Lebanon has a number of problems it needs to solve, few more pressing than strengthening its electricity supply. Bloomberg
Lebanon has a number of problems it needs to solve, few more pressing than strengthening its electricity supply. Bloomberg
Lebanon has a number of problems it needs to solve, few more pressing than strengthening its electricity supply. Bloomberg
Lebanon has a number of problems it needs to solve, few more pressing than strengthening its electricity supply. Bloomberg


With fewer seats, Lebanon's corrupt parties could be even more dangerous


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May 17, 2022

With Lebanon’s poverty rate hovering around 80 per cent, it is hard to find a Lebanese person satisfied with the state of their country and those who lead it. In a functioning democracy, this anger would be taken to the ballot box, in an endeavour to promote orderly politics over violence. It is also a metric of trust, in both the government that is to be voted in and the one that should step aside if it loses. It is also, perhaps above all else, a sign of confidence in the institutions that should steward the whole process fairly.

A lack of confidence that any of this will happen is why so many Lebanese people have stayed away from this year's elections, the final results of which are expected this week. In-country turnout was 41 per cent, down by almost 10 per cent from the last election in 2018. Many supporters of former prime minister Saad Hariri boycotted the vote, heeding his call to stay away from the ballot box.

Even those that did turn up to the voting booth expressed a sense of dejection. "We tried people before, but we have nothing. I voted before, and I vote again to change the people I voted for before, because they didn’t do anything to help me," voter Abdel Qadir Sawaf told The National. In a sign of quite how bad the situation has become, images circulated of ballots being tallied up in pitch-black darkness. Lebanon has suffered from power cuts for years.

But the vote is not without significance, nor is it inconsequential. Some view it as an important chance to express anger peacefully after four years that have seen a terrible decline in living standards and basic services. Limited hope is being placed in a new generation of opposition MPs. Early signs indicate that some of them might have done well. In Lebanon's broken system, what appears to be a dent in the number of seats for Hezbollah's allies is also consequential. For example, the Lebanese Forces party has gained ground, at the expense of Gebran Bassil, President of the Free Patriotic Movement and a key Hezbollah ally.

The question is whether this new expression of public discontent can do anything to alter a status quo that for so many years has been unalterable. Indeed, there are now fears that a decline in support for Hezbollah and its allies could lead to a standstill in forming a government.

Hezbollah has never been afraid to block progress when it does not suit its objectives. A blow to the popularity of the worst offenders in Lebanon's broken politics might be a welcome reminder that elections have some effect – and perhaps could have real clout one day – but if the long-term result is simply another stalemate of the kind that has crippled Lebanon for many months, this year's very modest victory could soon look to be entirely Pyrrhic.

Even with a new government, Lebanon's problems are now so ingrained that it will be difficult to change much quickly. So far, those pushing for a new type of politics are tempering their hopes. “Listen, we’re not going to get electricity overnight,” candidate Nohad Yazbeck told The National. “We know what we’re up against. We are not selling an illusion.”

The six points:

1. Ministers should be in the field, instead of always at conferences

2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation

3. Emiratisation is a top priority that will have a renewed push behind it

4. The UAE's economy must continue to thrive and grow

5. Complaints from the public must be addressed, not avoided

6. Have hope for the future, what is yet to come is bigger and better than before

The biog

Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha

Favourite book: One Hundred Years of Solitude

Holiday destination: Sri Lanka

First car: VW Golf

Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters

Driverless cars or drones: Driverless Cars

How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

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.”

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The%20end%20of%20Summer
%3Cp%3EAuthor%3A%20Salha%20Al%20Busaidy%3C%2Fp%3E%0A%3Cp%3EPages%3A%20316%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20The%20Dreamwork%20Collective%C2%A0%3C%2Fp%3E%0A

COMPANY PROFILE

Name: N2 Technology

Founded: 2018

Based: Dubai, UAE

Sector: Startups

Size: 14

Funding: $1.7m from HNIs

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.4-litre%204-cylinder%20turbo%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20366hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E550Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESix-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh360%2C000%0D%3Cbr%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%0D%3C%2Fp%3E%0A
ENGLAND SQUAD

Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope 
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold 
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph 
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Mozn%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammed%20Alhussein%2C%20Khaled%20Al%20Ghoneim%2C%20Abdullah%20Alsaeed%20and%20Malik%20Alyousef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%2C%20Saudi%20Arabia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Raed%20Ventures%2C%20Shorooq%20Partners%2C%20VentureSouq%2C%20Sukna%20Ventures%20and%20others%3C%2Fp%3E%0A
Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

THE NEW BATCH'S FOCUS SECTORS

AiFlux – renewables, oil and gas

DevisionX – manufacturing

Event Gates – security and manufacturing

Farmdar – agriculture

Farmin – smart cities

Greener Crop – agriculture

Ipera.ai – space digitisation

Lune Technologies – fibre-optics

Monak – delivery

NutzenTech – environment

Nybl – machine learning

Occicor – shelf management

Olymon Solutions – smart automation

Pivony – user-generated data

PowerDev – energy big data

Sav – finance

Searover – renewables

Swftbox – delivery

Trade Capital Partners – FinTech

Valorafutbol – sports and entertainment

Workfam – employee engagement

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Match statistics

Abu Dhabi Harlequins 36 Bahrain 32

 

Harlequins

Tries: Penalty 2, Stevenson, Teasdale, Semple

Cons: Stevenson 2

Pens: Stevenson

 

Bahrain

Tries: Wallace 2, Heath, Evans, Behan

Cons: Radley 2

Pen: Radley

 

Man of the match: Craig Nutt (Harlequins)

Omar Yabroudi's factfile

Born: October 20, 1989, Sharjah

Education: Bachelor of Science and Football, Liverpool John Moores University

2010: Accrington Stanley FC, internship

2010-2012: Crystal Palace, performance analyst with U-18 academy

2012-2015: Barnet FC, first-team performance analyst/head of recruitment

2015-2017: Nottingham Forest, head of recruitment

2018-present: Crystal Palace, player recruitment manager

 

 

 

 

Updated: May 17, 2022, 3:00 AM