• Paul and Tracy Naggear have been grieving since the explosion that tore through the Lebanese capital in 2020 killed their three-year-old daughter. All photos: AFP
    Paul and Tracy Naggear have been grieving since the explosion that tore through the Lebanese capital in 2020 killed their three-year-old daughter. All photos: AFP
  • The August 4 blast, blamed on a fire that ignited tonnes of ammonium nitrate fertiliser haphazardly stored for years at Beirut harbour, was one of the largest non-nuclear detonations ever recorded.
    The August 4 blast, blamed on a fire that ignited tonnes of ammonium nitrate fertiliser haphazardly stored for years at Beirut harbour, was one of the largest non-nuclear detonations ever recorded.
  • Paul and Tracy moved out of Beirut and settled in the mountain town of Beit Mery, 10 kilometres away following the blast. The walls and shelves of their home are adorned with pictures of Alexandra.
    Paul and Tracy moved out of Beirut and settled in the mountain town of Beit Mery, 10 kilometres away following the blast. The walls and shelves of their home are adorned with pictures of Alexandra.
  • After the disaster, Lebanon's ruling elite drew even more public ire by interfering in an investigation that aimed to pinpoint culpability. The lead investigator, Tarek Bitar, has been barred from proceeding by a series of lawsuits filed by political leaders since last year.
    After the disaster, Lebanon's ruling elite drew even more public ire by interfering in an investigation that aimed to pinpoint culpability. The lead investigator, Tarek Bitar, has been barred from proceeding by a series of lawsuits filed by political leaders since last year.
  • Parliament member Melhem Khalaf, a former Beirut bar association head, has tried to fight the official impunity, but both domestic and external factors have hampered investigations.
    Parliament member Melhem Khalaf, a former Beirut bar association head, has tried to fight the official impunity, but both domestic and external factors have hampered investigations.

European Parliament calls for sanctions on anyone blocking Beirut port blast probe


Jamie Prentis
  • English
  • Arabic

The European Parliament has called for an independent and international fact-finding mission to investigate the 2020 Beirut port blast after a lack of progress by Lebanese officials three years after the deadly explosion.

A resolution adopted by the parliament also urges the European Council – the EU’s executive arm – to apply targeted sanctions against anyone obstructing the domestic probe or any future international investigation.

It also calls for sanctions on those “who are infringing the democratic and electoral process in the Lebanese institutions, those involved in serious financial misconduct and those obstructing corruption investigations”.

Lebanon has been without a president for nearly eight months, with the bitterly divided parliament failing to elect a successor to Michel Aoun in 12 attempts. Speaker Nabih Berri has yet to schedule 13th round of voting.

The explosion on August 4, 2020 killed more than 220 people, injured thousands and destroyed large parts of the Lebanese capital. The blast is regarded as a symptom of decades of corruption and mismanagement by the Lebanese elite.

No senior officials have been held accountable, while Judge Tarek Bitar’s investigation is at a standstill after he was hit with legal measures from powerful Lebanese figures sought for questioning.

The blast occurred after a huge stock of ammonium nitrate – stored at the port for years – caught fire. No reason has been given for why the highly explosive chemical was kept there.

Mr Bitar reopened the case in January, after it had been placed on hold for more than a year, and charged senior politicians, judicial figures and security officials in connection with the explosion.

But Lebanon’s top prosecutor told Mr Bitar that the investigation was still on hold and charged him with rebelling against the judiciary. The Lebanese judicial system is deeply politicised.

The European Parliament resolution encouraged EU member states “to assist families of the victims of the Beirut port blast in exploring the possibilities for presenting lawsuits in foreign national courts as well as explore the possibilities for prosecuting politicians accused of atrocities under universal jurisdiction”.

With justice inside Lebanon seemingly an impossibility right now, families of the victims have turned outside the country for restitution.

Last month, Savaro Ltd, the UK-registered company found liable earlier this year by a London court for the blast, was told to pay a total of $1 million to four victims.

The European Parliament resolution also urges the UN Human Rights Council “to enact a resolution establishing and dispatching an independent and impartial fact-finding mission in order to determine the facts and circumstances of the Beirut explosion, including the root causes, to establish state and individual culpability and to promote justice and restitution for the victims”.

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WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

Previous men's records
  • 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
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  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
  • 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Glossary of a stock market revolution

Reddit

A discussion website

Redditor

The users of Reddit

Robinhood

A smartphone app for buying and selling shares

Short seller

Selling a stock today in the belief its price will fall in the future

Short squeeze

Traders forced to buy a stock they are shorting 

Naked short

An illegal practice  

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.”

THE BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Illegal%20shipments%20intercepted%20in%20Gulf%20region
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The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The bio

Favourite food: Japanese

Favourite car: Lamborghini

Favourite hobby: Football

Favourite quote: If your dreams don’t scare you, they are not big enough

Favourite country: UAE

The biog

Family: Parents and four sisters

Education: Bachelor’s degree in business management and marketing at American University of Sharjah

A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls

Likes reading: autobiographies and fiction

Favourite holiday destination: Italy

Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning

Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes

Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure

Updated: July 13, 2023, 12:22 PM