Lebanese man Mohamed Al Arab shows the different times on his watch and mobile phone in Beirut after a controversial government decision to postpone Daylight Saving Time. Reuters
Lebanese man Mohamed Al Arab shows the different times on his watch and mobile phone in Beirut after a controversial government decision to postpone Daylight Saving Time. Reuters
Lebanese man Mohamed Al Arab shows the different times on his watch and mobile phone in Beirut after a controversial government decision to postpone Daylight Saving Time. Reuters
Lebanese man Mohamed Al Arab shows the different times on his watch and mobile phone in Beirut after a controversial government decision to postpone Daylight Saving Time. Reuters


Why Lebanon's time-zone troubles are no laughing matter


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March 28, 2023

Sunday’s news that Lebanon’s residents woke up in two different time zones led to jokes about “Muslim time” and “Christian time” but it also exemplified some of the problems facing the state.

The government announced that the usual start of Daylight Saving Time would be delayed until April 21. Although no reason was given for the announcement, a leaked video of senior officials discussing the move published by a Lebanese media outlet suggested that postponing the time change until the end of Ramadan would allow Muslims to break their fast an hour earlier.

Thankfully, the move was reversed yesterday but the fact that such an important announcement was made with no independent oversight points to the ad hoc nature of decision making in Lebanon and the weakness of its institutions. Justice Minister Henri Khoury’s condemnation of the decision laid bare this internal turmoil.

Salah Nasab, a Lebanese street vendor who also sells and repairs clocks, sits next to two clocks that show different times in the southern port city of Sidon on Monday. AP
Salah Nasab, a Lebanese street vendor who also sells and repairs clocks, sits next to two clocks that show different times in the southern port city of Sidon on Monday. AP

In a country with as diverse a population as Lebanon’s, this near-unilateral decision quickly led to disarray as some communities, ministries, schools and religious institutions refused to comply, instead putting their watches and schedules forward one hour as usual. That the decision was made despite concerns about its possible effect on essential infrastructure such as flight times is worrying.

The result was that work meetings, medical appointments and transport schedules were to run on two separate times. Meanwhile, Lebanon’s mobile networks were telling customers to change their phone’s clock back manually if they wanted to abide by Lebanese government time.

The postponement of the time change could have led to sectarian tensions rising, with the government appearing to try and curry favour with some of the country’s biggest religious communities but exasperating many other citizens in the process.

It is not unknown for countries to make unilateral decisions to change their time standards. Turkey, for example, stopped turning its clocks back in 2016. But the situation that unfolded over the weekend in Lebanon is the first in which residents living in a single time zone were to operate on two different times. One satirical graphic trending online depicted the country partitioned into more than a dozen time zones, depending on which community had a majority in that area.

However, the fact that such confusion over something so important took place in a country going through one of the worst economic crises in modern history is no laughing matter. One Twitter post shared on Sunday showed two Lebanese women talking about the daylight-saving move, saying: “What does it matter what time you eat if you can’t afford to eat?”

Lebanon’s multiple time zones would have matched the myriad currency exchange rates that its people have to try and navigate every day.

Sadly, every such misstep in Lebanon – no matter how quickly they are rectified – risks generating more passivity from potential donors, whose funding and input will be necessary to try to salvage the economy. Many would-be allies among the international community are watching carefully to see signs of political and institutional reform in Lebanon before committing to help. Being unable to tell the time will hardly reassure them.

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.”

FIGHT INFO

Men’s 60kg Round 1:

Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points 
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
Ibrahim Bilal (UAE) beat Bhanu Pratap Pandit (IND) - TKO Round 1

Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Updated: March 28, 2023, 3:00 AM