Government election officials carry ballot boxes ahead of the country's May 6 parliamentary election. Mohamed Azakir / Reuters
Government election officials carry ballot boxes ahead of the country's May 6 parliamentary election. Mohamed Azakir / Reuters
Government election officials carry ballot boxes ahead of the country's May 6 parliamentary election. Mohamed Azakir / Reuters
Government election officials carry ballot boxes ahead of the country's May 6 parliamentary election. Mohamed Azakir / Reuters

The elections in Lebanon are a desperate tragicomedy


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  • Arabic

After tomorrow's elections in Lebanon, there won't be a sea change in the country's political landscape. The sectarian system is deeply entrenched; the dismal electoral law it has produced has only rekindled more sectarianism and engendered selfish and opportunistic alliances and platforms. So-called civil society lost a golden opportunity after fragmenting due to a combination of narcissism, self-seeking ambition and inexperience.

Many civil society interlopers have proven to be no less corrupt than the traditional politicians they seek to displace. The ruling classes, meanwhile, have engaged in feudal-like tactics, trying to bequeath power to their children and bullying outsiders who pose a risk to the status quo.

Political parties and civil society groups have called for a large turnout in the first general election in nine years, during which parliament extended its own term three times. However, these elections are likely to make the country more sectarian, exclusive and aggressive because the electoral law, allegedly proportional, is a blueprint for sedition in a state vulnerable to the geopolitical disturbances taking place in its immediate neighbourhood.

The all-male architects of the electoral law also deliberately sidelined women, snubbing all calls to include a mandatory quota, instead choosing to prevent women from fully participating in decision-making in a country that claims to enshrine equality and modernity.

The elections in Lebanon would have been a comedy, were it not for the damage it could inflict on the democratic process there and its likely disappointing outcome by reproducing an even more sectarian and dynastical parliament.

Geopolitically, the elections are taking place amid major developments in the Israeli-Iranian dynamic in Syria, which has left the Lebanese holding their breath due to the implications for Lebanon. Indeed, Hezbollah, which is fighting alongside Iran and Bashar Al Assad in Syria, is also fighting the election in Lebanon with a view to gaining a stranglehold on parliament and the country by extension.

Hezbollah is a key part of the Israeli-Iranian dynamic and an essential component of Tehran's project in the region. It can either keep things in check or trigger an escalation that could change the rules of the game between the two sides.

In recent years, despite the belligerent rhetoric, Israel and Iran have generally kept to the truce some believe has existed between Persians and Hebrews since ancient times, the two sides having never fought a direct war. In modern times, there has been what can be described as a natural armistice between Iran and Israel and mutual hostility to Sunni Arabs.

In the past few years, Israel did not object forcefully to Iran’s intervention in Syria alongside the regime. In Lebanon, a de-facto truce has been accepted with Hezbollah through UN resolution 1701, in the aftermath of the July 2006 war.

Nearly two weeks ago, Israel conducted a major strike against Iranian military assets in Syria, signaling it will no longer tolerate the expansion of Iran’s bases there. That marked a notable departure from that truce-like dynamic that governed their direct engagement, in conjunction with the US adopting a sharper tack against Iranian expansion in the Arab region. Even the Europeans are waking up to Iran’s incursions, despite their keenness to preserve the nuclear deal under pressure from Donald Trump. Next Saturday, Mr Trump will reveal his decision regarding the deal.

Recall that the nuclear deal was signed by his predecessor Barack Obama with Iran, opening a new chapter in the US relationship with the mullah regime that has reigned in Tehran since 1979. This shook the foundations of the strategic US relationship with the Arab Gulf nations and Egypt, which Mr Obama sought to substitute with new and improved relations with Tehran.

Mr Trump has instead resolved to reset the traditional alliance with the Arab countries and end the policy of appeasement of Iran.

These shifts will undoubtedly have implications for the Iranian project in the Arab region, from Yemen and Iraq to Syria and Lebanon.

Either Iran will get the message that the US honeymoon under Mr Obama is over, that the time has come to rein in the Revolutionary Guard Corps. Or it will decide that its project for regional domination is too precious to be sacrificed.

The first path, to reform, de-escalate and repair relations with the Arab world, would spare it from looming sanctions that would drain its economy and stir up internal unrest.

The second path, meanwhile, to wager on Mr Trump backing down and on European powers refusing to endorse new sanctions, brings many risks for Iran. But any reading of Mr Trump’s policy as empty threats would be mistaken. He might not tear apart the deal but if he sticks to it, it would result in an implicit agreement with European signatories on new strict sanctions on Tehran designed to address the flaws in the agreement and curb Iran’s expansionism.

Either way, this and the Israeli decision to contain Iran’s military presence in Syria will have implications for Lebanon and Hezbollah. The Lebanese no doubt understand this ahead of their elections. However, the dismal electoral law drafted by powerful bosses to undermine democracy and distract people from real issues through sectarian mobilisation, by cementing sectarianism and corruption, could have a heavy price and bring risks no less serious than the geopolitical ones looming over the country.

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.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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THE BIO: Mohammed Ashiq Ali

Proudest achievement: “I came to a new country and started this shop”

Favourite TV programme: the news

Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”

Family: six sons in Dubai and a daughter in Faisalabad

 

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
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COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

UAE currency: the story behind the money in your pockets
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Kanye%20West
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Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Results

2.15pm: Handicap Dh80,000 1,950m

Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).

2.45pm: Handicap Dh90,000 1,800m

Winner: Right Flank, Pat Dobbs, Doug Watson.

3.15pm: Handicap Dh115,000 1,000m

Winner: Leading Spirit, Richard Mullen, Satish Seemar.

3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m

Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.

4.15pm: Handicap Dh105,000 1,400m

Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.

4.45pm: Shadwell Farm Conditions Dh125,000 1,200m

Winner: Last Surprise, James Doyle, Simon Crisford.

5.15pm: Handicap Dh85,000 1,200m

Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

RACE CARD

6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m

7.05pm Handicap (TB) Dh102,500 (D) 1,200m

7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m

8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m

9.50pm Handicap (TB) Dh105,000 (D) 1,600m

9.25pm Handicap (TB) Dh95,000 (T) 1,000m

Results

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi

9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi

 

Results

5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)

5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi

6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.

6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.

7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.

7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.

8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.

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