Many have heard of them but few have actually seen them. Despite much fanfare upon their donation in May, many of the French buses purportedly serving the people of Beirut since Monday remain elusive.
Bus drivers, passengers, and cafe owners at Beirut’s main intersections of Dawra, Cola, and Moucharafieh say they are yet to spot the vehicles.
"I know this bus, it is part of the new batch of government buses, I have seen them on Facebook", said Ali while looking on his phone at the picture of a green jade and white RATP bus recognisable to anyone who has ever set foot in Paris.
In May, France donated 50 of them to Lebanon as part of an agreement to improve the country's crumbling transport network, which relies largely on dilapidated government buses and private micro-buses.
"I don’t think these buses serve this area", Ali added, while calling for passengers to hop in a minivan amid the continuous car honks of the crowded and chaotic Moucharafieh's intersection.
"You have just missed it," his friend Mohamed, a minivan driver, corrected. "It will come back in 20 minutes in the other way, you just have to wait."
But time passed by and there is still no sign of the bus. Without clear routes, schedules or stops, catching one of these French-donated buses is like playing hide and seek.
"It seems that it is not your lucky day," said Mohamed, acknowledging the fruitless wait.
The small number of buses running are not helping the search.
Director general of the Office of Railways and Public Transport, Ziad Nasr, told The National that only 10 of the 50 are operating, on four different routes. They have assigned 28 drivers working in shifts in Greater Beirut.
“We do not have the capacity to operate the full batch, because of our limited human and material resources: we need to pay for the fuel, the spare part, and for the employee's salary,” he said.
There is only enough money in the coffers to cover operations for a month and the Office of Railways and Public Transport is looking to get more funds, he added.
The price of a trip is set at 20,000 Lebanese pounds, which is cheaper than most trips in private minivans.
“It is not enough to cover the expenses, but we believe public transportation is a social service that the state should subsidise," Mr Nasr said.
The batch of Parisian buses was received last May, but were not let loose on to the streets until Monday due to administration issues with customs and vehicle registration.
"The public transport sector is back after absence and neglect ... its sustainability is everyone's responsibility," wrote Caretaker Minister for Public Works and Transport, Ali Hamie, in a tweet on Friday.
Even before an unprecedented economic collapse devastated Lebanon in 2019, the country suffered from a transportation crisis, with a quasi-nonexistent public network, and erratic schedules and routes, and the public favouring private cars as the main and only reliable mode of transport.
But the economic crisis described by the World Bank as one of the worst in modern history has crushed public transport and exacerbated inequality in mobility.
Transport costs in Lebanon increased by nearly 200 per cent year-on-year in October according to the Central Administration of Statistics' Consumer Price Index, as petrol prices rocketed after the cash-strapped central bank lifted its subsidies on fuel imports last year.
As a result, many Lebanese can now barely afford to fill their tanks. This has specifically affected the most vulnerable and put them at risk of not being able to access work, education and health care.
“These donated buses are a way to enhance public transport and help Lebanese through the steep crisis they are enduring,” a French diplomatic source told the National.
He said his country had also promised technical assistance on maintenance and operation provided until 2023 by French experts, from driver recruitment, training and route planning. French experts are closely following the project, he added, to ensure its sustainability and avoid buses being left in disrepair because of a lack of resources.
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
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.”
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Labour dispute
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.
- Abdullah Ishnaneh, Partner, BSA Law
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
UAE currency: the story behind the money in your pockets
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
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