A Hezbollah fighter holds his group's flag in Beirut, Lebanon. AP
A Hezbollah fighter holds his group's flag in Beirut, Lebanon. AP
A Hezbollah fighter holds his group's flag in Beirut, Lebanon. AP
A Hezbollah fighter holds his group's flag in Beirut, Lebanon. AP

Lebanon's Hezbollah to take part in Cabinet session after months-long boycott


Sunniva Rose
  • English
  • Arabic

Lebanon’s Hezbollah and its ally Amal have agreed to take part in Cabinet sessions after a three-month boycott over the Beirut port blast, Reuters reported on Saturday.

The two powerful Shiite Muslim parties, which back several ministers in the government, made up of members from across the political spectrum, said they would seek to approve the 2022 budget and to discuss economic recovery.

Hezbollah and Amal started boycotting Cabinet sessions on October 12, as part of actions aimed at putting an end to the local investigation into the devastating Beirut port blast of August 4, 2020, which killed at least 215 people and destroyed large parts of the capital.

The political allies have called for the removal of investigative judge Tarek Bitar, whom they accuse of bias.

Several top politicians, including two Amal former finance and public works ministers, have filed lawsuits against Mr Bitar, forcing him on December 23 to pause his probe for the fourth time.

Activists and victims of the explosion regularly accuse Lebanon’s political class, which shares power on a sectarian basis, of trying to avoid accountability. The blast is believed to have been caused by the improper storage for over seven years of hundreds of tonnes of ammonium nitrate.

Many politicians say the probe should be handled by a parliamentary committee and a special court for trying ministers and presidents. Yet this court has not been activated since the end of the 1975-1990 civil war and few believe it will challenge the interests of the country’s ruling class, which is widely accused of corruption and nepotism.

Tension over the probe boiled over on October 14 when seven people died in deadly clashes in Beirut. The violence pitted supporters of a Christian political party, the Lebanese Forces, against members of Hezbollah and Amal along a former civil war frontline.

The failure to hold Cabinet meetings has delayed talks on a recovery plan with the International Monetary Fund, seen as vital to unlocking international support to lift the country out of a crisis that has driven much of the nation into poverty. The local currency hit the record low of 33,000 Lebanese pounds to the dollar last week, triggering anti-government protests.

Prime Minister Najib Mikati, whose post is held by a Sunni Muslim under Lebanon's sectarian political system, said he welcomed the decision to end the boycott and would call for a Cabinet meeting as soon as he received a draft 2022 budget from the Finance Ministry.

The Cabinet is not expected to meet in the coming week as budget preparations are still under way and figures for a financial recovery plan are being drawn up, a government source told Reuters.

An IMF spokesperson said that virtual talks would be held with Lebanese authorities in the last week of January, according to Reuters.

The World Bank has described the country’s financial collapse as one of the worst in the world since the mid-19th century.

KEY HIGHLIGHTS

Healthcare spending to double to $2.2 trillion rupees

Launched a 641billion-rupee federal health scheme

Allotted 200 billion rupees for the recapitalisation of state-run banks

Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets

ESSENTIALS

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MATCH INFO

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Director: James Cameron

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Rating: 4.5/5

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5.30pm: Maiden (PA); Dh80,00; 1,400m.
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7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m

While you're here

Schedule:

Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore

The biog

Name: Samar Frost

Born: Abu Dhabi

Hobbies: Singing, music and socialising with friends

Favourite singer: Adele

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

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.”

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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The biog

Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
 

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

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Biography

Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine

Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid

Favourite drink: Water

Her hobbies: Reading and volunteer work

Favourite music: Classical music

Her motto: I don't wait, I initiate

 

 

 

 

 

The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

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Friday Sassuolo v Benevento (Kick-off 11.45pm)

Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)

Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)

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Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

Updated: January 16, 2022, 5:56 AM