Homeless man who ran bookshop under Beirut bridge loses stock and home in fire


Luna Safwan
  • English
  • Arabic

A homeless Lebanese man who gained public notice for creating a bookshop/makeshift home under a bridge is mourning the loss of his collection in a fire.

“I lost my home first, and now my books … what’s next for me?” Mohammed Maghrabi said while he picked through his burnt tomes on Friday as he prepared to leave the place that has been serving as his home for months.

In early 2021, the octogenarian created a little “personal space” under the Fiat bridge in Beirut, Lebanon. After his release from a 14-month prison sentence for forgery — to which he claims innocence — Maghrabi returned to his old address Sin El Fil to find that his house had been demolished.

“I don’t like to ask for help. I’m not used to asking for help,” he told The National.

“My only solution was to create a new home without asking for help. I came to the Fiat bridge, a location that I was familiar with. I spent few days sleeping on a piece of cardboard before pursuing my plan of turning this public location into a new home that I can afford.”

Maghrabi had been surrounded by books throughout his life and his hobby turned into business idea that flourished when he started fixing books in his prison cell to pass the time.

On Friday, Beirut woke to the news that Maghrabi's library, stacks of books surrounding a couple of worn mattresses, had burnt to the ground.

Only a few days before, the man’s small project had gained national attention, with visitors flocking to the unusual bookstore. They were guided through the titles by the man himself, who examined the covers to make sure they met the potential buyer’s expectations.

The minister of culture even visited Maghrabi and signed one of the books in his collection.

He did not always sell the books, he said — sometimes if a person could not afford to buy something, he offered them the book for free.

The cause of the fire is still unknown, but Maghrabi has refused to accuse anyone of the crime, insisting that he was wrongly accused once and it cost him time in prison.

Lebanon’s declining economic situation has left hundreds of people in need this winter. Scenes of people rifling through rubbish bins looking for food or the elderly wandering the streets in the cold are becoming depressingly familiar.

The Lebanese state has no concrete plans to provide shelters for homeless people. Instead, civil society organisations and local initiatives have stepped in to ensure protection and support for the most vulnerable.

When news about the loss of Maghrabi's collection surfaced, locals took to social media, with people and pages with high numbers of followers appealing for funds to support him and to try to restore his book collection.

Maghrabi was in the Fiat bridge area on Friday, but he has since disappeared. Locals said he was being questioned by the police, as news emerged that the Sin El Fil municipality was planning to clear the space.

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

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Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.

Favourite Hobby: Writing and cooking

Favourite Book: The Prophet by Gibran Khalil Gibran

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

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Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

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Schedule:
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Syria v Australia
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* Second leg in Australia on October 10

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Known as the UAE’s strongest man

Favourite dish: “Everything and sea food”

Hobbies: Drawing, basketball and poetry

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Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.

MATCH INFO

Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)

Mumbai Indians won by three runs

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Saturday (all times UAE)

England v Australia, 11.15am 
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Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

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Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

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Director: Hansal Mehta

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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.”

Abu Dhabi racecard

5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m

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Fuel consumption: 9.1L/100km

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UAE Rugby finals day

Games being played at The Sevens, Dubai

2pm, UAE Conference final

Dubai Tigers v Al Ain Amblers

4pm, UAE Premiership final

Abu Dhabi Harlequins v Jebel Ali Dragons

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

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