Syrian President Bashar Al Assad meets former Lebanese president Michel Aoun in Damascus. AFP
Syrian President Bashar Al Assad meets former Lebanese president Michel Aoun in Damascus. AFP
Syrian President Bashar Al Assad meets former Lebanese president Michel Aoun in Damascus. AFP
Syrian President Bashar Al Assad meets former Lebanese president Michel Aoun in Damascus. AFP

Lebanon's Michel Aoun denies seeking Bashar Al Assad's support in Damascus visit


Nada Homsi
  • English
  • Arabic

Former Lebanese president Michel Aoun has denied that his surprise visit to Damascus on Tuesday was to seek the backing of Syria's President Bashar Al Assad.

Mr Aoun's media office issued a statement amid speculation that the founder of the Free Patriotic Movement was seeking Mr Al Assad's intervention in the Lebanese presidential election amid differences with its ally Hezbollah over the choice of candidates. Both the FPM and the Iran-backed Hezbollah group are aligned with Syria.

The former president “did not request a mediation or support for the position of the Free Patriotic Movement leader,” the statement said, emphasising Mr Aoun's dedication to Lebanon’s sovereignty.

“President Aoun's visit was strategic, about Syria and Lebanon's shared interests and the return of refugees to Syria, and it was not related to internal affairs,” an FPM representative told The National.

Lebanon's presidential post has remained vacant for seven months since Mr Aoun completed his term last year as parties and political blocs attempt to find a consensus candidate.

Hezbollah backs Suleiman Frangieh, leader of the Christian Marada Movement and known to be close to Damascus.

But the FPM has categorically refused to support Mr Frangieh, allying with opposition parties to back former finance minister Jihad Azour.

An electoral parliamentary session has been called for June 14.

Mr Aoun’s visit to Lebanon's war-torn neighbour was his first since 2009.

It followed Syria’s readmission to the Arab League last month, ending years of regional isolation over Mr Al Assad’s crackdown on domestic opposition to his rule in 2011 that led to a deadly and multifaceted civil war powered by international proxies.

“He has wanted to visit with Assad for years but couldn’t when he was president due to the international restrictions and the political implications,” a source close to Mr Aoun said.

The meeting between Mr Aoun and Mr Al Assad was shrouded in secrecy. Sources close to the former Lebanese president said their talks covered Syria’s return to Arab life, changes in the Middle East’s political landscape, and the Syrian refugees living in Lebanon.

Both countries are undergoing interlinked economic crises. Lebanon's economy collapsed in 2019 following years of financial mismanagement and corruption, while Syria has been affected by the destructive civil war and international war-related sanctions that have also affected Lebanon.

“The rise and prosperity of Syria will undoubtedly reflect well on Lebanon,” Mr Aoun’s media office said, acknowledging the conjoined nature of the two countries.

Mr Al Assad emphasised the importance of Lebanon’s political and economic stability, which is “in the interest of Syria and the region in general”.

Lebanon shares a complicated history with Syria, which wields influence over Lebanese politics. Lebanon’s parliamentary blocs are split according to their relationship with Syria: there is the pro-Hezbollah, Syria-aligned bloc, which includes Mr’s Aoun’s party, and a coalition of parties characterised by their opposition to Hezbollah and Syrian influence.

Syria was a warring proxy in Lebanon’s 1975-1990 civil war and maintained a military presence long after the war’s end.

Syria withdrew its military from Lebanon in 2005, but its occupation has left a sour association in the minds of many Lebanese. For others, the neighbouring country is viewed as a natural ally.

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

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Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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.”

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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UAE currency: the story behind the money in your pockets
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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

UJDA CHAMAN

Produced: Panorama Studios International

Directed: Abhishek Pathak

Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla

Rating: 3.5 /5 stars

UAE currency: the story behind the money in your pockets
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New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
Updated: June 07, 2023, 2:28 PM