People watch a whirling dervish perform during the Muslim holy month of Ramadan, a tradition ahead of the Fitr feast, in Lebanon's southern city of Saida late on May 8, 2021. Dervishes are adepts of Sufism, a mystical form of Islam that preaches tolerance and a search for understanding. Those who whirl, like planets around the sun, turn dance into a form of prayer. / AFP / Mahmoud ZAYYAT
People watch a whirling dervish perform during the Muslim holy month of Ramadan, a tradition ahead of the Fitr feast, in Lebanon's southern city of Saida late on May 8, 2021. Dervishes are adepts of Sufism, a mystical form of Islam that preaches tolerance and a search for understanding. Those who whirl, like planets around the sun, turn dance into a form of prayer. / AFP / Mahmoud ZAYYAT
People watch a whirling dervish perform during the Muslim holy month of Ramadan, a tradition ahead of the Fitr feast, in Lebanon's southern city of Saida late on May 8, 2021. Dervishes are adepts of Sufism, a mystical form of Islam that preaches tolerance and a search for understanding. Those who whirl, like planets around the sun, turn dance into a form of prayer. / AFP / Mahmoud ZAYYAT
People watch a whirling dervish perform during the Muslim holy month of Ramadan, a tradition ahead of the Fitr feast, in Lebanon's southern city of Saida late on May 8, 2021. Dervishes are adepts of S

Lebanon

Eid Al Fitr to begin on Thursday in Lebanon

The country will go into a two-day lockdown during Eid

Fatima Al Mahmoud
Fatima Al Mahmoud
Abu Dhabi

May 12, 2021

  • English
  • Arabic

Lebanon will welcome Eid Al Fitr on Thursday, May 13.

Eid was announced on Wednesday night after moon-sighting committees in the Arab world spotted the new moon with the naked eye, signaling the end of Ramadan.

Eid is a joyous time of the year that is often celebrated in Lebanon with decorations and delicacies like 'maamoul', or Lebanese shortbread stuffed with dates, pistachios, almonds or walnuts.

Worshippers gather all night to hold Eid prayers or Salat al Eid, as part of a religious ceremony.

This year, however, Eid prayers will be held at 30 per cent capacity in Lebanon’s mosques due to coronavirus restrictions.

The country will also enforce a nationwide lockdown for two days to avoid super spreader events and large gatherings.

The lockdown is the latest in a series of preventive measures aimed at curbing a Covid-19 outbreak, despite noticeable improvement in Lebanon's coronavirus numbers. It was also implemented throughout Easter 2021.

During lockdown, a 24-hour curfew will be in place starting 5 am on the first night of Eid and will last for two days. A permit will be required to go to places like supermarkets, pharmacies, bakeries and hospitals.

Malls, gyms, restaurants and cafes will be closed, but delivery services will remain operational. Lebanese authorities are also working with religious organisations to encourage safety measures.

Still, residents say Eid is special.

“It’s not the optimal celebration this year, but Eid will always make me happy with the wonderful energy it brings,” 19-year-old student Dina Hussein said.

  • The streets are deserted in downtown Beirut as Lebanon authorities impose a nationwide lockdown between April 3 and April 6, 2021. EPA
    The streets are deserted in downtown Beirut as Lebanon authorities impose a nationwide lockdown between April 3 and April 6, 2021. EPA
  • The lockdown and a 24-hour curfew will be effective until April 6. EPA
    The lockdown and a 24-hour curfew will be effective until April 6. EPA
  • The curfew, taking place during the Easter holiday, is aimed at preventing the spread of Covid-19 infections. EPA
    The curfew, taking place during the Easter holiday, is aimed at preventing the spread of Covid-19 infections. EPA
  • Lockdown comes as part of the country’s updated national lockdown measures amid worrying Covid-19 numbers. EPA
    Lockdown comes as part of the country’s updated national lockdown measures amid worrying Covid-19 numbers. EPA
  • On March 22 the country witnessed the highest number of admissions to intensive care units since the start of the pandemic. EPA
    On March 22 the country witnessed the highest number of admissions to intensive care units since the start of the pandemic. EPA
  • Lebanon will implement the same restrictions for Eid Al Fitr, as the country struggles to curb the coronavirus spread. EPA
    Lebanon will implement the same restrictions for Eid Al Fitr, as the country struggles to curb the coronavirus spread. EPA
  • Lockdown comes as the country faces its worst economic crisis. EPA
    Lockdown comes as the country faces its worst economic crisis. EPA
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  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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The specs

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Iran has sent five planeloads of food to Qatar, which is suffering shortages amid a regional blockade.

A number of nations, including Iran's major rival Saudi Arabia, last week cut ties with Qatar, accusing it of funding terrorism, charges it denies.

The land border with Saudi Arabia, through which 40% of Qatar's food comes, has been closed.

Meanwhile, mediators Kuwait said that Qatar was ready to listen to the "qualms" of its neighbours.

GOLF’S RAHMBO

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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.”

The specs: Volvo XC40

Price: base / as tested: Dh185,000

Engine: 2.0-litre, turbocharged in-line four-cylinder

Gearbox: Eight-speed automatic

Power: 250hp @ 5,500rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 10.4L / 100km

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Lebanon