Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP
Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP
Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP
Lebanese President Joseph Aoun delivers a speech after his election in Beirut. AFP

Lebanon's President Joseph Aoun to visit Saudi Arabia in first foreign trip


Amr Mostafa
  • English
  • Arabic

Lebanon's newly elected President Joseph Aoun will visit Saudi Arabia at the invitation of Crown Prince Mohammed bin Salman, the Lebanese Presidency said on Saturday.

The Saudi crown prince invited Mr Aoun to visit the kingdom during a phone call with the new president, the Lebanese Presidency said on X. No date was given for the visit.

Lebanese lawmakers elected Mr Aoun as head of state on Thursday, ending more than two years of deadlock resulting from deep political divisions. Lebanon needs foreign assistance to help it rebuild after the war between Israel and Hezbollah destroyed large parts of the country. The conflict killed about 4,000 people and inflicted significant damage on the Iran-backed armed group.

Saudi Arabia has been the biggest provider of financial assistance to Lebanon, with ties between the countries dating back to the 1980s. However, relations have been on shaky ground in recent years, primarily over Hezbollah's influence on Lebanese politics, with Riyadh calling for reforms to the political process.

Hezbollah was weakened by its conflict with Israel, with its leader Hassan Nasrallah and several commanders being killed and the group's infrastructure damaged. Riyadh stepped up as a strong backer of a process to steer Lebanon away from Hezbollah's grip.

Israel and Hezbollah agreed in November to a ceasefire under which Israel would withdraw its troops from southern Lebanon within 60 days. Sources told The National at the time that the terms of the deal included the election of a Lebanese president within the 60-day time frame, which expires on January 26.

The crucial discussions that led to Mr Aoun's election lasted for days this week and involved US envoy Amos Hochstein, French envoy Jean-Yves Le Drian and Saudi Arabia's Prince Yazid bin Mohammed.

“External forces wished for a purely Lebanese agreement but Lebanese MPs failed for two years to elect a president, which necessitated foreign intervention,” a political source told The National. “Foreign powers directly intervened through envoys. They possess various pressure tools, such as aid, sanctions and the reconstruction file. And they used them all."

The new president's first task is to appoint a prime minister. He is scheduled to begin consultations on Monday with all political groups in Parliament, as well as independent lawmakers "towards naming a head of government", his office said on Friday.

Mr Aoun has pledged to work towards naming a prime minister who would be "a partner and not an opponent" as soon as possible.

He noted the importance of choosing a prime minister who can gain the confidence of the international community and carry out urgently needed reforms to relaunch the economy.

The process of selecting a prime minister and forming a government is often drawn out, as the president must receive approval from a majority of lawmakers before he can name the head of government.

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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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 BIO: Mohammed Ashiq Ali

Proudest achievement: “I came to a new country and started this shop”

Favourite TV programme: the news

Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”

Family: six sons in Dubai and a daughter in Faisalabad

 

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Match statistics

Abu Dhabi Harlequins 36 Bahrain 32

 

Harlequins

Tries: Penalty 2, Stevenson, Teasdale, Semple

Cons: Stevenson 2

Pens: Stevenson

 

Bahrain

Tries: Wallace 2, Heath, Evans, Behan

Cons: Radley 2

Pen: Radley

 

Man of the match: Craig Nutt (Harlequins)

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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Liverpool 0

Stoke City 0

Man of the Match: Erik Pieters (Stoke)

Results:

Women:

1. Rhiannan Iffland (AUS) 322.95 points
2. Lysanne Richard (CAN) 285.75
3. Ellie Smart (USA) 277.70

Men:

1. Gary Hunt (GBR) 431.55
2. Constantin Popovici (ROU) 424.65
3. Oleksiy Prygorov (UKR) 392.30

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Director: Neeraj Pandey

Rating: 2.5/5

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Updated: January 11, 2025, 12:27 PM