Lebanese and Syrians celebrate in Beirut after the rebel takeover of Damascus on Sunday. EPA
Lebanese and Syrians celebrate in Beirut after the rebel takeover of Damascus on Sunday. EPA
Lebanese and Syrians celebrate in Beirut after the rebel takeover of Damascus on Sunday. EPA
Lebanese and Syrians celebrate in Beirut after the rebel takeover of Damascus on Sunday. EPA

Lebanon's largest party hails Assad's fall as a 'great day for history'


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The fall of Bashar Al Assad’s regime in Syria marked “a great day for history”, a representative of Lebanon’s largest political party said on Sunday after rebel forces entered Damascus and forced the Syrian President Bashar Al Assad to flee.

"Finally justice has been made, regardless of the details,” said Marc Saad, an official in the foreign relations department for the Lebanese Forces. “The fall of the Assad regime is justice made for many Lebanese people and many Syrians as well – mostly for the Lebanese who fell defending their country.”

Lebanese Forces is the largest party in Lebanon’s deeply divided parliament and has been a staunch critic of the Assad regime. Syria occupied Lebanon in the wake of the Lebanese civil war until it was pushed out by a wave of protests in 2005. Many party members are thought to be rotting in its jails.

"What's unfortunate is that there are still Lebanese people who are detained in the jails off the Assad regime," Mr Saad said. "We hope we can reveal their wheaabouts in the coming hours. It's justice being made after a very long period of time. Finally, we are reaching a date where history has rectified itself."

Elsewhere, the Lebanese government was largely mute on the fate of its neighbour. Lebanese Prime Minister Najib Mikati said he discussed the situation at the Syrian border in a call with army commander Joseph Aoun and security forces chiefs.

People cross into Syria through the Masnaa border point in the Bekaa Valley, Lebanon. AP Photo
People cross into Syria through the Masnaa border point in the Bekaa Valley, Lebanon. AP Photo

Mr Mikati insisted "in these calls on the priority of tightening control over the border and distancing Lebanon from the repercussions of the developments in Syria", his office said in a statement.

Authorities say Lebanon currently hosts about two million Syrians, while more than 800,000 are registered with the UN, the highest number of refugees per capita in the world. Many fled Syria after its civil war began following the repression of anti-government protests in 2011.

The Lebanese army said on Sunday it was reinforcing its presence on the border with neighbouring Syria, after the Assad government fell and rebels took the capital Damascus.

"In light of rapid developments and delicate circumstances that the region is going through... units tasked with monitoring and controlling the northern and eastern borders have been reinforced, in conjunction with tightening surveillance measures," the army said in a statement.

People ride a motorcycle near Masnaa Border Crossing after Syrian rebels announced that they have ousted Syria's President Bashar Al Assad. Reuters
People ride a motorcycle near Masnaa Border Crossing after Syrian rebels announced that they have ousted Syria's President Bashar Al Assad. Reuters

The Assad regime has long been a source of controversy within Lebanon. Hezbollah was a key component in popping up the Syrian regime during the long civil war in the country. How the situation in Syria affects Lebanon remains to be seen. The international committee tasked with overseeing the ceasefire between Israel and Hezbollah took a helicopter tour of south Lebanon on Friday.

Under the US-brokered ceasefire deal, Israel has 60 days to withdraw from southern Lebanon, while thousands of Lebanese army soldiers move into the area. Hezbollah fighters and infrastructure must move north of the Litani River.

Lebanese officials have accused Israel of breaching the ceasefire dozens of times since it came into effect last week.

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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

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Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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While you're here

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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