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.
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".
RACECARD
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The%20Specs
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Company%20profile
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.