Smoke rises from the site of an Israeli strike on the Lebanese city of Baalbek, in the Bekaa Valley. AFP
Smoke rises from the site of an Israeli strike on the Lebanese city of Baalbek, in the Bekaa Valley. AFP
Smoke rises from the site of an Israeli strike on the Lebanese city of Baalbek, in the Bekaa Valley. AFP
Smoke rises from the site of an Israeli strike on the Lebanese city of Baalbek, in the Bekaa Valley. AFP

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The world can't just stand by and watch Lebanon go up in smoke

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Our readers have their say on the stories of the week

September 27, 2024

The world mustn't abandon Lebanon

With reference to the report on The National's Israel-Gaza war live blog Wednesday 'most violent night' in Lebanon's Baalbek as Israeli strikes continue (September 26): Where is the global uproar over the bombing and displacing citizens of Lebanon? Has this already become the new norm? Are we free to kill and attack anyone, our neighbours, without repercussions? I can't wait to see what comes next. There is so much damage being done and people appear to be either just watching or supporting what's been done to Gaza and now Lebanon.

Sam Taha, Beirut

I'm praying for my family and others who are in the middle of Baalbek.

Fatima M, Dubai

Consequences of Israel's pager blasts

With regard to Michael Young's op-ed Lebanon pager explosions show Hezbollah is leaking like a sieve (September 18): The triggering of blasts through remote controls in Lebanon has serious implications for the communications and travel industry. Explosions in the future could be triggered through mobile phones, laptops or even cameras. So, will airlines permit them to be carried? Detonations through remote-controls are devastating for Lebanon and the ripple effects will be felt in the wider region, aggravating a war-situation in the Middle East. Hezbollah is bound to react. It is becoming a tit-for-tat situation, with each side reacting with more destruction and deaths.

The US should have taken the leadership to resolve the imbroglio between Israel and Hamas-Hezbollah. But America is preoccupied with their presidential elections.

Perhaps countries in the Gulf region and even China and India should take the initiative to patch differences between Israel and its neighbours. We cannot be bystanders, as if we're watching a war movie. If the world does not act now to ensure peace in the Middle East, we could hurtle towards a major escalation triggered by thoughtless actions and recurring mistakes.

Rajendra Aneja, Dubai

Healing Gaza children's psychological scars

With reference to Shireena Al Nowais's report UAE safe haven helps Gazans heal psychological wounds of war (September 26): This was a hard read. But it is heartening to hear of the progress the children are making. May the work of the doctors and counsellors pay off. These children have been though unimaginably difficult conditions. The story of the little boy, Siraj, who lost both his parents, his brothers and even his leg is heartbreaking. May his gradual improvement continue. I hope he adjusts well to his prosthetic leg and is able to be happy.

Hussain A, Abu Dhabi

Kareem Shaheen on Canada
'Nope'
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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.”

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  7. Noida, India
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  10. Bagpat, India
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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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  • Eat ginger but avoid chilli as it makes you sweat 
  • Put on extra layers  
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  • Avoid alcohol   
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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
Updated: September 27, 2024, 5:57 AM
Lebanon