Beirut mosques serve Ramadan worshippers despite scars of port blast


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Eight months after the explosion at Beirut port, mosques damaged in the deadly blast are struggling to find money for repairs.

But even those almost completely demolished in the August 4 explosion, like the Khalid ibn Al Walid mosque, which stands right next to the port, have managed to keep their doors open.

“My wish this Ramadan is to repair the mosque,” said Hassan Hussein, a resident of the area who has prayed there for years.

  • The Khalid Ibn Al Walid mosque near Beirut's port was badly damaged in the explosion there on August 4, 2020. The National
    The Khalid Ibn Al Walid mosque near Beirut's port was badly damaged in the explosion there on August 4, 2020. The National
  • The Emir Mansour Assaf mosque, one of Beirut's oldest place of worship, was also damaged in the blast. The National
    The Emir Mansour Assaf mosque, one of Beirut's oldest place of worship, was also damaged in the blast. The National
  • Repair work at the Emir Mansour Assaf mosque continues while it receives worshipers. The National
    Repair work at the Emir Mansour Assaf mosque continues while it receives worshipers. The National
  • Repairs are under way at the Abou Baker Al Siddik mosque in downtown Beirut. The National
    Repairs are under way at the Abou Baker Al Siddik mosque in downtown Beirut. The National
  • Iftar food parcels being prepared at the Emir Mansour Assaf mosque in Beirut during Ramadan. The National
    Iftar food parcels being prepared at the Emir Mansour Assaf mosque in Beirut during Ramadan. The National

Unlike many countries in the region, Lebanon's mosques are allowed to open for prayers during Ramadan despite the Covid-19 pandemic, but only at 30 per cent capacity.

The pandemic is compounding Lebanon's economic and financial crisis, particularly for daily wage earners and low-income families.

Mr Hussein said this was not the first time the Khalid ibn Al Walid mosque had been damaged.

"This mosque was destroyed during the civil war but was rebuilt six or seven years ago, only to be destroyed again by the blast."

The detonation of tonnes of explosive ammonium nitrate stored at the port killed more than 200 people, injured thousands and caused an estimated $15 billion in damage to Lebanon's capital.

The blast damaged 10 mosques, said Sheikh Mohamad Anis, head of Endowments at Dar Al Fatwa, Lebanon’s highest Sunni religious authority.

Among them is one of the city’s oldest places of Islamic worship, the Emir Mansour Assaf mosque in central Beirut.

Maher Jaroudi, imam at the mosque that was built almost 500 years ago, said it continued to welcome believers despite the damage.

Mr Jaroudi said he was with worshippers at the mosque when the explosion happened. "We have been undertaking repair work since, but we never stopped holding prayers and didn’t close for a day,” he said.

Despite the economic crisis, the mosque is able to support needy families this Ramadan thanks to an increase in donations from individuals and other mosques, Mr Jaroudi said.

“The mosque is supporting 40 families throughout Ramadan,” he said, while urging people not to despair because of the crisis.

Mr Anis said Dar Al Fatwa estimated the cost of the damage to Beirut's mosques at between $4 million and $5 million, but only a fraction of the funds needed for repairs has been secured, mainly through local and international donations.

With the economic situation growing steadily worse, the government has given out only a fraction of the money needed to compensate blast victims and to finance reconstruction.

Lebanon's currency has plummeted more than 85 per cent in value against the dollar since the crisis began in late 2019, eroding purchasing power and fuelling hyperinflation.

According to a study by the American University of Beirut’s Crisis Observatory Unit, the average cumulative monthly cost of iftar for a family of five is now two and a half times the monthly minimum wage, which has dropped from about $400 in 2019 to less than $50 today.

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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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Euro 2020

Group A: Italy, Switzerland, Wales, Turkey 

Group B: Belgium, Russia, Denmark, Finland

Group C: Netherlands, Ukraine, Austria, 
Georgia/Kosovo/Belarus/North Macedonia

Group D: England, Croatia, Czech Republic, 
Scotland/Israel/Norway/Serbia

Group E: Spain, Poland, Sweden, 
N.Ireland/Bosnia/Slovakia/Ireland

Group F: Germany, France, Portugal, 
Iceland/Romania/Bulgaria/Hungary

Omar Yabroudi's factfile

Born: October 20, 1989, Sharjah

Education: Bachelor of Science and Football, Liverpool John Moores University

2010: Accrington Stanley FC, internship

2010-2012: Crystal Palace, performance analyst with U-18 academy

2012-2015: Barnet FC, first-team performance analyst/head of recruitment

2015-2017: Nottingham Forest, head of recruitment

2018-present: Crystal Palace, player recruitment manager

 

 

 

 

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

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SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

'Outclassed in Kuwait'
Taleb Alrefai, 
HBKU Press 

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

UAE v United States, T20 International Series

Both matches at ICC Academy, Dubai. Admission is free.

1st match: Friday, 2pm

2nd match: Saturday, 2pm

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat

USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh

 

 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Results

Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent