For weeks now, conversations in Lebanon have largely centred around the parliamentary election on Sunday. "Whom to vote for?" "To vote or not to vote?" "Will there be change?" "No, there is no hope – the same old crowd will win again."
More than two years after nationwide, anti-government protests failed to bring about any meaningful change in the economically crippled and politically dysfunctional country, ordinary Lebanese seem resigned to "business as usual", even after the vote is finished. The election is the first since the onset of a financial and banking crisis that has left a majority of the country in poverty. It is also the first since the Beirut Port blast in August 2020, which killed more than 200 civilians, and for which few have so far been held accountable.
One of the primary reasons for the widespread disenchantment is political entrenchment. People are fed up with the various factions that have come to dominate Lebanese politics since the end of the 1975-1990 Civil War.
The country's "confessional" political system, established after the Taif Agreement was signed by warring parties in 1990, divides power among Christians and Sunni and Shiite Muslims, as well as others, in both the executive and in Parliament. Over the years, this system has given the established parties and their leaders – particularly those with large war chests and considerable influence over their communities – an almost guaranteed return to power.
Change takes time. And it needs to start somewhere
And so, politics in the country has, for the most part, been dominated by the Sunni Future Movement, helmed by the Hariri family, the Shiite blocs comprised of Hezbollah and the Amal Movement, and the Christian-led Free Patriotic Movement and Kataeb Party. For many Lebanese across a wide cross-section of society, leaders of these blocs and others do not represent them, for they have run the national economy to the ground and turned Lebanon into something of a failed state.
There are undoubtedly new faces contesting in this election. Some of them are activists who came together during the 2019 protests and united people, irrespective of sect or social class. Their participation was an unprecedented moment in Lebanon’s recent sectarian history. As a result, they have generated a fair amount of buzz among the electorate. The interest is particularly high among the diaspora, including the 100,000 or so who have reportedly cast their vote in advance from abroad.
And yet, the overarching sentiment among voters is that of cynicism. This is because, as per the confessional system, they can vote only for the representatives of the sects to which they belong.
This is especially frustrating, as the past two years have been the most difficult for Lebanon. So difficult that many say that even the Civil War era presented fewer economic challenges.
Indeed, Lebanon's gross domestic product has plunged to an estimated $20.5 billion last year from about $55bn in 2018. Describing it as a degree of contraction of the kind usually associated with conflicts, the World Bank has ranked Lebanon’s collapse as one of the worst globally since the middle of the 19th century. Furthermore, the Lebanese pound has lost more than 90 per cent of its value, which has driven up costs. The country is more reliant on imports than ever.
One particularly stark example of disaffection lies within the Sunni communities living in north-western Lebanon. They have been left rudderless after the recent retirement of former prime minister Saad Hariri from politics. Mr Hariri’s exit from the political landscape has left the country without a once-powerful counterweight to Hezbollah’s influence, which extends into the Christian-led parties. Mr Hariri’s supporters, and the Sunni community in general, worry that this void will only make the Iranian-backed Hezbollah even more dominant.
As much as Lebanese people aspiring for a better country want to see change happen quickly, the opposition parties don’t have the influence or the finances to compete with the entrenched groups. Opposition unity has also been lacking.
All things considered, however, there is still scope for optimism. Change, after all, takes time. And it needs to start somewhere.
Ultimately, Lebanon's strength lies in the public. A country that ranks in the top 100 on the global human development index and seventh in the Arab world has young, dynamic and aspirational citizens, and an active civil society.
Their efforts at bringing about change is unlikely to bear fruit in this election. But there can be little doubt it will happen in due course of time.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
The Specs
Engine 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp (542bhp in GTS model)
Torque: 730Nm
Price: Dh649,000 (Dh549,000 for GTS)
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Women’s T20 World Cup Asia Qualifier
ICC Academy, November 22-28
UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
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UAE currency: the story behind the money in your pockets
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