Former Lebanese prime minister Saad Hariri greets supporters during a rally outside his house in downtown Beirut. EPA
Former Lebanese prime minister Saad Hariri greets supporters during a rally outside his house in downtown Beirut. EPA
Former Lebanese prime minister Saad Hariri greets supporters during a rally outside his house in downtown Beirut. EPA
Former Lebanese prime minister Saad Hariri greets supporters during a rally outside his house in downtown Beirut. EPA

Lebanon's ex-PM Saad Hariri 'not likely to run' in coming election


Sunniva Rose
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Latest updates: Saad Hariri steps down

Three-time Lebanese prime minister Saad Hariri is expected to announce on Monday that he will not stand for parliament in elections later this year, a member of his Future Movement told The National, leaving the Sunni Muslim community without a clear political leadership during the worsening economic crisis.

“It is likely that Mr Hariri will announce that he will not present himself at the elections; neither will his parliamentary block,” MP Mohammad Hajjar told The National.

Two other Future Movement sources, who asked to remain anonymous, said the party was debating whether to participate at all in the elections, scheduled for May 15.

“Mr Hariri will resign temporarily from politics and he will support individuals as representatives of the Future Movement,” a source said.

Mr Hariri, who returned on Wednesday from a several-month stay in the UAE, is expected to give a speech at 4pm Beirut time detailing his political future.

“It seems he's withdrawing from politics but at the same time there's a possibility that he'll make a political statement in which he hints that participating in elections or in the political process altogether is not useful given Hezbollah's arsenal,” said Mohannad Hage Ali, a research fellow at the Carnegie Middle East Centre.

Mr Hariri is traditionally aligned with Gulf states and Western countries and politically opposed to Iran-backed Hezbollah, though the two parties have compromised multiple times in the past in Parliament.

Hezbollah is the only Lebanese political party that kept its weapons at the end of the 1975-1990 civil war.

  • Former Lebanese prime minister Rafik Hariri and his sons Saad, left and Bahaa, centre, perform Umrah at the Grand Mosque in Makkah, Saudi Arabia, in 2003. Saad would go on to become prime minister in 2009, four years after the assassination of his father. All photos: AFP
    Former Lebanese prime minister Rafik Hariri and his sons Saad, left and Bahaa, centre, perform Umrah at the Grand Mosque in Makkah, Saudi Arabia, in 2003. Saad would go on to become prime minister in 2009, four years after the assassination of his father. All photos: AFP
  • Saad Hariri and Solange Gemayel, the widow of assassinated president and Christian warlord Bashir Gemayel, attend a press conference in Beirut in 2005, where Hariri announced his list for the coming elections. Ms Gemayel became a shoo-in for Beirut's only Maronite Christian seat.
    Saad Hariri and Solange Gemayel, the widow of assassinated president and Christian warlord Bashir Gemayel, attend a press conference in Beirut in 2005, where Hariri announced his list for the coming elections. Ms Gemayel became a shoo-in for Beirut's only Maronite Christian seat.
  • Saad with Rafik Hariri's sister, Bahia, during the funeral procession for former minister Bassel Fleihan, Hariri's close aide, who died from wounds sustained in the February 14 bomb blast that killed the prime minister.
    Saad with Rafik Hariri's sister, Bahia, during the funeral procession for former minister Bassel Fleihan, Hariri's close aide, who died from wounds sustained in the February 14 bomb blast that killed the prime minister.
  • UAE President Sheikh Khalifa receives Saad Hariri on December 4, 2005 in Abu Dhabi.
    UAE President Sheikh Khalifa receives Saad Hariri on December 4, 2005 in Abu Dhabi.
  • Mr Hariri, newly-elected Lebanese parliamentarian, meets Russian Foreign Minister Sergey Lavrov in New York, in 2005, on the sidelines of the UN General Assembly.
    Mr Hariri, newly-elected Lebanese parliamentarian, meets Russian Foreign Minister Sergey Lavrov in New York, in 2005, on the sidelines of the UN General Assembly.
  • Former French president Jacques Chirac with Hariri in 2005, after a meeting at the Elysee palace in Paris.
    Former French president Jacques Chirac with Hariri in 2005, after a meeting at the Elysee palace in Paris.
  • With Jordan's King Abdullah II on the sidelines of UN General Assembly in New York, 2005.
    With Jordan's King Abdullah II on the sidelines of UN General Assembly in New York, 2005.
  • US envoy David Welch, left, then assistant secretary of state for Near East affairs, meets Mr Hariri in Beirut, in 2007. Mr Welch held talks in Lebanon to discuss a presidential void.
    US envoy David Welch, left, then assistant secretary of state for Near East affairs, meets Mr Hariri in Beirut, in 2007. Mr Welch held talks in Lebanon to discuss a presidential void.
  • With Turkish Prime Minister Recep Tayyip Erdogan in Ankara, in 2011.
    With Turkish Prime Minister Recep Tayyip Erdogan in Ankara, in 2011.
  • French President Emmanuel Macron walks between Saad Hariri and UN Deputy Secretary General Amina Mohammed, right, as they arrive to attend the Lebanon International Support Group meeting in Paris on December 8, 2017.
    French President Emmanuel Macron walks between Saad Hariri and UN Deputy Secretary General Amina Mohammed, right, as they arrive to attend the Lebanon International Support Group meeting in Paris on December 8, 2017.
  • Mr Hariri delivers a speech to mark the 10th anniversary of the assassination of his father in Beirut, 2015.
    Mr Hariri delivers a speech to mark the 10th anniversary of the assassination of his father in Beirut, 2015.
  • With former Egyptian president Hosni Mubarak in Cairo, in 2008.
    With former Egyptian president Hosni Mubarak in Cairo, in 2008.
  • Mr Hariri greets Lebanon's newly-elected Sunni Mufti Sheikh Abdul Latif Deryan, in 2014.
    Mr Hariri greets Lebanon's newly-elected Sunni Mufti Sheikh Abdul Latif Deryan, in 2014.
  • Former US president George W Bush shares a light moment with Mr Hariri during their meeting in the Oval Office of the White House in Washington, in 2006.
    Former US president George W Bush shares a light moment with Mr Hariri during their meeting in the Oval Office of the White House in Washington, in 2006.
  • Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid, then Crown Prince of Dubai, receives Mr Hariri in 2005.
    Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid, then Crown Prince of Dubai, receives Mr Hariri in 2005.
  • With Lebanese President Michel Aoun at the presidential palace in Beirut, in 2020.
    With Lebanese President Michel Aoun at the presidential palace in Beirut, in 2020.
  • Russian Prime Minister Mikhail Mishustin meets Mr Hariri in Moscow, in 2021.
    Russian Prime Minister Mikhail Mishustin meets Mr Hariri in Moscow, in 2021.
  • With then Saudi Crown Prince Sultan bin Abdul Aziz, in 2005, at the UN in New York.
    With then Saudi Crown Prince Sultan bin Abdul Aziz, in 2005, at the UN in New York.
  • France's former president Francois Hollande, right, welcomes Mr Hariri to a meeting at the Elysee presidential palace, in 2012.
    France's former president Francois Hollande, right, welcomes Mr Hariri to a meeting at the Elysee presidential palace, in 2012.
  • Mr Hariri salutes thousands of supporters in Lebanon's Miniyeh region.
    Mr Hariri salutes thousands of supporters in Lebanon's Miniyeh region.
  • Greeting supporters upon arrival at his home in Beirut, in 2017, after a mysterious odyssey that resulted in him announcing his resignation while in Saudi Arabia. Hariri told cheering supporters that he was staying.
    Greeting supporters upon arrival at his home in Beirut, in 2017, after a mysterious odyssey that resulted in him announcing his resignation while in Saudi Arabia. Hariri told cheering supporters that he was staying.
  • With former US secretary of state Condoleezza Rice in 2005.
    With former US secretary of state Condoleezza Rice in 2005.
  • Meeting Palestinian leader Mahmoud Abbas in Beirut, in 2005.
    Meeting Palestinian leader Mahmoud Abbas in Beirut, in 2005.

Mr Hariri served as prime minister from November 2009 to June 2011 and a second time from December 2016 to January 2020.

He was appointed for a third time as prime minister in October 2020 but announced in July that he had failed to form a Cabinet because of political bickering.

“May God help the country,” he said as he ended his attempt to form an administration.

Lebanon is suffering from its worst economic crisis to date, which has pushed almost three-quarters of the population into poverty.

On Monday, the cabinet met for the first time in more than three months to discuss a range of stalled urgent economic and financial issues, including the 2022 state budget.

Ministers representing Iran-backed and heavily militarised Hezbollah and its ally Amal movement have boycotted cabinet meetings since October to protest against what they described as a “biased” probe into the devastating explosion at Beirut's port in August 2020, paralysing the executive arm of the Lebanese political system.

Speculation about the future role of Mr Hariri in Lebanese politics was rife in Lebanese media on Monday, with daily Annahar writing that while the Cabinet meets for the first time in months, “all eyes are on Hariri".

The newspaper claimed that Mr Hariri had had multiple secret meetings with the country's top political leaders since his return last week, including Parliament Speaker Nabih Berri and Prime Minister Najib Mikati.

A potential withdrawal of Mr Hariri from elections caused worry and confusion at the weekend among Lebanon's Sunni Muslim community.

Local media reported on Sunday that dozens of his supporters drove from all over the country to Mr Hariri's house in Beirut, waving his party's blue flag and asking him to participate in the electoral process.

Mr Hariri responded by saying that his home would “remain open to all".

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

The years Ramadan fell in May

1987

1954

1921

1888

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Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

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Marital status: Separated with two young daughters

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THE SPECS

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Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

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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.”

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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


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Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

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1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

Results

Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

The specs

Engine: 6.2-litre V8

Transmission: seven-speed auto

Power: 420 bhp

Torque: 624Nm

Price: from Dh293,200

On sale: now

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: January 25, 2022, 5:10 AM