The leader of one of Lebanon’s most prominent political parties has confirmed they will join their traditional parliamentary rivals and vote for Jihad Azour in the country’s next presidential ballot.
He conceded however, that Mr Azour – an economist and IMF official – currently lacks the necessary support in the legislature to become the next head of state.
Gebran Bassil, leader of the Free Patriotic Movement (FPM), told The National that his party was not “entrenched” in its position and wanted to find a parliamentary consensus. “If we support a name, it doesn't mean we refuse all others. We are always available and ready for dialogue to agree on a consensual name.”
Mr Bassil said he and his party's position was “very clear, very precise”.
“Azour was among many names on which we approved. The others chose one of those names. And – since they agreed on that name – we are in the obligation of voting for it.”
The comments came after Nabih Berri, speaker of the deeply divided 128-seat parliament, said the next presidential election session – on pause since January amid the impasse – would commence next Wednesday.
In 11 sessions, no candidate has come anywhere near the minimum amount of votes required. Michel Moawad has courted a bloc of around a third of parliament, typically made up of parties and independents opposed to the Iran-backed armed group and political party Hezbollah, but his campaign has stalled.
Hezbollah and its Shiite ally the Amal Movement, led by Mr Berri, have announced their support for Suleiman Frangieh – whose candidacy Mr Bassil said he does not support.
Mr Moawad withdrew his candidacy on Sunday night and – along with much of the bloc that had supported him – said he would back Mr Azour. But the combination of that bloc and the FPM would still mean Mr Azour is short of the two-thirds majority needed to triumph in the first round.
The FPM, which has been allied with Hezbollah, although the strength of that relationship has waned, has cast blank ballots and has portrayed itself as a third bloc, in between most of those who backed Mr Moawad and the Shiite duo. That could now change after a rare agreement with parties including traditional foes the Lebanese Forces and the Kataeb Party.
“To be precise, Jihad Azour is one of the names on which [the FPM] agreed,” Mr Bassil said in his first comments since the pro-Moawad bloc announced their support for Mr Azour.
“We are trying to build this consensus with the two sides, the two sides that are confronting. And when we consider that we are not part of any of them … we made big progress by agreeing with one side – but we still need to agree with the other,” he told The National from his home in the hills overlooking Beirut.
“Jihad Azour is a name on which we agreed with one side. And if we are invited for an election session, we can vote for him. But will this make him President if the other side does not agree on him? Unfortunately, no.”
Breaking deadlock
While two-thirds of the vote in parliament is needed for a candidate to win in the first round, an absolute majority is required in subsequent rounds of the same session. In the previous 11 sessions many MPs have left the legislature and the quorum has been lost.
By convention, the presidency is reserved for a Maronite Christian in Lebanon's unique confessional system.
The apparent convergence in views between parliament's two largest Christian parties – the FPM and LF – is rare. Both sides are keen to stress that they still disagree on almost anything else, but arguably such convergence has not been seen since 2016 when FPM founder Michel Aoun and LF leader Samir Geagea – two civil war foes – reached an agreement that propelled the former to the presidency.
Mr Bassil said he was “very clear” that his party did not want to be confrontational.
“We don't want to rally with a party against another party. Fine, when you go to the ballot, you have to make a decision. But we are trying to avoid this by also trying to bring the other side, which is the supporters of Frangieh, to a deal.”
Mr Bassil said his support for Mr Azour was because he did not see him as a confrontational candidate.
“[The Shiite duo] can refuse any name. If they say we only want Frangieh, then all the others will be confrontational. This rejection of everybody, this cannot work. This is not Lebanon.”
"Now, if they say this name is refused, but there are others that are accepted and let's agree on one, that means that means yes, they are for consensus and they are for dialogue - and this is what Lebanon is about."
The lack of a president is not uncommon in Lebanon, where the head of state typically comes to power after months or even years of bartering. But the current government vacuum is unprecedented, with the cabinet of Prime Minister Najib Mikati in caretaker status and thus severely stripped of its powers.
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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.”
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Zayed Sustainability Prize
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big