Lebanese Prime Minister Nawaf Salam, right, meets French special envoy to Lebanon Jean-Yves Le Drian at the government palace in Beirut on Wednesday. EPA
Lebanese Prime Minister Nawaf Salam, right, meets French special envoy to Lebanon Jean-Yves Le Drian at the government palace in Beirut on Wednesday. EPA
Lebanese Prime Minister Nawaf Salam, right, meets French special envoy to Lebanon Jean-Yves Le Drian at the government palace in Beirut on Wednesday. EPA
Lebanese Prime Minister Nawaf Salam, right, meets French special envoy to Lebanon Jean-Yves Le Drian at the government palace in Beirut on Wednesday. EPA

No-one in Lebanon wants normal ties with Israel, PM Nawaf Salam says


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Lebanese Prime Minister Nawaf Salam has reaffirmed that no one in the country wants to establish diplomatic relations with Israel, after senior officials in Beirut accused Israeli authorities of seeking to do so.

Israeli troops continue to occupy five locations on the border with Lebanon, having invaded the south of the country last year in what it said was an attempt to counter the threat of powerful Lebanese group Hezbollah.

The Israeli military was supposed to withdraw from southern Lebanon on January 26 in a ceasefire deal agreed with Hezbollah in November.

Mr Salam said the five areas held "no military or security value" for Israel, "other than maintaining its pressure on Lebanon".

"No one in Lebanon wants normalisation with Israel and it is rejected by all Lebanese," he said on Wednesday.

Israel has continued to bomb south Lebanon repeatedly, despite the truce agreement. More than 4,000 people were killed last year in Israeli attacks on the country, Lebanese health officials say.

Mr Salam said the situation remained concerning but Beirut had "not exhausted all means of political and diplomatic pressure".

According to Israeli media, unnamed Israeli officials have signalled an interest in establishing relations with Lebanon with the support of the new US administration of President Donald Trump.

Lebanon and Israel technically are in a state of war. It is a serious crime for Lebanese people to communicate with anyone in Israel, or enter the country.

While Hezbollah remains a deeply divisive issue in Lebanon, most Lebanese are united in their stance against Israel and its actions.

Comment: Why any plans on Israel’s part to normalise relations with Lebanon would be a no go

Parliament Speaker Nabih Berri this week said “Israel intends to draw us into political negotiations leading to the normalisation of relations between the two countries, but this is out of question for us".

It came as French presidential envoy Jean-Yves Le Drian has arrived in Beirut as Lebanon continues to grapple with instability on its borders with Israel and Syria.

He visited President Joseph Aoun at the presidential palace in Baabda, east of Beirut, and met Mr Salam later on Wednesday. The latter said Mr Le Drian's visit was focused on reconstruction efforts.

A major talking point will be the reconstruction of the parts of Lebanon particularly hard hit by the war between Iran-backed militant group Hezbollah and Israel. Israeli forces continue to bomb the south of the country regularly, with a spike at the weekend, after three rockets were launched at Israel.

Last October, a Paris conference raised $1 billion for humanitarian aid and security in Lebanon, and in the coming months France aims to raise more for the rebuilding effort. The World Bank has estimated that the short-to-medium term costs of recovery and reconstruction stand at $11 billion.

Mr Aoun is expected to visit France this weekend in one his first official overseas trips since becoming President in January. Mr Le Drian was among guests when Mr Aoun was sworn in at the Lebanese Parliament.

Former colonial power France was a major player in unblocking the impasse that had led to two years of a caretaker government and institutional paralysis in Lebanon. Mr Aoun's election, the naming of Mr Salam as Prime Minister and the formation of a cabinet happened soon after. In a show of support, French President Emmanuel Macron came to Lebanon in January.

Hezbollah has been heavily damaged by Israel's war, but remains a potent threat. In the wake of a tenuous ceasefire agreed in November and the elections of Mr Aoun and Mr Salam, there has been hope that Lebanon can chart a new path, having suffered myriad crises in recent years.

A financial crisis that became fully apparent in 2019 was exacerbated by the 2020 Beirut port explosion that killed at least 218 people and devastated a wide area.

Exclusive: Israel intensifies pressure on Lebanon through ceasefire violations

EPA
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Full list of Emmy 2020 nominations

LEAD ACTOR IN A COMEDY SERIES

Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy

LEAD ACTRESS IN A COMEDY SERIES

Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish

OUTSTANDING VARIETY/TALK SERIES

The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert

LEAD ACTOR IN A DRAMA SERIES

Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession

LEAD ACTRESS IN A DRAMA SERIES

Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria

OUTSTANDING REALITY/COMPETITION PROGRAM

The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice

LEAD ACTOR IN A LIMITED SERIES/TV MOVIE

Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True

LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE

Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere

OUTSTANDING LIMITED SERIES

Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen

OUTSTANDING COMEDY SERIES

Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows

OUTSTANDING DRAMA SERIES

Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession

 

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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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

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Transmission: 8-speed automatic
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Updated: March 26, 2025, 3:10 PM