Iranian Foreign Minister Hossein Amirabdollahian visits the village of Maroun El-Rass on the Lebanon-Israel border with Hezbollah members and lawmakers on Friday. AP Photo
Iranian Foreign Minister Hossein Amirabdollahian visits the village of Maroun El-Rass on the Lebanon-Israel border with Hezbollah members and lawmakers on Friday. AP Photo
Iranian Foreign Minister Hossein Amirabdollahian visits the village of Maroun El-Rass on the Lebanon-Israel border with Hezbollah members and lawmakers on Friday. AP Photo
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
April 30, 2023
The Iranian regime has lately sought to appear moderate, including by softening the revolutionary tone and threatening rhetoric adopted by its proxies in the Middle East, and by supposedly deepening their political integration in their respective countries. Hezbollah, its Lebanese proxy, is an example of this new thinking in Tehran. What the regime seems to be doing in the process is using the strategy of a spider, which ensnares its prey by spinning a web around it and keeping it alive and fresh for later consumption.
Iranian Foreign Minister Hossein Amirabdollahian’s visit to Lebanon over the weekend was an indication that Tehran will continue propping up Hezbollah, while seemingly engaging with the Lebanese state, its leading parties and members of parliament, in an apparent recognition of the country’s democratic process.
However, Mr Amirabdollahian’s visit included a meeting with Hezbollah chief Hassan Nasrallah and concluded with a visit to the Lebanese-Israeli border without prior clearance from the authorities in Beirut. In doing so, he demonstrated an Iranian policy towards the Lebanese government that is based on the following principles: non-recognition of Lebanese sovereignty; preserving Hezbollah’s weapons and doctrine as they are, with the proxy being Iran’s military, regional and strategic ally, and the main arm of the regime and its regional projects.
Iranian officials seldom ask for permission from Lebanon before visiting the country. They arrive without invitation, simply informing Lebanese officials that they are on their way. This is what happened when Mr Amirabdollahian made his weekend trip – his first since his meeting with Saudi Foreign Minister Prince Faisal bin Farhan to implement their bilateral agreement. It’s worth noting that key provisions in the agreement, signed in Beijing in March, include a commitment to not interfere in the internal affairs of other countries in the region and to respect their sovereignty.
Hezbollah leader Hassan Nasrallah delivers a speech via video during a gathering to commemorate Al Quds Day in a suburb outside Beirut in mid-April. EPA
Iran’s logic adopted an expanded scope of the agreement with an emphasis on resolving the crisis in Yemen first. During his meetings with Lebanese officials, Mr Amirabdollahian conveyed that Tehran is ready to help resolve the Yemen crisis, sending a message that Saudi Arabia has priorities in Yemen that Iran is responding to. On other issues, such as Lebanon, he offered no indication that Iran will provide assistance in solving its problems, which are mainly the outcomes of Hezbollah’s positions, whether on its insistence on maintaining Iranian arms and acting as a state within a state, and taking orders from Tehran; or on influencing its other ally, the Assad regime, to commit to the safe return of Syrian refugees to their country.
Mr Amirabdollahian did convey his country's supposed willingness to provide Lebanon with oil grants and assistance in electricity generation. However, he knows Lebanon doesn’t want to expose itself to US sanctions in the process.
The Lebanese stop in the foreign minister's tour of Arab countries was meant to emphasise Iran’s prominence as a regional actor that decides freely who to help and when to do so. For this reason, he reiterated in his meetings that if the dialogue between Saudi Arabia and the Houthis fails to resolve the Yemen crisis, Iran would be ready to intervene to persuade the Houthis to do what is necessary.
Mr Amirabdollahian told Lebanese officials that what matters to Iran is that Lebanon elects a president, appoints a prime minister and forms a government to restore normality. Practically, however, he didn’t say whether the presidency card is negotiable. Indeed, amid negotiations with Saudi Arabia about Hezbollah's regional roles, Iran’s priority remains a reinforcement of its proxy’s position in Lebanon and Syria.
A noteworthy event during his visit was a meeting he convened at the Iranian embassy, which included certain parliamentary blocs and excluded others, to show that Iran's new diplomatic approach is to engage with the Lebanese on parliamentary, social and grassroots levels. However, the meeting revealed a deep-rooted weakness, particularly as Mr Amirabdollahian affirmed upon his arrival in Beirut that Tehran will continue to impose the formula of "the Army, the People, and the Resistance”, which effectively removes the state's authority over its entire territory.
All this means that those suggesting that the regime could choose to disengage from Hezbollah or dismantle its networks are rushing to false conclusions.
Yemenis walk past historic buildings in Sanaa, Yemen, in early April. EPA
The same can be said about the assumptions regarding Syria and its strong relations with the Iranian regime. Some have expressed hope that this relationship will break down for logical reasons, including Syrian President Bashar Al Assad's need to assert his authority over his country instead of deferring to Iranian influence, and to benefit from Arab financing of reconstruction if he decides to break these ties. However, limiting ties with Iran or Hezbollah won’t be easy.
Meanwhile, the Syrian refugee crisis in Lebanon continues to fester with few solutions in sight. Lebanon has hosted almost 2 million refugees despite challenges of its own, since the Syrian civil broke out more than a decade ago. But the Assad regime appears not to want their return, almost as if the fact that these refugees are being supported by the international community relieves the regime of its political burden.
The responsibility for the crisis lies also with Hezbollah, which has played a key role in displacing these refugees in the first place, including by destroying their villages in Syria and preventing their return. The UN’s bureaucratic fecklessness and policies adopted by some European governments are other reasons for inaction on the issue – as is the failure of the Lebanese government and its politicians to deal with the problem.
What is happening in Lebanon today requires Arab vigilance so that these refugees don’t face the same fate as the Palestinian refugees, whose return to Palestine has become nearly impossible. The return of Syrians to their country could prove even more difficult unless a comprehensive regional and international strategy is adopted to address the various elements of this crisis.
The Lebanese-Syrian frontier is of utmost importance, too, not only in terms of the need to control smuggling but also to demarcate the land and sea borders between Lebanon and Syria. Closing the border is a measure rejected by several Lebanese parties, including Hezbollah, which is still present militarily inside Syria. Herein lies the surreal paradox that brings us back to the Iranian regime’s contributions to both the Syrian and Lebanese crises.
While the immediate priority for Saudi Arabia and Iran is to end the Yemen conflict, Iran's policies towards Lebanon and Syria must be quickly addressed before tensions in Lebanon turn into a catastrophic war.
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
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.”
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
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Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en