Saad Hariri, a former Lebanese prime minister, could be tasked with forming a government this Thursday, filling a vacuum that has lasted since early August. The dynamics leading to this moment were released in a notable interview with Mr Hariri almost two weeks ago.
In that interview, Mr Hariri sent a number of messages – some blunt, others more subliminal. Many people expected him to say that he would not be a candidate for prime minister, as he had noted on several occasions previously since resigning in the wake of popular protests in October 2019.
This time, however, he insisted that he was the natural candidate for the post.
He did not even bother to confirm formally that he would stand, so obvious did it seem.
Mr Hariri’s announcement appeared to reflect a shift in the attitude of his regional supporters.
For a long time, Saudi Arabia had not been happy that he seemed to be the front man for a system, they believe, is in large measure controlled by Hezbollah.
That said, Saudi Arabian officials in Beirut had noted that there was no objection to Mr Hariri’s candidacy, as long as he returned to office with a clear programme to implement.
Similarly, Mr Hariri’s attitude also signalled a possible shift in Washington. For the same reasons as Riyadh, the Trump administration had not been enthusiastic about Mr Hariri’s return.
Yet in the aftermath of his announcement, US officials declared their support for the quick formation of a Lebanese government, acknowledging that they had not objection to the former prime minister coming back.
What happened? Mr Hariri had strong French backing and He declared that he had a programme to implement: to move forward with the economic reform plan floated by French President Emmanuel Macron last September in Beirut. At the time, Mr Macron had hoped for the quick formation of a technocratic government to implement it, but this was derailed because of a disagreement between Hezbollah and the Amal Movement (the two main Lebanese Shia parties) and Mr Hariri.
In the aftermath of this setback, however, all sides reaffirmed that they wanted the French plan to succeed, which left a door open for Mr Hariri to throw his hat into the ring, with French encouragement.
Hezbollah and Amal welcomed this move, as it could calm sectarian tensions and side-line the possibility of their having to form another failed government opposed by a majority of Lebanese, similar to that of caretaker prime minister Hassan Diab.
There were two implicit messages in Mr Hariri’s interview. The first he directed at the political class, telling all parties that they should accept his return at the head of a government of technocrats in order to avoid the complete disintegration of the Lebanese economy. In other words, Mr Hariri was proposing a solution that would save the politicians from the consequences of such a collapse.
The second, Mr Hariri directed at his sometime allies Walid Jumblatt, the political leader of Lebanon’s Druze community, and the Lebanese Forces, a Christian party. Both had refused to support his comeback in the past, and he was harsh in implying that with or without their support he would form a government with Hezbollah and Amal.
The strong implication was that both of them, representatives of minority groups, had no interest in opposing an agreement between the major Sunni and Shia parties.
Only time will tell whether Mr Hariri's gamble succeeds and Lebanon can take steps toward a deal with the IMF
On October 16, President Michel Aoun was scheduled to hold parliamentary consultations to name a prime minister.
However, Mr Aoun, realising that Mr Hariri would be anointed and that his son-in-law Gebran Bassil would have no say in the matter, delayed consultations until October 22. In that way he sought to buy time for Mr Bassil to secure his stake in a new Hariri government.
Mr Bassil and Mr Hariri are on bad terms, and one of the conditions the former prime minister had for taking office was that Mr Bassil not control the energy ministry. Mr Bassil’s ambition is to become president, and he could use such control as leverage to secure Mr Hariri’s support for his candidacy. Yet reform of the ministry is also a central aspect of the Macron plan, so Mr Hariri’s priority was always to block a return of Mr Bassil or one of his appointees.
What may have changed is that Hezbollah, which had often supported Mr Bassil against Mr Hariri, appears unwilling to do so this time around. Partly, that’s because the party wants to avoid a complete economic breakdown, which could threaten Lebanon’s stability and therefore its own dominant role in it. Partly, it is because Hezbollah’s priority today is to retain political Shia unity, and therefore to side with Mr Bassil’s bitterest rival, the Parliament Speaker Nabih Berri.
And partly it is because Hezbollah wants to preserve Sunni-Shia relations in Lebanon at a time of regional volatility and on the eve of US elections. Only time will tell whether Mr Hariri’s gamble succeeds and Lebanon can take steps toward a deal with the International Monetary Fund. For now, the political victim of this consensus appears to be Mr Bassil. If reform is the ruling class’s sole path to self-preservation, Lebanon may see more change than had seemed possible.
Michael Young is a senior editor at the Carnegie Middle East Centre in Beirut and a columnist for The National
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs
The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
Mohammed bin Zayed Majlis
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
UJDA CHAMAN
Produced: Panorama Studios International
Directed: Abhishek Pathak
Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla
Rating: 3.5 /5 stars
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.”
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
LIKELY TEAMS
South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.
Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A