Lebanon cannot rely solely on the “remarkable resilience” of its people and must address corruption, institutional failure and political paralysis, Prime Minister Nawaf Salam said on Tuesday at a conference in Beirut.
The reformist leader said Lebanon must transition to a state that inspires confidence in its citizens as well as investors. He criticised historic corruption, nepotism and “gross mismanagement” that he blamed for the virtual collapse of the country, and pledged to build “Lebanon 3.0".
At an event in downtown Beirut organised by the Chartered Institute of Arbitrators, Mr Salam said the resilience of citizens could not be a substitute for a responsible state.
The word “resilience” has been repeatedly bandied around in Lebanon as a compliment and a damning sign of hardships afflicting the country, but Mr Salam said “no society can rely indefinitely on the strength of its people to compensate for institutional failure”.
“It's time for Lebanon to transition from survival through personal resilience, to progress through collective strength … grounded in the rule of law, modern institutions, sustainable economic policies and full respect for national sovereignty,” he said.
Mr Salam, a former head judge of the International Court of Justice, came to power this year following the election of President Joseph Aoun in January.
Mr Salam has pursued a break from the past and created a reformist government made up of ministers who were not members of Lebanon's political parties – even if they were nominated by them.
Coming in the wake of Israel's brutal war on Lebanon, years of economic crises and ineffective governance, many Lebanese hold high hopes that the country's new leaders can bring about a new dawn in national development.
Diplomats and humanitarian officials have generally praised practical steps taken by the government so far against the formidable tasks ahead. But with parliamentary elections set for next year, its mandate may be short.
In his speech, Mr Salam criticised what he called a culture of impunity and said the deadly 2020 Beirut port explosion was a “powerful symbol” of the urgent need for accountability.
The blast killed more than 200 people and was one of the most powerful non-nuclear explosions ever recorded.
Mr Salam said his government was working hard to bring about “Lebanon 3.0" through its reforms.
If Lebanon 1.0 was characterised by the post-independence period, and 2.0 the aftermath of the 1975-1990 civil war, 3.0 “must be defined by the creation of a stable and lasting framework that inspires trust among citizens and investors, empowers all citizens to live with dignity and security, draws strength from our diversity and ensures economic opportunity”, he said.
Mr Salam said his government was making meaningful progress, pointing to the recent passing of a banking secrecy law that marked a “decisive shift away from outdated practices”.
He also insisted the state must have a monopoly over arms and on its own “decide matters of war and peace” – one of the most divisive issues in Lebanese political discourse.
There is pressure from both abroad and at home for Hezbollah, the Lebanese armed group and political party, to be disarmed following its devastating war with Israel last year. While battered and bruised from the conflict, Hezbollah remains a potent force.
Israel also continues to bomb southern Lebanon daily and occupy positions on Lebanese territory, demanding that Hezbollah be fully stripped of its weapons.
TYPES%20OF%20ONLINE%20GIG%20WORK
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At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
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.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
On Instagram: @WithHopeUAE
Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”
RACECARD%20
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
RESULTS
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SPECS
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Structural%20weaknesses%20facing%20Israel%20economy
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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
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5