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As Israeli missiles rained down on the country for a seventh consecutive day on Sunday, well-heeled Lebanese gathered at a marina in the city of Dbayeh, north of Beirut, waiting for the yachts they had chartered to Cyprus.
With flights scarce and the Mediterranean island less than 200km away, wealthy Lebanese people have been urgently securing one of the few remaining routes out of the country. Only one airline is still operating out of Lebanon, with a route to Cyprus; however, the next available flight is 11 days away. Flights to Turkey, a more popular destination since a visa is not required for Lebanese citizens, are unavailable for at least 15 days.
Samar Mahfouz, waiting at the marina with her husband and two children, said they cannot wait that long.
“We were already planning on leaving,” the Beirut resident told The National. “We were living day by day, waiting to see what would happen next. But when that big one hit and when I saw my kids tremble the way they did and panic, that was it.”
The "big one” was Friday’s aerial raid on a residential block in the Beirut suburb of Dahieh, in which the leader of Hezbollah Hassan Nasrallah, was assassinated. The sounds of the missiles pounding the complex thundered throughout Beirut and its surroundings. Israel this month escalated its military campaign against Hezbollah following almost a year of cross-border fighting, carrying out an aerial onslaught in recent days that has killed more than 1,000 people and displaced hundreds of thousands.
Hezbollah has engaged Israel in fighting for almost a year in an attempt to pressure it into a ceasefire in Gaza with ally Hamas. For Israel, the threat to its border posed by the group over the past year was one it could not tolerate. Meanwhile, Israel’s ground assault and continuing military occupation of Gaza, which has killed more than 41,500 people – the vast majority of who are civilians – runs counter to Hezbollah’s ideology.
Nasrallah’s death has spread shock and fear throughout Lebanon. The leader was both beloved and reviled but his significant impact on the country’s political evolution has been a constant for more than three decades. With Nasrallah gone, Hezbollah’s command is in disarray, and with Israel threatening a ground invasion of southern Lebanon, many people are terrified of what might come next.
Travel agent Mohamad Barakat said pressure on his company to provide flights out has been “especially insane, particularly in the last 72 hours” following Nasrallah’s assassination.
Government estimates place the number of displaced people at nearly one million. Schools have been converted into government-sponsored displacement shelters but have quickly reached maximum capacity nationwide, leaving thousands of displaced people sleeping in the streets. Those with the means have rented homes in areas deemed “safe”, while others have found empty properties to occupy.
Some have chosen to leave Lebanon entirely, taking the land route across the border into neighbouring Syria. However, reaching the crossing requires driving through the Bekaa Valley, which is also subjected to daily Israeli bombardment.
Like Ms Mahfouz and her family, those who can afford to charter yachts have done so. Cyprus and Turkey are only an hour away by plane and about five hours by boat.
“There are no ferries in Lebanon,” said Elias Khawand, who founded Admiral Yachting, a charter and rental company. This has left yachts as one of the few legal options available to escape.
Mr Khawand said yachts were departing the marina every hour, each with a maximum of about 10 people on board due to safety requirements. “Between 75 and 100 people have been leaving the marina each day,” he added. “For the last two weeks, the phone calls don't stop. We’re operating 24 hours per day. People are afraid, and flights are cancelled.”
He has been promoting his company in the absence of the flights and said he is providing a humanitarian service.
The rides to Cyprus cost between $1,500 and $2,000 a person – about the same as a round-trip economy flight from Lebanon to the US.
Those boarding said they know the price is too expensive for many Lebanese, especially with the country yet to recover from an economic crisis the World Bank has described as among the worst in the modern world.
Many displaced Lebanese previously able to finance such a trip are now nevertheless living in government shelters and schools. The cash and gold held by many people – who lost faith in the commercial banking system when it collapsed in 2019 – remain buried under the rubble of their homes.
Julia, 16, was not looking forward to her first yachting experience. The high-school student from Beirut said she did not want to leave Lebanon. She and her family lived in the predominantly Shiite area of Badaro, right next to Tayouneh, which has been struck several times. Fearful that Israel's strikes could move farther into Beirut, her parents decided leaving would be best for the family. They plan to wait out the war from their home in Vienna.
While a yacht trip followed by a European holiday would often be a dream for many teenage girls, Julia said she hated abandoning her country in a time of crisis. “When the war ends, we're coming back. Definitely. Our whole life is here,” she said.
The day after Julia and her family set sail, Israel struck a residential building within the capital's city limits for the first time since the war began.
Villains
Queens of the Stone Age
Matador
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
UAE currency: the story behind the money in your pockets
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Teaching in coronavirus times
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
MAIN CARD
Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari
Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam
Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai
Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni
Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir
Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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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The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km