the country's fragile political balance before elections scheduled for next year.

Judge Tannous Meshleb, who heads the council, said its members had differing legal opinions about the appeal, which was brought by President Michel Aoun's Free Patriotic Movement (FPM) party and would have limited the influence of expatriate voters.

The Constitutional Council is Lebanon's top body for deciding constitutional matters. At least seven of its 10 members must rule in favour for an appeal to be upheld.

More than 244,000 overseas Lebanese voters have registered for the coming elections, three times as many as last time round. Many are expected to vote against ruling parties such as the FPM in protest against the country's financial collapse.

Lebanon has about 4 million registered voters, of which less than half voted during the 2018 election. Some seats were decided by a few thousand or a few hundred votes.

Next year's polls are currently set for March 27 but Mr Aoun has said they will be pushed to May.

His party's frustration at the council's decision risks hampering continuing efforts to reconvene the already fractious governing coalition, more than two months after it last met.

The coalition government is formed from parties that represent different sectarian constituencies and it is led by Prime Minister Najib Mikati.

The appeal had sought to limit expatriate votes to six new seats, rather than all seats in the 128-member legislature.

Gebran Bassil, leader of the FPM, said on Tuesday that the reform would have helped overseas voters by creating a group of lawmakers who represented them exclusively.

A senior party source said the party would "not accept" any ruling other than one in favour of the appeal, adding the issue could escalate politically. The source did not provide more details.

Lebanese media has reported attempts to reach a deal related to the appeal that would have allowed the government to reconvene if the FPM accepted demands from Iran-backed Hezbollah and its ally in government, the Amal Movement, to remove the judge investigating the catastrophic Beirut port blast of 2020, whom they accuse of bias.

Mr Mikati said on Monday that he had told both Mr Aoun and Speaker Nabih Berri, Amal's leader, that he was opposed to any interference in judicial affairs.

All sides have denied seeking such a deal, and Mr Meshleb said he had not received political demands.

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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.”

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

We Weren’t Supposed to Survive But We Did

We weren’t supposed to survive but we did.      
We weren’t supposed to remember but we did.              
We weren’t supposed to write but we did.  
We weren’t supposed to fight but we did.              
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.        
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.        
We weren’t supposed to return but WE ARE.
Amira Sakalla

Updated: December 21, 2021, 5:27 PM