• Michel Aoun, Lebanon's outgoing president, addresses his supporters as he leaves the presidential palace in Baabda on the day before his six-year term officially ends. Reuters
    Michel Aoun, Lebanon's outgoing president, addresses his supporters as he leaves the presidential palace in Baabda on the day before his six-year term officially ends. Reuters
  • Supporters of Lebanese President Michel Aoun gather to say farewell near the presidential palace in Baabda, Lebanon. Reuters
    Supporters of Lebanese President Michel Aoun gather to say farewell near the presidential palace in Baabda, Lebanon. Reuters
  • Supporters of Lebanese President Michel Aoun gather to say farewell near the presidential palace in Baabda, Lebanon. Reuters
    Supporters of Lebanese President Michel Aoun gather to say farewell near the presidential palace in Baabda, Lebanon. Reuters
  • A man sells balloons bearing likenesses of Lebanon's departing President Michel Aoun and Gebran Bassil, a Christian MP, former minister and Mr Aoun's son-in-law, as supporters gather to say farewell to Mr Aoun near the presidential palace in Baabda, Lebanon. Reuters
    A man sells balloons bearing likenesses of Lebanon's departing President Michel Aoun and Gebran Bassil, a Christian MP, former minister and Mr Aoun's son-in-law, as supporters gather to say farewell to Mr Aoun near the presidential palace in Baabda, Lebanon. Reuters
  • Supporters celebrate the career of Michel Aoun, Lebanon's departing president, at the presidential palace in Baabda, Lebanon. Reuters
    Supporters celebrate the career of Michel Aoun, Lebanon's departing president, at the presidential palace in Baabda, Lebanon. Reuters
  • Supporters of the outgoing Lebanese President Michel Aoun gather at Baabda Palace ahead of Aoun's farewell ceremony at the end of his term, Baabda, east of Beirut, Lebanon. EPA
    Supporters of the outgoing Lebanese President Michel Aoun gather at Baabda Palace ahead of Aoun's farewell ceremony at the end of his term, Baabda, east of Beirut, Lebanon. EPA
  • Supporters of the outgoing Lebanese President Michel Aoun pose under a national flag as they gather at Baabda Palace ahead of Aoun's farewell ceremony at the end of his term, Baabda, east of Beirut, Lebanon. EPA
    Supporters of the outgoing Lebanese President Michel Aoun pose under a national flag as they gather at Baabda Palace ahead of Aoun's farewell ceremony at the end of his term, Baabda, east of Beirut, Lebanon. EPA
  • Supporters of the outgoing Lebanese President Michel Aoun gather at Baabda Palace ahead of Aoun's farewell ceremony at the end of his term, Baabda, east of Beirut, Lebanon. EPA
    Supporters of the outgoing Lebanese President Michel Aoun gather at Baabda Palace ahead of Aoun's farewell ceremony at the end of his term, Baabda, east of Beirut, Lebanon. EPA
  • A supporter of the outgoing Lebanese President Michel Aoun holds his portrait during a gathering at Baabda Palace. Mr Aoun served in the Lebanese Army from 1958 to 1991. EPA
    A supporter of the outgoing Lebanese President Michel Aoun holds his portrait during a gathering at Baabda Palace. Mr Aoun served in the Lebanese Army from 1958 to 1991. EPA
  • Supporters of Lebanon's President Michel Aoun at the presidential palace in Baabda. AFP
    Supporters of Lebanon's President Michel Aoun at the presidential palace in Baabda. AFP
  • Lebanon's President Michel Aoun leaves the palace in Baabda on Sunday afternoon. Before his departure he signed a broad government resignation decree. AFP
    Lebanon's President Michel Aoun leaves the palace in Baabda on Sunday afternoon. Before his departure he signed a broad government resignation decree. AFP
  • Supporters of Lebanon's President Michel Aoun cheer under a large national flag, as he prepares to leave the presidential palace in Babbda at the end of his mandate. AFP
    Supporters of Lebanon's President Michel Aoun cheer under a large national flag, as he prepares to leave the presidential palace in Babbda at the end of his mandate. AFP
  • An image of Lebanon's departing President Michel Aoun is held high by a supporter near the presidential palace in Baabda, Lebanon. Reuters
    An image of Lebanon's departing President Michel Aoun is held high by a supporter near the presidential palace in Baabda, Lebanon. Reuters

Qatar envoy visits Lebanon as push to end presidential vacuum continues


Jamie Prentis
  • English
  • Arabic

Qatari Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani has been in Lebanon on an unannounced visit as part of an international effort to end the country's 15-month presidential vacuum. The exact dates of the visit were not clear.

No public mention of the trip was made by the two countries, nor were there any statements by Lebanese politicians. However, a political source played down the significance of the visit being unannounced, noting that not all trips by international envoys are made public.

Qatar is part of a powerful five-country group – the others being the US, France, Saudi Arabia and Egypt – that has explored efforts to end the impasse that has existed since Michel Aoun departed the presidential palace in Baabda at the end of October 2022.

And while many Lebanese political figures have expressed their gratitude for the initiative and the regular visits by the various envoys – whether announced or unannounced – a limited sense of optimism remains among those The National spoke to. Some also argue that a solution must come from within the country, rather than from outside it.

Despite 12 sessions, the deeply divided 128-seat parliament, where no faction holds a majority, has failed to come closer to electing Mr Aoun's successor. In Lebanon's unique confessional system, the position of president is reserved for a Maronite Christian, the prime minister a Sunni Muslim, and the speaker of parliament a Shiite Muslim.

At a meeting last summer in Doha, the five countries said they had discussed “concrete options with respect to implementing measures against those who are blocking progress”.

When the war on Gaza broke out on October 7, last year and spread to Lebanon's southern border, talk of the Lebanese presidential vacuum no longer made local headlines.

Later in December, when French envoy Jean-Yves Le Drian visited Beirut, the impetus appeared to be renewed even as the cross-border conflict between Lebanese armed group Hezbollah and Israel – which has largely been contained to south Lebanon – has continued to expand in its intensity.

Mr Le Drian, a former French foreign minister who was appointed as President Emmanuel Macron's envoy last summer, is expected to visit Lebanon again in early February.

During his November visit he for the first time floated the idea of finding a new candidate who had not received significant backing in previous polls.

Powerful Shiite group Hezbollah and its ally the Amal Movement have refused to budge from backing Suleiman Frangieh, the scion of a powerful Maronite family from north Lebanon and a close friend of Syria's Bashar Al Assad.

A bloc of MPs, comprised of about a third of parliament, backed MP Michel Moawad in the first 11 sessions, before supporting International Monetary Fund official Jihad Azour when the last poll was held last summer. It is widely accepted that neither man now has a chance to succeed Mr Aoun.

One name that continues to come up is the commander of the Lebanese Armed Forces, Gen Joseph Aoun, who is not related to the former president. However, some influential opposition to him remains, particularly from the Free Patriotic Movement – the party founded by Mr Aoun, the former president.

In the event of a presidential vacuum, the Council of Ministers takes on the powers of head of state. But the cabinet is in a caretaker status and its powers are therefore severely curtailed.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Honeymoonish
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Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
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THREE
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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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Pathaan
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The specs

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed

Power: 720hp

Torque: 770Nm

Price: Dh1,100,000

On sale: now

MATCH INFO

Everton 0

Manchester City 2 (Laporte 45 2', Jesus 90 7')

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

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

Updated: January 24, 2024, 2:31 PM