As Lebanon prepares for legislative elections, scheduled for March, an increasing number of Lebanese are beginning to doubt whether they will actually happen. The polls will be held in a particularly tricky year for Lebanon, with two major elections – those for Parliament and the presidency – taking place in 2022.
In an interview published on Friday in the pro-Hezbollah newspaper Al Akhbar, President Michel Aoun announced that “at the end of [his] term, [he] would certainly cede his office, in the Baabda Palace, to a president who will succeed [him]." He said: "I will not leave a vacuum.” The phrase was widely interpreted as a threat, implying that if parliamentary blocs failed to reach a consensus on a successor (Parliament elects presidents in Lebanon), Mr Aoun would refuse to leave office.
The link between parliamentary and presidential elections will be very tight. Mr Aoun would like to hand his office off to his son in law, Gebran Bassil, but it is evident that Mr Bassil does not enjoy majority support in Parliament. If he were to perform poorly in parliamentary elections, at the head of the Free Patriotic Movement, his chances would sink even further, all the more so as he is currently under American sanctions.
Mr Bassil’s political rivals, and they are many, would be delighted by such an outcome, which is evidently why they agreed to a March election deadline. Their assumption appears to be that the President and his son in law are likely to lose votes in Christian-majority constituencies because of Lebanon’s dire situation; therefore, it is best to give them a shorter timeframe in which to prepare. Mr Aoun, in turn, has said he would not sign the decree for March elections, and would only do so if elections are held in May.
Beyond the complex calculations of the parties, one thing is near-certain: Hezbollah would prefer to postpone elections, as this would mean that the present Parliament, in which it holds a majority with its allies, elects a new president. While the party may be confident that it will retain Shiite support, as will its ally the Amal Movement, it can’t be sure that Mr Aoun and Mr Bassil, their allies, will hold the line from their end.
In other words, holding legislative elections promises considerable uncertainty for Hezbollah. If it loses its majority, the party would find it difficult to bring in a president of its choice, with the possibility that a compromise candidate would have to be found.
The link between parliamentary and presidential elections will be very close
There are several problems, however, in delaying elections. First, a two-thirds majority is required to amend the constitution in that direction, and Mr Aoun would have to sign off on the decision. Extending Parliament’s term would be controversial amid domestic anger and international pressure to hold the vote on time. Moreover, Mr Aoun has said that elections should not be delayed, suggesting he may refuse to sign an extension.
This may be a form of pressure on his part to impose one of two alternatives. Either elections go ahead on time, an outcome that Hezbollah would not welcome. Or, if no elections are held and Parliament’s mandate cannot be extended, there would be no functioning legislature to elect Mr Aoun’s successor, leaving the incumbent in office. This would create a void in the state, but Mr Aoun and Mr Bassil may be calculating that any solution to the problem would require a package deal that brings Mr Bassil to power.
Whichever way one looks at the issue, the ambitions of Mr Aoun and Mr Bassil are creating underlying tensions with Hezbollah and Amal. While it is highly unlikely that Mr Bassil would break with Hezbollah, he seems willing to play on the party’s political liabilities to secure his position as the successor to his father in law.
Hezbollah will also face another problem. If it decides to back a candidate other than Mr Bassil, it will have to pick an alternative who can benefit from Christian legitimacy, or see its ties to the Christians wilt. If Hezbollah were to choose Suleiman Franjieh, a close ally who also has support from the Syrian regime, there is little doubt that both Mr Bassil and the Lebanese Forces leader Samir Geagea would strongly oppose him.
In that case, the parties might have to search for a compromise candidate. The only person who currently stands out is the army commander, Joseph Aoun. Hezbollah would not welcome him, however, because it views the general as being close to the Americans, and it was the army that took the lead in neutralising Hezbollah and Amal when they entered Christian areas with their weapons on October 14.
According to media reports, Michel Aoun recently brought together Joseph Aoun and Mr Bassil, supposedly to improve their relationship. While this could possibly be to prepare for the compromise candidacy of the army commander, it is far more probable that the President was sending a stark message to Hezbollah: if you don’t back Mr Bassil, then expect us to support Joseph Aoun.
At a time of deepening economic crisis, Lebanon appears to be entering an even darker period of discord. The country’s political rivalries will surely mean more debilitating stalemate amid widening national poverty.
The%20specs
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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
'Cheb%20Khaled'
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
RESULT
Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')
Man of the match: Diogo Jota (Liverpool)
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
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SPECS
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Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
More Expo 2020 Dubai pavilions:
COMPANY%20PROFILE%20
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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.”
The Case For Trump
By Victor Davis Hanson
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)