A worker prepares bread dough at a bakery in Beirut. Lebanese wheat importers have warned of a 'critical situation' due to the war in Ukraine. Reuters
A worker prepares bread dough at a bakery in Beirut. Lebanese wheat importers have warned of a 'critical situation' due to the war in Ukraine. Reuters
A worker prepares bread dough at a bakery in Beirut. Lebanese wheat importers have warned of a 'critical situation' due to the war in Ukraine. Reuters
A worker prepares bread dough at a bakery in Beirut. Lebanese wheat importers have warned of a 'critical situation' due to the war in Ukraine. Reuters

Lebanon faces food crisis with ‘no wheat orders since Ukraine war began’


Sunniva Rose
  • English
  • Arabic

Lebanon's wheat importers have not placed any new orders on the global market since Russia invaded Ukraine three weeks ago and have started rationing what they sell to supermarkets amid widespread panic-buying, millers told The National on Wednesday.

“The situation is getting critical,” said Paul Mansour, owner of Crown Mills, one of only 12 importers of wheat in the country.

“Everyone is buying flour and we cannot fulfil the demand otherwise our stocks will be gone in two weeks. It’s like a run on the bank.”

Wheat prices have soared since the start of the war in Ukraine, one of the world’s largest producers. Lebanon normally buys 96 per cent of its wheat from Russia and Ukraine.

Lebanese importers are struggling to get dollars from a subsidy programme to buy wheat from new suppliers, who are demanding large down payments and can reroute supplies if payments are delayed.

With countries rushing to secure new sources of wheat, Mr Mansour said there was little interest in selling to cash-strapped Lebanon's small market of six million people.

“Suppliers do not care about Lebanon and turn to countries that are sure to pay them, like Egypt, Turkey or Greece,” said Mr Mansour.

“The next best alternative [source of wheat] would be France, Germany or Poland. That would cost $200 more a tonne than last month when we were buying wheat at $350 a tonne.”

Matching these new prices will be difficult for Lebanon. In an interview with The National this month, Economy Minister Amin Salam said that the central bank did not have the capacity to subsidise wheat imports at higher prices.

The president of Lebanon's Association of Mills, Ahmad Hoteit, told The National that wheat delivered last week and scheduled for this week was bought before the Ukraine crisis. Mr Hoteit confirmed that no new purchases have been made since February 24.

  • Smoke rising in Kyiv, which mayor Vitali Klitschko says faces a 'difficult and dangerous moment' as Russian forces step up strikes. AFP
    Smoke rising in Kyiv, which mayor Vitali Klitschko says faces a 'difficult and dangerous moment' as Russian forces step up strikes. AFP
  • Pope Francis meets visitors holding the Ukrainian flag during his weekly general audience in the Vatican. AFP
    Pope Francis meets visitors holding the Ukrainian flag during his weekly general audience in the Vatican. AFP
  • An anti-war protester demonstrates against Russia's invasion of Ukraine in front of the Nato headquarters in Brussels. AFP
    An anti-war protester demonstrates against Russia's invasion of Ukraine in front of the Nato headquarters in Brussels. AFP
  • A poster in Saint Petersburg carries the letter Z, a symbol of support for the invasion, and reads: "We are proud of Russia! We are not ashamed!" AFP
    A poster in Saint Petersburg carries the letter Z, a symbol of support for the invasion, and reads: "We are proud of Russia! We are not ashamed!" AFP
  • Amid the Ukraine war, there's time for a seaside stroll in Odesa. Reuters
    Amid the Ukraine war, there's time for a seaside stroll in Odesa. Reuters
  • A child who fled from Ukraine to Belgium waits outside an immigration office in Brussels. EPA
    A child who fled from Ukraine to Belgium waits outside an immigration office in Brussels. EPA
  • Ukrainian President Volodymyr Zelenskyy receives a standing ovation as he appears via videoconference to make an address to Canada's Parliament. AP
    Ukrainian President Volodymyr Zelenskyy receives a standing ovation as he appears via videoconference to make an address to Canada's Parliament. AP
  • A woman walks with a bicycle next to a building damaged during the conflict in the separatist-controlled town of Volnovakha, Donetsk region. Reuters
    A woman walks with a bicycle next to a building damaged during the conflict in the separatist-controlled town of Volnovakha, Donetsk region. Reuters
  • A firefighter outside a destroyed apartment building in a residential area of Kyiv. AP
    A firefighter outside a destroyed apartment building in a residential area of Kyiv. AP
  • Ukrainian soldiers pay tribute to Col Valeriy Gudz, who was killed in battle against Russian troops, at a cemetery in the town of Boryspil. AP
    Ukrainian soldiers pay tribute to Col Valeriy Gudz, who was killed in battle against Russian troops, at a cemetery in the town of Boryspil. AP
  • Firefighters work to extinguish a fire in a housing block hit by shelling in the Sviatoshynsky district, in western Kyiv. AFP
    Firefighters work to extinguish a fire in a housing block hit by shelling in the Sviatoshynsky district, in western Kyiv. AFP
  • Two people were killed as a series of powerful explosions rocked residential districts in Kyiv just hours before talks between Ukraine and Russia were set to resume. AFP
    Two people were killed as a series of powerful explosions rocked residential districts in Kyiv just hours before talks between Ukraine and Russia were set to resume. AFP
  • The Met Opera and Chorus performs during 'A Concert For Ukraine' in New York City. AFP
    The Met Opera and Chorus performs during 'A Concert For Ukraine' in New York City. AFP
  • A worker welds metal at the Interpipe Steel plant in Dnipro, Ukraine. Hundreds of Interpipe’s 10,000 employees have joined the fight against Russia. AP
    A worker welds metal at the Interpipe Steel plant in Dnipro, Ukraine. Hundreds of Interpipe’s 10,000 employees have joined the fight against Russia. AP
  • A woman is rescued by firefighters from her apartment in a burning building that was hit by artillery shells in Kyiv. AP
    A woman is rescued by firefighters from her apartment in a burning building that was hit by artillery shells in Kyiv. AP
  • Rescuers work at a building damaged by an air strike, in central Kharkiv, Ukraine. Reuters
    Rescuers work at a building damaged by an air strike, in central Kharkiv, Ukraine. Reuters
  • A woman who fled Ukraine to Belgium waits outside an immigration office, in Brussels. EPA
    A woman who fled Ukraine to Belgium waits outside an immigration office, in Brussels. EPA
  • Cars stuck at the Irpin River bridge, as Russia unleashes a barrage of air strikes on cities across Ukraine. AFP
    Cars stuck at the Irpin River bridge, as Russia unleashes a barrage of air strikes on cities across Ukraine. AFP
  • A firefighter looks at a section of a Ukrainian Tochka-U missile on a street in the separatist Donetsk region. The Russian military said 20 civilians were killed by a ballistic missile launched by the Ukrainian forces. AP
    A firefighter looks at a section of a Ukrainian Tochka-U missile on a street in the separatist Donetsk region. The Russian military said 20 civilians were killed by a ballistic missile launched by the Ukrainian forces. AP
  • Musician Davide Martello plays a piano near the Ukrainian border in Medyka, Poland. More than 1.76 million people have crossed the Polish-Ukrainian border into Poland, the Polish Border Guard reported on March 14. EPA
    Musician Davide Martello plays a piano near the Ukrainian border in Medyka, Poland. More than 1.76 million people have crossed the Polish-Ukrainian border into Poland, the Polish Border Guard reported on March 14. EPA
  • Ukrainian President Volodymyr Zelenskyy, left, snaps a selfie with a wounded man during a visit at a military hospital after fighting in the Kyiv region.AFP
    Ukrainian President Volodymyr Zelenskyy, left, snaps a selfie with a wounded man during a visit at a military hospital after fighting in the Kyiv region.AFP
  • Ukrainian soldiers carry rocket-propelled grenades and sniper rifles as they walk towards the city of Irpin, north-west of Kyiv. AFP
    Ukrainian soldiers carry rocket-propelled grenades and sniper rifles as they walk towards the city of Irpin, north-west of Kyiv. AFP
  • Troops carry an elderly woman on a stretcher across a makeshift bridge as Ukrainians flee Irpin. AFP
    Troops carry an elderly woman on a stretcher across a makeshift bridge as Ukrainians flee Irpin. AFP
  • Irina Moprezova, 54, stands in front of a house that was damaged by an air strike in Irpin. AFP
    Irina Moprezova, 54, stands in front of a house that was damaged by an air strike in Irpin. AFP
  • The flags of Russia and Ukraine are projected on the walls of Jerusalem's Old City, which a representative from the Jerusalem Municipality said is a show of support for diplomatic dialogue between the countries. Reuters
    The flags of Russia and Ukraine are projected on the walls of Jerusalem's Old City, which a representative from the Jerusalem Municipality said is a show of support for diplomatic dialogue between the countries. Reuters
  • A person holds a Ukrainian flag during an anti-war demonstration at the Brandenburg Gate in Berlin, Germany. Reuters
    A person holds a Ukrainian flag during an anti-war demonstration at the Brandenburg Gate in Berlin, Germany. Reuters
  • A Ukrainian soldier takes cover as people flee Irpin. AFP
    A Ukrainian soldier takes cover as people flee Irpin. AFP
  • Ukrainians shelter in an underground train station during the day in Kyiv. EPA
    Ukrainians shelter in an underground train station during the day in Kyiv. EPA
  • A Ukrainian serviceman walks carefully with his weapon in the city of Irpin, near Kyiv. AFP
    A Ukrainian serviceman walks carefully with his weapon in the city of Irpin, near Kyiv. AFP
  • Ukrainian people flee the city of Irpin, north-west of Kyiv. AFP
    Ukrainian people flee the city of Irpin, north-west of Kyiv. AFP
  • Ukrainian servicemen carry an elderly woman on a stretcher from the city of Irpin. AFP
    Ukrainian servicemen carry an elderly woman on a stretcher from the city of Irpin. AFP
  • A girl plays games on her tablet inside a subway carriage being used as a bomb shelter in Kyiv. AFP
    A girl plays games on her tablet inside a subway carriage being used as a bomb shelter in Kyiv. AFP
  • A Ukrainian firefighter drags a hose inside a large food products storage facility which was destroyed by an air strike on the outskirts of Kyiv. AP
    A Ukrainian firefighter drags a hose inside a large food products storage facility which was destroyed by an air strike on the outskirts of Kyiv. AP
  • Ukrainian troops with a Javelin anti-tank missile on the front line in the northern Kyiv region. Reuters
    Ukrainian troops with a Javelin anti-tank missile on the front line in the northern Kyiv region. Reuters
  • A woman carries her dog during an evacuation in Irpin. Reuters
    A woman carries her dog during an evacuation in Irpin. Reuters
  • A Ukrainian woman takes shelter in a metro station during the day in Kyiv. EPA
    A Ukrainian woman takes shelter in a metro station during the day in Kyiv. EPA
  • A member of the Ukrainian armed forces on patrol in Irpin. Reuters
    A member of the Ukrainian armed forces on patrol in Irpin. Reuters
  • A Ukrainian fighter takes cover behind a car in the city of Irpin. AFP
    A Ukrainian fighter takes cover behind a car in the city of Irpin. AFP
  • Firefighters at work after air strikes hit residential buildings in Chernihiv, northern Ukraine. AFP
    Firefighters at work after air strikes hit residential buildings in Chernihiv, northern Ukraine. AFP
  • A man wounded in an air strike is helped by medical staff in Novoiavorivsk, western Ukraine. Getty
    A man wounded in an air strike is helped by medical staff in Novoiavorivsk, western Ukraine. Getty
  • The ruins of the Ukraine Hotel after recent shelling in Chernihiv. EPA
    The ruins of the Ukraine Hotel after recent shelling in Chernihiv. EPA

As officials scramble to find solutions and appeal for international donations, Lebanon is rapidly eating through its supplies, divided up among the country’s 12 mills. These will last about a month.

A top official at the Industry Ministry told The National last week that the country could face food security issues “within a month or two”.

The government is trying to find alternative wheat suppliers and has looked to the US and India but has yet to announce any new deals. Mr Salam said on Tuesday that the state was in the “final stages” of purchasing 50,000 tonnes of wheat, which is equivalent to one month's supply.

Local media reported on Sunday that Turkey would donate 500,000 tonnes of food, including flour and sugar, to Lebanon.

In the interim, the ministries of Economy and Industry asked millers to prioritise selling flour to bakeries rather than supermarkets, said Mr Mansour.

Panic buying ensued.

“It’s making things worse,” he said.

There are only three solutions, Mr Mansour said: Lebanon receives a wheat donation, the government pushes through with its purchase, or it lifts subsidies, paving the way for a brutal price increase.

A complicated subsidy system

The crisis has been compounded by long-standing issues with the central bank’s subsidy system for wheat imports, which keeps the price of bread artificially low.

The cost of the country's largely imported food increased by 2,076 per cent between 2018 and 2021 due to the crash of the local currency.

A loaf of bread now costs on average 10,000 Lebanese pounds, or $0.45 — more than six times what it cost before the onset of the economic crisis in 2019.

Millers estimate that without subsidies, bread prices could more than double.

“We can't guess what the price would be as nothing is clear. But I can confirm to you that wheat subsidies will remain,” said Ali Ibrahim, vice president of the Federation of Lebanese Bakers.

Analysts fear that lifting subsidies could cause social unrest in a country where bread consumption is on the rise, as the cost of meat and other goods has become prohibitive.

Lebanon’s economic crisis has pushed almost three quarters of the population into poverty, the UN has said.

But the subsidies system is not working smoothly.

Importers say that over the past months, the central bank has been slow to convert their funds in the local currency to dollars at the official rate of 1,500 Lebanese pounds. As a result, it takes an entire month to process a payment to wheat sellers abroad instead of the usual day or two.

Outside of certain exceptions, banks have not allowed depositors to withdraw dollars at the official exchange rate since the economic collapse began.

On the open market, the Lebanese pound currently trades at more than 22,000 to the dollar.

Previous suppliers let delays pass because of “long-term relationships”, said Mr Mansour. But this changed with the Ukraine crisis.

New suppliers are asking for a down payment of 25 to 30 per cent and want to be paid within a day, Mr Mansour said. Otherwise, they reroute their shipments.

It remains unclear why the central bank is delaying the wheat subsidy mechanism and a representative did not respond to a request for comment.

The economy minister said on Tuesday that the central bank governor had assured ministers that “all credits still pending at the central bank relating to ships would be completed as soon as possible, which means the entrance of about 15,000 tonnes during the week”.

Mr Mansour, however, was not convinced, saying: “The central bank governor has a history of not doing what he says.”

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1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

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Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

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Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella

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Price, base / as tested Dh135,000

Engine 1.6L turbo

Gearbox Six speed automatic with manual and sports mode

Power 165hp @ 6,000rpm

Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

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Director: James Cameron

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Rating: 4.5/5

Points Classification

1. Marcel Kittel (Germany / Quick-Step) 63

2. Arnaud Demare (France / FDJ) 38

3. Andre Greipel (Germany / Lotto) 25

4. Sonny Colbrelli (Italy / Bahrain) 24

5. Mark Cavendish (Britain / Dimension Data) 22

6. Taylor Phinney (U.S. / Cannondale) 21

7. Geraint Thomas (Britain / Team Sky) 20

8. Thomas Boudat (France / Direct Energie) 20

9. Stefan Kueng (Switzerland / BMC Racing) 17

10. Michael Matthews (Australia / Sunweb) 17

UAE currency: the story behind the money in your pockets

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.”

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Results:

CSIL 2-star 145cm One Round with Jump-Off

1.           Alice Debany Clero (USA) on Amareusa S 38.83 seconds

2.           Anikka Sande (NOR) For Cash 2 39.09

3.           Georgia Tame (GBR) Cash Up 39.42

4.           Nadia Taryam (UAE) Askaria 3 39.63

5.           Miriam Schneider (GER) Fidelius G 47.74

Bert van Marwijk factfile

Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder

Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia

Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands

Race card

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m

9pm: Handicap (TB) Dh105,000 (T) 2,410m

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
Updated: March 16, 2022, 7:34 PM