It’s an unfortunate aspect of Lebanese political culture that whenever the country is in a deadlock, the political actors tend to wait for a solution that comes partly from the outside. It has been more than six months since Michel Aoun left the presidency, and still Lebanon's political forces are waiting for regional and international powers to reach a consensus on a successor.
One thing that has thrown a spanner in the works is the recent Saudi-Iranian reconciliation. Because of this, the Lebanese have assumed that an improvement of relations between Riyadh and Tehran would facilitate the election of a compromise candidate by Lebanon’s parliament. But in reaching this conclusion, they have had no incentive to push the process forward themselves.
Reportedly, this passive attitude has caused displeasure among countries with a stake in Lebanon, particularly those who support parties opposed to Hezbollah. There is some justification in this, insofar as Hezbollah and its main Shiite ally, the Amal Movement, anticipated the Saudi-Iranian rapprochement by endorsing a candidate for the presidency, namely the former parliamentarian and minister Suleiman Franjieh, who is also close to the regime in Syria.
It’s not clear where Lebanon stands today. The view among some observers is that only once the Saudis speak to Hezbollah will we see a breakthrough.
In doing so, Hezbollah and Amal probably assumed that because the Saudis and Iranians were moving closer, they would try to find middle ground over Mr Aoun’s successor. In that case, it made sense for them to have a negotiating card in hand, namely Mr Franjieh, in order to demand more to give him up. At the same time, by uniting over a candidate, when their opponents have failed to agree on one of their own, they would have an advantage as the deadlock persisted.
The disarray among the parliamentary blocs opposed to Hezbollah has been flagrant. While a number of these blocs initially supported Michel Mouawad as candidate, he never managed to rally all of Hezbollah’s opponents or secure the two-thirds vote he needed to win in a first round of voting. Indeed, as parliament went through consecutive rounds over successive weeks, Mr Mouawad gradually lost votes, even those of the key bloc of Walid Joumblatt.
In what is effectively a hung parliament today, the support of Mr Joumblatt’s bloc is necessary for anyone who seeks a majority. Mr Franjieh cannot hope to win without his backing, nor could anyone who stands against Mr Franjieh. That is why Mr Joumblatt sought to position himself as a kingmaker in February, making it clear that the next president could be neither Mr Franjieh nor Mr Mouawad.
Yet, all Mr Joumblatt’s move did was to reinforce the vacuum existing today in the ranks of the opposition. With Mr Mouawad having been undermined, the opposition finds itself united around no one, allowing Hezbollah and Amal to portray Mr Franjieh as the only serious candidate in the arena.
Mr Joumblatt is not alone in being responsible for the opposition’s disorder. Two other problems have also stood out: the inability of the so-called "change bloc", made up of independent reformist parliamentarians, many from civil society, to agree to a candidate who reflects their worldview; and the fact that many of those opposed to Hezbollah refuse to follow the lead of the Lebanese Forces leader Samir Geagea, whose Christian bloc is Hezbollah’s major foe in parliament.
Mr Geagea was very much behind Mr Mouawad, but his efforts to position himself as the organiser of those challenging Hezbollah has rubbed many of his potential allies the wrong way. Mr Joumblatt has taken a less antagonistic attitude towards Hezbollah and refuses to follow Mr Geagea’s lead. As for the change bloc, many of its members regard Mr Geagea as another representative of the corrupt political class they reject, while some of their members come from political backgrounds that have traditionally opposed the Lebanese Forces.
The change bloc has had significant problems of its own. In the past year, it has faced internal disagreements and reflected ineffectiveness. Moreover, it is embarrassing that it has been unable to identify a single reformist candidate for the presidency that it could endorse and around which it could unify.
Part of the problem is outside the bloc’s control. Some serious candidates have asked the bloc not to publicly endorse them for fear that it would undercut their chances later on when there is a search for a compromise candidate. However, all this means is that the bloc has been willing to appear irresolute and divided on a vital national issue over which reformists cannot afford to remain silent.
It’s not clear where Lebanon stands today. The view among some observers is that only once the Saudis speak to Hezbollah will we see a breakthrough. There have been reports in the Lebanese media lately that Iraqi mediators, namely former prime minister Mustafa Al Kadhimi and Ammar Al Hakim, have sought to bring the two sides together. Little has filtered out on these mediation efforts, but in the same way that the Saudis have talked to the Houthis in Yemen, it is conceivable that they may agree to do the same in Lebanon.
In light of this, it makes sense for Hezbollah’s adversaries to come together around a candidate to ensure they are not circumvented by a Saudi-Hezbollah negotiation. In early May, there were reports that such an initiative was under way, thanks to independent parliamentarian Ghassan Skaff. Whether this can succeed is questionable, however, as more profound rifts persist among Hezbollah’s opponents.
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UAE currency: the story behind the money in your pockets
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Transmission: 8-speed dual-clutch auto
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
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7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
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- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
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India Test squad
Kohli (c), Dhawan, Rahul, Vijay, Pujara, Rahane (vc), Karun, Karthik (wk), Rishabh Pant (wk), Ashwin, Jadeja, Kuldeep, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
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The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby