French envoy Jean-Yves Le Drian on Friday wrapped up his five-day visit to Lebanon, now entering its tenth month without a president, with small steps made towards resolving the issue amid persisting uncertainty.
Mr Le Drian's latest initiative followed several unsuccessful attempts to get the political parties in Lebanon's deeply polarised parliament to agree on a presidential candidate.
The divide is mainly between the so-called opposition bloc comprising the Christian-led Lebanese Forces – the biggest party in parliament – its allies and independent MPs, and the camp aligned with Hezbollah, a powerful Shiite militia and political entity backed by Iran.
France has been actively involved in Lebanon's affairs in the years following the devastating Beirut port blast in 2020. President Emmanuel Macron's visit was the first made by a foreign official to the devastated capital, beginning a “French initiative” for a technocratic government that has made little headway so far.
It has abandoned its previous approach, which favoured Hezbollah's candidate Suleiman Frangieh for president in exchange for a prime minister from the opposition camp – a solution the opposition has uniformly declined.
“We have come to realise that the package deal approach is no longer viable; it's about facilitating the process,” a French diplomatic source told The National before Mr Le Drian's latest visit.
Open-ended session
The first noteworthy development is that Parliament Speaker Nabih Berri said he is willing to convene an open-ended parliamentary session to select a president.
Mr Berri, who is also the leader of the Amal movement, Hezbollah's main ally, called last month for seven days of parliamentary discussions before proceeding to an open-ended electoral session.
In Lebanon, the election of a president typically results from behind-the-scenes negotiations to secure the two-thirds majority needed to elect a winner in the first round of voting, or, failing that, by a simple majority of the 128 Lebanese MPs in the second round.
In each of the 12 instances when the parliament has convened, Hezbollah and its allies have left before the second round, effectively preventing the quorum needed for a vote and obstructing the presidential session.
This means that the next session could result in a president being elected.
After meeting Mr Berri on Tuesday, Mr Le Drian said that the open-ended session proposal could “mark the beginning of a solution”.
Mr Le Drian also held discussions with Hezbollah MP Mohammad Raad, who said that “Nabih Berry's proposal aligns with the French efforts”, according to a Hezbollah statement released on Wednesday.
However, uncertainty prevails as Mr Berri has not yet set a date for a session.
To dialogue or not to dialogue
The second development revolves around the negotiation method adopted by stakeholders following the opposition's rejection of cross-party dialogue on the presidency – an approach that was first suggested by France.
Lebanese Forces leader Samir Geagea said previously that he saw no merit in “wasting additional time on a dialogue that will not lead anywhere”.
Tension between the long-standing foes has been fuelled by the recent kidnapping and murder of Elias Hasrouni, a member of the Lebanese Forces.
The party blamed Hezbollah for the killing, with Mr Geagea saying the incident “resembles the kind of dialogue” Hezbollah has been advocating for months.
“Any form of dialogue outside the parliamentary framework is a derailment of democracy and the constitution,” a Lebanese Forces spokesman told The National.
Mr Le Drian's trip has been the occasion to address negotiation methods acceptable to all stakeholders, with some MPs showing a greater flexibility than before.
Some from the opposition camp told The National that they are open to discussions that do not require face-to-face negotiations.
“We are willing to compromise as long as the candidate is not corrupt or an integral part of Hezbollah hegemony project over the country,” the Lebanese Forces spokesman added.
Michel Moawad, an independent MP and the opposition's camp's initial presidential candidate, said: “We are open for a dialogue process, which may assume various forms, and could involve France in a mediating role.”
Still, many unanswered questions linger, with the specific format for discussions yet to be determined.
Neither Azour nor Frangieh?
A third significant development lies in the recognition that the current candidates, Hezbollah-backed Mr Frangieh and opposition-supported Jihad Azour are not viable options, suggesting the need to consider alternatives.
Both current candidates are seen as controversial by the opposing camps: Mr Frangieh for his close ties to Syrian President Bashar Al Assad and Mr Azour for his perceived US backing.
“Mr Le Drian said that as neither candidate could garner a two-thirds majority, it might be time that we start discussing a third candidate,” said independent MP Waddah Sadek, who attended a meeting with Mr Le Drian on Thursday.
There is a third name circulating: army chief Joseph Aoun, who enjoys the backing of Qatar, which is soon sending its own delegation to Lebanon.
“We are open for a compromise and willing to engage in discussions about a third name: this could potentially represent a breakthrough,” said independent MP Fouad Makhzoumi.
The development been widely interpreted in the local media as the new French approach, rather than a simple recognition of the situation.
It has resulted in back-and-forth between the two rival camps, with one side claiming that France never requested them to withdraw Mr Frangieh as a candidate, while the other asserting the opposite.
Mr Le Drian refrained from making any comment to the press during his visit.
Under Lebanon's sectarian power-sharing system, the president's post is reserved for a Christian, while the prime minister is a Sunni and the parliament speaker a Shiite.
The international community has repeatedly stressed the urgency of electing a president, given that Lebanon is dealing with one of the worst economic crises in modern history under a caretaker government with limited powers, a central bank headed by an acting governor and a parliament unable to take up other business until the presidency is decided.
All this has severely hindered Lebanon's ability to enact much-needed reforms – although the country had failed to take essential action to address its financial crisis since 2019, even when it had a president.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Russia's Muslim Heartlands
Dominic Rubin, Oxford
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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 specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20PlanRadar%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2013%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EIbrahim%20Imam%2C%20Sander%20van%20de%20Rijdt%2C%20Constantin%20K%C3%B6ck%2C%20Clemens%20Hammerl%2C%20Domagoj%20Dolinsek%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EVienna%2C%20Austria%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EConstruction%20and%20real%20estate%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E400%2B%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20B%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Headline%2C%20Berliner%20Volksbank%20Ventures%2C%20aws%20Gr%C3%BCnderfonds%2C%20Cavalry%20Ventures%2C%20Proptech1%2C%20Russmedia%2C%20GR%20Capital%3C%2Fp%3E%0A
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors