Lebanese President Joseph Aoun is expected to arrive in Abu Dhabi on Wednesday for the first formal visit by a Lebanese head of state in many years.
Mr Aoun's new government, largely comprising technocrat ministers responsible for repairing the economy, is looking to mend relations with the Gulf states following years of political turmoil.
Mr Aoun, who was appointed in January, is expected to meet senior Emirati leaders and explore ways to boost ties. About 150,000 Lebanese live in the UAE, and many make up the managerial backbone of the private sector.
Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, received Dr Ghassan Salamé, Lebanon's Culture Minister on Wednesday, before Mr Aoun's visit.
They discussed ways to enhance mutual interests as well as touching on opportunities to build on ties in the creative and cultural sector, reported state news agency Wam
Last week, Saqr Ghobash, speaker of the Federal National Council, visited Beirut and met Mr Aoun. It marked the first visit by a senior Emirati official in years.
The UAE and most of the Gulf states effectively prohibit their citizens from visiting Lebanon on security grounds, a decision Lebanon's government will be keen to change.
Mr Aoun and Prime Minister Nawaf Salam, both seen as newcomers and a break from Lebanon’s entrenched political class, have made restoring ties with Gulf states a high foreign policy priority, after years of strained relations driven by Hezbollah’s dominance and Iran’s long reach into Beirut’s political affairs.
Mr Aoun’s first official trip abroad was to Saudi Arabia in March. He visited Qatar on April 16. His commitment to sovereignty and political reforms has been welcomed by GCC states looking for a more neutral and stable Lebanese leadership.
Hezbollah weakened
The diplomatic push comes as Hezbollah’s grip on Lebanese politics has weakened, following its heavy losses in the year-long war with Israel and the collapse of its Syrian ally, Bashar Al Assad, who fled Damascus in December. Mr Al Assad’s removal severed a critical supply route for the armed group, further undermining its military and logistical capabilities.
Lebanon is under pressure to disarm Hezbollah and reassert full state sovereignty. Mr Aoun has repeatedly said the decision to centralise arms under state authority has been taken, but says this can only be achieved through dialogue rather than force.
Financial crisis
The country remains mired in a financial crisis that began in 2019 and was worsened by the war with Israel, leaving it in urgent need of foreign assistance. This month, Lebanon passed banking reforms demanded by the IMF and secured a $250 million World Bank loan to ease its electricity crisis – signs of a leadership trying to rebuild trust abroad while stabilising conditions at home.
Mr Aoun was elected President in January, filling a position that had been vacant for more than two years.
President Sheikh Mohamed congratulated Mr Aoun at the time, wishing him “success in leading his country and its people to further stability, development and progress”. He also said he looked forward to working with Mr Aoun to strengthen co-operation between the UAE and Lebanon.
Shortly after Mr Aoun visited Saudi Arabia in March, the UAE announced that its embassy in Lebanon's capital Beirut, had officially resumed diplomatic activities.
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
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Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
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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.”
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Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
