Optimism about Lebanon’s ability to transition itself from a vassal state to a state with stature and the capacity to govern itself is waning. As neighbouring Syria makes strides following a civil war, Lebanon is still behaving like an extension of Hezbollah’s mini state.
This is largely because Iran hasn’t allowed Hezbollah to surrender its weapons and relinquish its position as the leader of its “Resistance Axis” against Israel, thereby refusing to facilitate US President Donald Trump’s quest for a strategic shift in Lebanon.
Mr Trump’s special envoy to the Middle East, Steve Witkoff, hasn’t raised the issue of armed proxies in his negotiations with Iran, perhaps giving its leaders the impression that Hezbollah is a mere footnote in the nuclear talks. As for Israel, its confidence in its military capability to eliminate Hezbollah’s arsenal – even if that means causing widespread destruction in Lebanon – is growing.
It’s for this reason that Lebanon’s citizens, as well as its Arab and western partners, are growing weary of Beirut’s political class.
The country’s top three leaders – President Joseph Aoun, Prime Minister Nawaf Salam and Speaker of Parliament Nabih Berri – will face severe blowback if, out of wariness of Hezbollah, they don’t force the group to place its weapons under the sole authority of the state. They will have only themselves to blame if their hesitation serves as ammunition for Israel to complete its mission of dismantling Hezbollah’s arsenal by force, which might include reoccupying southern Lebanon.
Mr Aoun genuinely believes in the oath he took to become President in January, which earned him popular applause and kindled hopes for a better future. He understands the importance of the international support he received for his presidency. His problem, however, has been to fall into the trap of starting a “dialogue” with Hezbollah and getting caught in the clutches of its stalling tactics.
By opening the door to Hezbollah’s bargaining and the various Palestinian factions’ refusal to disarm, Mr Aoun has imprisoned himself in a spiral of give-and-take, appearing weak and forfeiting much of the public’s confidence.
Mr Salam, meanwhile, seems to have retreated after making bold statements, affirming the need for Hezbollah to place all its arms under state authority, and speaking in a critical tone about Iran’s revolutionary ideology. Whether his retreat is the result of a backlash he received from Hezbollah – or his own fears about accusations that he has abandoned pro-Palestinian positions from early on in his political career – the fact is that he has remained largely silent lately.
As Mr Berri, the future of southern Lebanon rests on his shoulders. It’s time for him to challenge his own political environment and Hezbollah’s leadership, and to compel a choice between ties to Iran and loyalty to Lebanon. It’s time for him to take proactive positions that spare southern Lebanon from Israel’s aggression, and to return the decision of reconstructing the country to the Lebanese state – not leave it as a bargaining chip in Hezbollah’s hands.
The group’s secretary general, Naim Qassem, once entrusted its affairs to Mr Berri when it was needed. Today, Mr Qassem and Hezbollah’s leadership act from a deluded place of triumph, echoing Iranian supreme leader Ayatollah Ali Khamenei’s declarations of victory after its 12-day war with Israel, while completely ignoring Israel’s capacity to devastate both Hezbollah and Lebanon.
Hezbollah’s leadership is turning a blind eye to the potential non-renewal of the UN peacekeeping mission in Lebanon – known as Unifil – which could lead to direct confrontation between the Israeli army and the ill-equipped Lebanese army, paving the way for a possible renewed Israeli occupation of southern Lebanon.
Mr Berri’s responsibility today is, therefore, historic. It requires courage on his part to confront Hezbollah publicly, and to speak honestly to Lebanon’s Shiite community.
Everyone knows that reconstruction funding from western and Arab states won’t flow unless Hezbollah hands over its weapons to the state. Everyone also knows there is a real opportunity to secure Israel’s withdrawal from the five Lebanese hilltops it is currently occupying, and to reach a realistic solution on the Shebaa Farms thus ending the rationale for “resistance”. At that point, it would be possible to demarcate Lebanon’s land borders with both Israel and Syria.
Hezbollah’s tactics to avoid disarmament are fast turning into ammunition for Israel.
One day we hear that the group is thinking about limiting its role as an armed movement without fully disarming. Another day we hear it might hand over more weapons on the condition that Israel withdraw from the south. What remains constant, as Reuters reported citing sources within Hezbollah, is that the group “does not intend to hand over its full arsenal and will retain light weapons and anti-tank missiles to defend against any future attacks”.
The weakness of the Lebanese state is the result of an equation it has created for itself, with its top three leaders having surrendered their sovereign authority and placed it at the mercy of Hezbollah.
The talk of the trio demanding prior guarantees from US Special Envoy for Syria, Tom Barrack – including that Israel withdraw completely from southern Lebanon – is little more than a contrived excuse, a deliberate obstruction and a severing of the hand that the Trump administration is extending to help Beirut. The necessary guarantees from Israel are already baked into the border normalisation strategy, which is, in itself, the guarantee.
Let’s hope that the coming days bring reassuring surprises when Mr Barrack returns to Lebanon for talks. Let’s hope for a fundamental shift in the strategies of the three leaders, as well as in Hezbollah’s positions. But this requires serious American resolve towards Iran. Demonstrating seriousness means proving that Washington is truly determined to stop Tehran’s continued investment in its proxy doctrine, which undermines the sovereignty of independent states like Lebanon.
Whether Washington, and Beirut itself, can prevent Lebanon from becoming a victim of both Israel’s destructive ideology and Tehran’s expansionist ambitions remains to be seen.
RESULTS
Bantamweight title:
Vinicius de Oliveira (BRA) bt Xavier Alaoui (MAR)
(KO round 2)
Catchweight 68kg:
Sean Soriano (USA) bt Noad Lahat (ISR)
(TKO round 1)
Middleweight:
Denis Tiuliulin (RUS) bt Juscelino Ferreira (BRA)
(TKO round 1)
Lightweight:
Anas Siraj Mounir (MAR) bt Joachim Tollefsen (DEN)
(Unanimous decision)
Catchweight 68kg:
Austin Arnett (USA) bt Daniel Vega (MEX)
(TKO round 3)
Lightweight:
Carrington Banks (USA) bt Marcio Andrade (BRA)
(Unanimous decision)
Catchweight 58kg:
Corinne Laframboise (CAN) bt Malin Hermansson (SWE)
(Submission round 2)
Bantamweight:
Jalal Al Daaja (CAN) bt Juares Dea (CMR)
(Split decision)
Middleweight:
Mohamad Osseili (LEB) bt Ivan Slynko (UKR)
(TKO round 1)
Featherweight:
Tarun Grigoryan (ARM) bt Islam Makhamadjanov (UZB)
(Unanimous decision)
Catchweight 54kg:
Mariagiovanna Vai (ITA) bt Daniella Shutov (ISR)
(Submission round 1)
Middleweight:
Joan Arastey (ESP) bt Omran Chaaban (LEB)
(Unanimous decision)
Welterweight:
Bruno Carvalho (POR) bt Souhil Tahiri (ALG)
(TKO)
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
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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.”
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5