President-elect Donald Trump signs autographs as Massad Boulos listens in Dearborn, Michigan, on November 1. AP
President-elect Donald Trump signs autographs as Massad Boulos listens in Dearborn, Michigan, on November 1. AP

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Trump nominates Lebanese-American Massad Boulos as Middle East adviser

It was the second time in recent days that Mr Trump chose the father-in-law of one of his children to serve in his administration.

Adla Massoud
Adla Massoud
New York

December 01, 2024

US president-elect Donald Trump nominated Lebanese American businessman Massad Boulos as his senior adviser on Arab and Middle Eastern affairs on Sunday.

Referring to Mr Boulos as a “dealmaker”, Mr Trump said he has been a long-time proponent of Republican and conservative values, “an asset to my campaign, and was instrumental in building tremendous new coalitions with the Arab-American community”.

It was the second time in recent days that Mr Trump chose the father-in-law of one of his children to serve in his administration.

On Saturday, Mr Trump said that he had picked his son-in-law Jared Kushner's father, real estate mogul Charles Kushner, to serve as US ambassador to France.

Mr Boulos, whose son Michael is married to Tiffany Trump, has been a prominent supporter of the Trump campaign, rallying Lebanese and Arab-American voters as US-backed Israeli military operations against Hezbollah in Lebanon heightened regional tensions.

With strong connections to the US and Lebanon, Mr Boulos brings a complex legacy to the role. His family has long-standing ties to Lebanese politics, with his father and grandfather playing notable roles.

His father-in-law was a significant financial backer of the Free Patriotic Movement, a Christian party aligned with the Iran-backed militant group Hezbollah.

Karim Bitar, professor of international relations at St Joseph University of Beirut, told The National that Mr Boulos is in close contact with several political actors in Lebanon and his nomination will be "well received".

"He knows the country extremely well and he is perceived as a moderate who could bring Arab public opinion closer to the inner circles of Washington, DC," Prof Bitar said.

Prof Bitar added that Mr Boulos's nomination indicates that Mr Trump "pretty much like many Middle East leaders is a family man and likes to work or trusts mostly his family".

Mr Boulos has engaged with crucial players across Lebanon's fragmented political landscape, Reuters reported.

Notably, he has maintained relations with Hezbollah, the Iranian-backed Shiite party holding significant influence through parliamentary seats and government ministers.

At the same time, he has cultivated ties with the Lebanese Forces, an anti-Hezbollah Christian faction, and has engaged with independent politicians, the sources said.

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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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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Updated: December 01, 2024, 6:57 PM