Lebanese Prime Minister Nawaf Salam announced on Wednesday that the master plan for a second airport will be unveiled within a month, vowing to open the project to foreign investors.
In an interview with The National and other UAE-based media outlets, Mr Salam said the war-scarred country, emerging from a devastating conflict with Israel, is looking to reopen its economy.
He outlined parallel priorities for the state, from restoring a monopoly on arms to encouraging foreign support, and pledged to continue the fight against Captagon smuggling, which has strained relations with Arab states.
“We are not going back to the old days of asking for donations and loans. We need to prepare a suitable environment for investment,” Mr Salam said.
“The responsibility for reform and restoring the state’s sovereignty lies with us, first and foremost. But with Arab and international support, we’ll be better positioned to succeed.”
The UAE has sought to bolster bilateral ties with Lebanon in recent months as it emerges from years of political turmoil.
In April, Lebanese President Joseph Aoun held talks with President Sheikh Mohamed, marking the first formal visit by a Lebanese head of state to the Emirates in more than a decade. A long-standing ban on UAE citizens travelling to Lebanon was lifted on May 7, highlighting the success of the visit.
On Tuesday, Sheikh Mohamed set out the UAE's support for Lebanon during talks with Mr Salam.
Priorities and challenges
Leading a reformist government backed by the US and Arab states, Mr Salam's task is far from easy. The small country needs $14 billion to rebuild after the war between Israel and the Iranian-backed militant group Hezbollah.
“There are many priorities, major challenges and numerous files, making it difficult to set fixed priorities. That’s why it’s important to work on parallel tracks,” he said.
Efforts are focused on attracting investment to key infrastructure projects, he added, primarily the Port of Beirut, which was devastated by a massive blast in 2020, the northern port of Tripoli close to Turkey and a second airport in the east.
“The master plan for the new airport, the Rene Mouawad Airport in Qlayaat, will be presented in the coming weeks – in less than a month,” he said.
“We’ve started work on this quickly, and the project will be open to investment. We haven’t yet finalised the exact model, whether it will be a tender or not, but it has significant potential.”
Lebanon, with its strategic location in the Mediterranean on the doorstep of Europe, has long struggled to keep its only airport in Beirut fully operational due to political instability and its proximity to areas prone to unrest.
A second airport could help it regain some of the status it enjoyed before the civil war began in 1975. “It could serve in cargo operations and low-cost aviation,” Mr Salam said.
Another key asset for Lebanon is its gold reserves, about 286.8 tonnes valued at about $27 billion. This accounts for more than 76 per cent of the country’s GDP, giving Lebanon the highest gold-to-GDP ratio in the world. However, Mr Salam has said the gold remains off-limits for now.
“Any tampering with Lebanon’s gold reserves today could have negative consequences. The risks outweigh any potential gains from investing or liquidating part of it,” he said.
We are firmly committed to the Arab Peace Initiative
Lebanese PM Nawaf Salam
While Lebanon seeks support to reopen its economy and rebuild, it continues to address a critical issue: stopping the smuggling of Captagon to Arab states, a phenomenon that has led several countries to boycott Lebanese agricultural and manufactured goods.
As the civil war broke out in 2011 in neighbouring Syria, millions of Captagon pills were produced under Bashar Al Assad’s regime and shipped through Lebanon and other countries, accounting for about 80 per cent of the world's production, according to several estimates.
This shadow economy has largely halted in Syria after the fall of the regime in December, but for Lebanon, the fight continues, both within its borders and along the frontier with Syria.
“We are looking to facilitate exports to Gulf countries, and we must do our part to ensure that red lines are not crossed, particularly those that have concerned Gulf states in the past, like the trafficking of Captagon drugs through Lebanon,” Mr Salam said.
“These drugs were produced in Syria, passed through Lebanon, took on a Lebanese cover, and were exported from here. Today, with the tightening of our border with the Syrian regime, smuggling and drug exports are more controlled. But that doesn’t mean the problem is over.”
A major factory on the Lebanese-Syrian border was dismantled in the last month, Mr Salam said.
No state, no peace
On the diplomatic front, Lebanon faces mounting pressure to swiftly reduce Hezbollah’s political influence after the group’s heavy defeat in its war with Israel, and to establish a clear path towards its disarmament and the disarmament of Palestinian factions in refugee camps.
Success on this front is key to securing Arab and western support for Lebanon’s reform and reconstruction efforts.
Mr Aoun on Monday confirmed the process to disarm refugee camps will begin in mid-June after a visit to Beirut by Palestinian President Mahmoud Abbas.
“We have reached an understanding on the issue of weapons collection. We are ready to co-operate on mechanisms to hand over weapons, even removing them from the country,” said Mr Salam.
“The PLO [Palestine Liberation Organisation] is the recognised Palestinian representative by Lebanon and all Arab countries. Other groups, like Hamas or other factions, may have a different view, but we care that anyone carrying weapons falls under this agreement. We cannot negotiate with each party separately,” he added.
Mr Salam also announced that “all the weapons caches that were outside the camps are gone. Those were Syrian weapons under Palestinian names”.
Political sources in Beirut have suggested in recent months that Lebanon may come under pressure to pursue a path towards normalising relations with Israel in exchange for US and western support, as well as an Israeli withdrawal from the territories it still occupies in southern Lebanon.
Mr Salam denied any such pressure and reiterated that there will be no relations with Israel until a Palestinian state is established.
“Our goal is peace, but peace based on conditions that guarantee its sustainability, which requires a just peace. And there is no just peace without a two-state solution, not just any state, but a state with East Jerusalem as its capital and the right of return for Palestinians guaranteed,” he said. “We are firmly committed to the Arab Peace Initiative.”
Company%20profile
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
MEDIEVIL%20(1998)
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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.”
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Ferrari
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)