Lebanon’s revolution shows no sign of abating but in the coming phase this will not matter, because the indifference of the ruling class and the coming economic collapse is leading to a dangerous new phase. The perseverance and multi-generational aspect of the Lebanese revolution have left the politicians in shock, after they assumed the protests were a fleeting emotional outburst that would inevitably fizzle out.
Despite their shock, they continue to bet on the uprising running out of steam, prompting protesters to go home, after which everything would return to normal – that is to say, corrupt politicians will return to their misdemeanours and their domination of the country’s resources and fate. However, the multi-generational revolution has created a new reality, despite the ruling class’s refusal to recognise it. The era of impunity and blind obedience is over. But the denial does not mean these men of power and sectarianism are not panicking. The coming social unrest will lead to mob hysteria against them and those close to them. If and when economic collapse happens, it will lead to shortages in fuel, food and other basic commodities in the next two months, precipitating a financial and social catastrophe. The young faces of the revolution must take all necessary measures to avoid descending into a mob mentality of wanton destruction.
The failure of the ruling class to understand the consequences of their deception, arrogance and greed, thinking that they can stall until the revolution has run its course, is dangerous and foolish, because it is not the youth who will tire first but the old men of the regime in Lebanon. President Michel Aoun’s delay in designating a prime minister to form a government to embark on serious, technocratic solutions to save Lebanon from total collapse could be a fateful gamble. Indeed, it could mean that he will be the person to blame if Lebanon descends into chaos.
Meanwhile, the Iranian leadership appears to be extremely panicked by the prospect of an internal eruption and an uprising against the regime, encouraged by the protests in Lebanon and Iraq. According to sources, Iran could be considering an escalation to divert attention away from what is happen domestically. Targeting tankers and other vital installations in the Gulf remains a possibility. In Lebanon, Iran is making frantic calculations, since Hezbollah is a precious card. The Iranians are keen to keep Lebanon under the yoke by ensuring Hezbollah dominates any government in Lebanon. Important decisions could be made in this regard, following a meeting of the Iranian leadership on Monday, decisions that could include extinguishing the Lebanese revolution at any cost.
It is not the youth who will tire first but the old men of the regime in Lebanon
Iran's leadership has so far decided to treat the Lebanese uprising as something that targets corruption primarily rather than Hezbollah. This line of thinking is convenient for Tehran for now. But the question remains in the mind of Iran’s leaders: what kind of stability can be restored in Lebanon and where would that leave Hezbollah?
Iran’s clear priority is that Hezbollah must step up its domination over Lebanon. The regime could resort to major escalation abroad to mask its failure, which has led to an economic crisis, isolation and sanctions. Leaders are currently in the process of ramping up Iran’s nuclear capabilities to provoke counter actions and rally nationalist support for their regime.
However, the sphere of influence that the Islamic Revolutionary Guard Corps boasts of commanding is no longer working. Iraq has entered a cycle of chaos which no political force, internal or external, can rein in. This cannot be reassuring for the IRGC, which once thought Iraq’s Popular Mobilisation Forces were its trump card in Iraq. What we are witnessing is a major blow to Iran’s regional expansionist project. Its leadership is studying frantically what its options are in Iraq and Lebanon to safeguard the PMF and Hezbollah from the Iraqi and Lebanese uprisings.
A man walks past a graffiti drawn on the wall of a building at Al Nour Square in Tripoli. AFP
Hezbollah will continue to feel reassured as long as protesters do not demand that it disarms and hands over weapons supplied by Iran. The group is betting on the fidelity of the president and his son-in-law Gebran Bassil, and the alliance with their Free Patriotic Movement, to share power and control over Lebanon and its resources. So far, this alliance has resisted the formation of a technocratic government independent of political, ideological, partisan or sectarian dictats. It is still imagining the uprising will be quenched but this is delusional.
If Hezbollah comes to the conclusion that the revolution threatens its privileges, it has the arms to force a qualitative change in its trajectory and turn it from a protest movement into a civil war. For this reason, Hezbollah leads the camp rejecting the movement's main demands.
If the decision to prevent the formation of such a government continues, Lebanon is on its way to the abyss. The protest movement must therefore hold onto the priority of installing a government of technocrats, then gradually demand other issues in parallel with efforts to prosecute the corrupt and restore looted public funds. Without a clean, independent government, no funds will come to Lebanon to rescue its economy from collapse. There would be no prospects either for new electoral laws or radical reforms.
What is coming will be very difficult. Hospital staff are already voicing alarm. The coming phase will chime with the pain of the people, who will no doubt blame the political class but could also blame demonstrators if they fail to develop achievable goals.
The time has come for international governments and institutions to pressure Lebanon’s leaders to stop stalling immediately, or they will be blamed for letting the country spiral into chaos.
The revolution, for its part, must be conscious of the necessity of preserving the state and its institutions. If the country descends into mass riots, the army has a responsibility to distinguish between civil rights activists and rioters. This is a dangerous and delicate phase but it will decide the fate of Lebanon.
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
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.”
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Global state-owned investor ranking by size
1.
United States
2.
China
3.
UAE
4.
Japan
5
Norway
6.
Canada
7.
Singapore
8.
Australia
9.
Saudi Arabia
10.
South Korea
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
MATCH INFO
Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
India (playing XI): Virat Kohli (c), Ajinkya Rahane, Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Hanuma Vihari, Ravichandran Ashwin, Ravindra Jadeja, Wriddhiman Saha (wk), Ishant Sharma, Mohammed Shami
South Africa (squad): Faf du Plessis (c), Temba Bavuma, Theunis de Bruyn, Quinton de Kock, Dean Elgar, Zubayr Hamza, Keshav Maharaj, Aiden Markram, Senuran Muthusamy, Lungi Ngidi, Anrich Nortje, Vernon Philander, Dane Piedt, Kagiso Rabada, Rudi Second