Lebanese in Beirut celebrate the nomination of Prime Minister Nawaf Salam. AFP
Lebanese in Beirut celebrate the nomination of Prime Minister Nawaf Salam. AFP
Lebanese in Beirut celebrate the nomination of Prime Minister Nawaf Salam. AFP
Lebanese in Beirut celebrate the nomination of Prime Minister Nawaf Salam. AFP


With its new Prime Minister, Lebanon’s revolution comes full circle


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  • Arabic

January 16, 2025

Lebanon has just gone through a revolution – one that started more than five years ago with street protests demanding an end to corrupt political rule. It took all that time and a whole myriad of developments to get to a point where a president and prime minister have been elected outside the grip of the usual political parties that have dominated the country for decades.

In having former head of the Lebanese Armed Forces Joseph Aoun and former head of the International Court of Justice Nawaf Salam elected by Parliament this week, Lebanon has entered a new era. No longer is Hezbollah able to use its “veto” by having a third of parliamentary votes hold up all government activity.

The end of the constitutional paralysis of the country, with no president in power for more than two years and four months, is coupled with the return of political life to the country. It is a historic moment – Lebanon may be the closest it has been in at least 20 years to freeing itself from the chokehold of warlords of the previous civil war, Hezbollah and its regional backer Iran.

There is no denying that the devastating wars in Gaza and Lebanon since the Hamas attack of October 2023 led to major changes in the Arab world and particularly in Palestine, Syria and Lebanon. Some of these changes are terrible, like the displacement of close to 90 per cent of Gaza’s population due to Israel’s continued war. Others are transformative, like the end of Bashar Al Assad’s rule in Damascus.

All came to a head in Lebanon last year, with Israel assassinating Hezbollah leader Hassan Nasrallah and other senior members of the paramilitary group, while also displacing over a million Lebanese from the south of the country. In addition to the loss of life, there was an intolerable strain on Lebanon after five years of a chaotic downward spiral in the country. From the collapse of the country’s banking system, to the Beirut port explosion that was one of the largest recorded in human history, to a political stalemate that meant the country was led by a fragile caretaker government – all of this was set against the backdrop of a hobbled state, with political parties taking advantage of that weakness to build their strength and influence.

No entity benefited more than Hezbollah from the weakness of the Lebanese state, and it is only with a weakened Hezbollah that the state is able to re-emerge. For the first time in years, Hezbollah was no longer the determining voice in deciding who was Prime Minister. Mohamed Raad, the head of its parliamentary bloc, made his anger clear after the decision to name Mr Salam as Prime Minister, saying Hezbollah extended a hand in allowing quorum in Parliament last Thursday, which led to voting in the President, “but that hand was cut”.

Mr Salam’s appointment was not a foregone conclusion. Hezbollah had banked on caretaker prime minister Najib Mikati being sworn in and maintaining existing power-sharing agreements. That order has been upended.

Lebanon may be the closest it has been in at least 20 years to freeing itself from warlords, Hezbollah and Iran

Equally, neither is Mr Salam’s success a foregone conclusion. Spoilers will be waiting for him to slip up, or will work at limiting his ability to implement change. Those with vested interests threatened by these changes are, of course, going to try their best to limit them. Some of the challenges are economic and political, but fundamentally the threat is linked to security and the threat of violence. With at least 13 per cent unemployment, a proliferation of arms in the country and undercurrents of sectarian tensions, the threats are real.

In his first public remarks after returning to Beirut from The Hague, Mr Salam promised on Tuesday a “just, strong, modern civic state” to emerge. Such a state would run contrary to the interests of those who object to a “civic” state and want to see sectarian interests dominate it. Equally, those who object to “justice” being served will have a lot to lose.

February will mark 20 years since the devastating assassination of Rafic Hariri. Justice for that crime was not served directly, and in a sweet irony, it was Mr Salam who established the special tribunal for Lebanon to bring those behind Mr Hariri’s killing to justice. Impunity has been one of the hallmarks of Lebanese politics in the past two decades; ending it will not be easy but it is necessary to ensure that change is institutional and not just dependent on a few personalities.

Mr Salam has promised that “the time is now for a new chapter, based in justice security, progress, opportunities and equality”, with a commitment to implementing UN Security Council Resolution 1701 and a full Israeli withdrawal from the country. It is a tall order but at a revolutionary time within the country and with clear international support, Lebanon may just be able to deliver it.

And it is the street protests of five years ago, which led to independent parliamentary candidates winning more seats in 2022 than ever before that ultimately allowed the election of a new president and prime minister to happen. While a long time coming, Lebanon’s revolution seems to have borne fruit.

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Griselda
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ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

SPECS
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PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

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.”

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While you're here
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Book%20Details
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A
Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

Updated: January 16, 2025, 1:22 PM