The scene is common in the weeks before elections in Lebanon. Campaigners with a megaphone and fliers are spreading the word about their candidates' electoral programme on a busy Beirut street. A man on a scooter pulls up to discuss politics.
But a few minutes later, a group of men drive the young activists away as they start to set up a tent.
“They are trying to come and take our streets,” one says angrily.
Soldiers standing near by watch but do not interfere.
This is Tarik Jdideh, an impoverished Beirut suburb known for its allegiance to Lebanon’s de facto Sunni leader, Saad Hariri. His withdrawal from politics in January has left his supporters anxious before the parliamentary election scheduled for May 15.
“For these next four years, let us walk with dignity and remain loyal to Saad Hariri,” says another of the men, declining to give his name.
The activists who were chased away are members of left-wing secular groups running a grassroots campaign called Beirut Tuqawem, or “Beirut resists” in English.
They are unsurprised by the display of aggression. They have faced hostility before in other areas of the capital, including those that support other sectarian leaders.
"Sectarian chiefs have clientelist networks distributed around the entire city. These men represent how they operate these clientelistic networks," says Hussein Kotob, 33, an electrical engineer.
“Next time we’ll try a different strategy. Instead of a tent, we’ll just distribute fliers in alleyways. I really believe that if we walk in the streets and talk in shops, most people will want to hear what we have to say.”
Lebanon’s economic crisis has presented political reformists with a historic opportunity to make gains against entrenched sectarian politicians, including former warlords from the 1975-1990 civil war, who the public largely blames for the collapse.
Emboldened by an unprecedented months-long popular uprising that started on October 17, 2019, opposition groups are fielding a large number of candidates for this election.
Despite obstacles, they hope to significantly improve on the one seat they won in 2018.
Public sentiment is, in theory, largely behind them. A study commissioned by the Konrad Adenauer Foundation found in February that out of the 50 per cent of Lebanese who considered voting, a quarter of them would vote for an independent.
Lebanon’s powerful Shiite party and militia, Hezbollah, ranked next among the potential voters, followed by groups born from the October 17 protests.
“It’s the first time that I’m open-minded to discuss a new project,” says Jihad Al Faraan, 33, a post office employee who stopped his scooter to exchange views with Mr Kotob before the campaigners were driven out of Tarik Jdideh.
“Politicians in this country have made a huge scam."
Mr Al Faraan was referring to the economic crisis, widely regarded as the result of corruption and mismanagement by its elite.
Verena El Amil, 25, a candidate in the Metn district near Beirut, says she can feel the enthusiasm for her candidacy.
“It’s important for the youth to run because they haven’t been co-opted by the system yet,” she says as she campaigns in a middle-class neighbourhood called Badaro. Here, the crowd is mostly young and educated.
“If I voted in Metn, I would have voted for her,” says Lama, a passer-by in her twenties from south Lebanon, after talking to Ms El Amil.
“Last time I left my ballot blank. No one represented me.”
I have a vision and I want to fight heart and soul for a better country
Verena El Amil,
25-year-old independent candidate
Ms El Amil spent all of her savings, about $1,000, to register for the election and has no outside source of funding. She says older politicians have tried to discourage her.
“They asked me to join their lists, or tell me, 'What are you doing here? You’re 25 years old. We’ve been here for 30 years.' But I have a vision and I want to fight heart and soul for a better country.”
Adham Al Hassanieh, 34, a member of the four-year old left-wing party Li Haqqi, is keeping his expectations “manageable and moderate”.
“The system is not collapsing but it’s shaking,” Mr Al Hassanieh says.
He believes it will be a challenge to have Lebanese become more involved in politics after decades of non-democratic practices by the dominant parties, including buying votes and intimidation.
“I think that if there is no change, it means we have failed, not that there is no hope.”
In addition to entrenched sectarian sentiment and a deep mistrust of politics, Lebanon's political opposition must also reckon with internal divisions.
There are several competing opposition lists in Beirut, significantly weakening the chances of success for all of them.
“We would have loved to have one list for all opposition parties in all districts,” says Tarek Ammar, 53, a consultant who is running in a parliamentary election in Beirut for the first time.
He is one of five members of the citizen council, or political bureau, of Madinati, a party that started as an electoral list for the municipality of Beirut in 2016.
“People want change but most of us who took to the streets in October 2019 had never worked together before," Mr Ammar says.
"The expectations are high but overthrowing the regime is a long battle. The election is just part of it."
Economist Kamal Hamdan says the fragmentation of Lebanon’s opposition is largely due to the nature of the country’s sectarian power-sharing system.
And there are no strong trade unions that could help to unify opposition groups, which is the result of political parties’ successful attempts at weakening labour groups in the 1990s.
“There are also personal ego battles and that’s normal,” Mr Hamdan says.
Internal disagreements have led some parties to boycott the elections altogether.
Since the aborted flier distribution in Tarek Jdideh last month, Li Haqqi, a key member of Beirut Tuqawem, dropped out and withdrew its five candidates running in different parts of the country.
In a statement published on April 4, the deadline for electoral lists to register with the Interior Ministry, the party accused other, unidentified opposition groups of using the same tactics as “the regime”.
Sources said there were disagreements over personalities chosen to share lists with.
Mr Al Hassanieh, who was Li Haqqi’s Beirut candidate, declined to speak to the media about the split.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
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.”
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
More Expo 2020 Dubai pavilions:
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E268hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E380Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh208%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A