For years, Lebanese visitors to Saudi Arabia who have met with senior members of the Saudi government have spoken of Riyadh’s ambivalence towards Lebanese politics, complaining of Iran’s overwhelming dominance of Lebanon’s political landscape.
That may well have been true, as Saudi involvement in Lebanon often seemed to be a thankless task. Despite Saudi investment in the country, and the decision of the late King Abdullah to deposit $1 billion in the Lebanese central bank in 2006 as support for the economy, over the years Iranian power, implemented through Hezbollah, only seemed to grow. However, several things suggest the situation may be changing.
By change, it is far too premature to assume that Saudi Arabia will go back to pouring money into the economy. Rather, there are indications that the kingdom may be more open to reinforcing its political stakes in Lebanese affairs, so that its local allies and those of Tehran can co-exist, balance each other off on certain key issues, and negotiate mutually beneficial compromises.
What may have permitted this, among several developments, is the Saudi-Iranian rapprochement of last March, facilitated by China. As relations between Riyadh and Tehran improve, this will necessarily be reflected in Lebanon, where communal relations have often reflected regional tensions or, on the contrary, reconciliations.
Something else may also help to ease an improvement in Saudi ties with Lebanon. Since the economic collapse in 2019, Hezbollah, the dominant political force in the country, has failed to convince many Lebanese that it has any realistic economic plan for the country’s revival. On the contrary, the party has protected the failed political leadership, and its leading allies have been among those most resistant to reform.
In this context, Hezbollah became increasingly contested at home, with many in the Sunni community opposed to its agenda, and many others in the Christian and even the small Druze communities hostile to the party. In this context, there seems to be an interest from Hezbollah’s leadership, and with it Iran, to stabilise the party’s environment by reaching a modus vivendi with other communities, especially those who want or have close ties with Saudi Arabia.
A revealing sign of a subtle shift in Riyadh occurred last September, when the Saudi ambassador, Walid Bukhari, hosted France’s envoy to Lebanon, Jean-Yves Le Drian, along with the country’s Sunni mufti and a large group of Sunni parliamentarians. At the time, Mr Le Drian was trying to resolve the impasse over Lebanon’s presidency. To many Lebanese, the ambassador’s invitation of these communal representatives was a way of showing Mr Le Drian that the kingdom could potentially encourage their support for any deal reached.
Prominent leaders from Lebanon’s Sunni community have historically had strong ties with Riyadh
Prominent leaders from Lebanon’s Sunni community have historically had strong ties with Riyadh. It is, arguably, the largest sect in the country, not accounting for the Syrian refugees, a majority of whom are also Sunni. In light of this, both Hezbollah and Iran have increasingly sought to maintain good relations with Lebanon’s Sunnis, who could pose a challenge to Hezbollah if they were to mobilise against the party.
Mr Bukhari has been noticeably active in recent weeks. Saudi Arabia is one of five countries in a contact group for Lebanon, along with the US, France, Qatar and Egypt, whose priority is filling the presidential vacuum. In meetings in January, Mr Bukhari hosted all the ambassadors of these states at his home.
While it’s unclear what came out of the meetings, representatives of the five will reportedly be gathering this month, so the meetings could have been a preparation for that. Above all, there was an obvious message that Saudi Arabia is playing a diplomatic role in discussions over the presidency, when in the past year there were indications that the kingdom was not particularly interested in being involved.
Both Hezbollah and its presidential candidate, Suleiman Frangieh, realise that improved ties with Riyadh will be important for Lebanon’s next president. Hezbollah is also aware that no real exit from the Lebanese economic crisis can take place without support from richer Arab states, which is why Saudi support for any solution on the presidency is critical.
This creates an interesting situation for Lebanon. No one expects Iranian influence in the country to wane, but as other states, Saudi Arabia above all, take advantage of their significant reserves of sympathy in the country, this can gradually turn Lebanon into a shared interest, forcing Iran and Hezbollah to compromise and pursue better co-operation with other groups.
In many regards, this would reflect what former US president Barack Obama sought when he told The Atlantic in 2016: “The competition between the Saudis and the Iranians … requires us to say to our friends as well as to the Iranians that they need to find an effective way to share the neighbourhood and institute some sort of cold peace.”
While many countries might recoil at being “shared” by anyone, Lebanon, because of its sectarian divisions, has always been vulnerable to regional rivalries, which have often crippled domestic politics. This is what has enabled Iran to control Lebanon’s commanding heights through Hezbollah. If this can be counterbalanced by the influence of others, however, one can imagine Iranian hegemony being tempered.
One of the meetings Mr Bukhari held in January was with Iran’s ambassador in Beirut, Mojtaba Amani. The meeting, which was described in local media reports as quite friendly, showed that there appears to be a new willingness on both sides to co-operate on the Lebanese front. Still, one cannot assume that all differences will magically disappear.
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.”
INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
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