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Mehyo El Jawhary is a chef. All day he has been frantically chopping vegetables, and co-ordinating with his dozen sous chefs to make hundreds of dishes. But Mr El Jawhary is not cooking for typical restaurant visitors.
For the past few days, he has been preparing food for Nation Station, a community kitchen in the Geitawi neighbourhood of Beirut, which is serving thousands of meals a day to those displaced by Israel’s relentless bombardment of the country – mainly in the south and east.
“I feel it's my duty,” said the young chef, who took time off work to volunteer at Nation Station. “I will take as many days off work as I can.
“I’m doing my part. I can't stay home and do nothing,” Mr El Jawhary, whose family comes from southern Lebanon, told The National.
On Monday Israel started an intensive air campaign on Lebanon, killing at least 700 people, injuring thousand, and sparking a steep humanitarian crisis. UN group the International Organisation for Migration said that least 90,530 newly displaced people have been reported in Lebanon, including nearly 40,000 in 283 shelters. Nation Station is proving assistance to some of them.
the Lebanese people never fail ... I'm proud of that
Mehyo El Jawhary,
volunteer chef
The cash-strapped economy, reeling from a severe crisis after decades of corruption and mismanagement of public funds, has been struggling to meet these growing needs. To fill the gap left by the government's slow emergency response, grass roots movements and associations have mobilised at large.
“I never put my faith in the government,” said Mr El Jawhary. “But the Lebanese people never fail – I'm proud of that.” He added that they had to turn away volunteers because too many showed up in the morning.
Nation Station is an empty Beirut gas station turned into a community kitchen and a communal space after the city’s deadly 2020 port explosion in Beirut.
“We’ve been serving 900 meals per day to people in need for the past four years: they bring their boxes and we serve them food,” said Josephine Abu Abdo, one of the founders of Nation Station.
Ms Abu Abdo said that after the deadly Israeli campaign this week, Nation Station increased its quantities and started providing breakfast, lunch, dinner and beverages for 700 displaced people in schools.
“We're also gathering supplies, in-kind donations, anything that would help at the centres, and cash donations,” she said. Nation Station has also been co-ordinating with restaurants which provide free food for the displaced in show of solidarity.
Dozens of volunteers have been working tirelessly from morning to evening to offer help. “It's still not enough, given what we’re seeing on the ground,” said Ms Abu Abdo.
“The state hasn't been here for four years, but the bigger problem now is Israel, unleashed and aggressive. It’s our duty to help people in need.”
Israeli attacks on Lebanon have continued despite talks of a US proposal for a ceasefire in Lebanon. Israeli Prime Minister Benjamin Netanyahu said on Friday that his country will “continue degrading Hezbollah” until it achieves its goals along the Lebanon border, dampening hopes of a 21-day truce proposed by France and the US this week.
On Friday, the UN's children's agency stated that the recent escalation has “instilled unimaginable fear in the daily lives of people across the country,” as it has “killed and injured thousands, spurred mass displacement, and caused extensive damage to infrastructure”.
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
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.”
Spain drain
CONVICTED
Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.
Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.
Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.
SUSPECTED
Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.
Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.
Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.
Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.
Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
A Long Way Home by Peter Carey
Faber & Faber
