Sectarian rift boils to the point of explosion in Lebanon


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Sectarian rift boils to the point of explosion in Lebanon and provide a vent for tension in Syria

Lebanon is experiencing a state of sectarian agitation that was thought to have been quelled once and for all since the signing in 1989 of the Taif Agreement that put an end to 15 years of bloody internal fighting, said the pan-Arab newspaper Al Quds Al Arabi in its editorial.

Last week, the city of Tripoli, often referred to as the country's second capital, was rocked by fierce battles between radical Sunni and Alawite groups from the city's residents that left eight dead and dozens wounded.

No sooner had the security forces managed to contain the situation and impose a most tenuous ceasefire, than the country was shaken once again with news of a Sunni religious cleric being shot down at a Lebanese army checkpoint as he was on his way to a protest organised by the anti-Syrian Future party.

"It is natural that the escalating tensions in Syria would reflect on the Lebanese neighbour in one way or another in light of the sectarian polarisation. But for matters to spiral into bloody altercations is a clear indication that the country is heading towards a new civil war that could trudge for years and could be even more aggressive than the last war."

All this is happening amid official Syrian claims that Lebanon has become a passageway for weapons and anti-Assad jihadists. They accuse Gulf states, mainly Saudi Arabia, of financing them.

Lebanon's Shiite community and the March 8 coalition, which includes Hizbollah and its Christian allies led by General Michel Aoun, sympathise with the Assad regime and publicly support it. Therefore, it's only natural that their rivals, the March 14 bloc, led by former PM Saad Hariri, would align themselves with the Syrian opposition that enjoys the support of the GCC states as well as the US, Turkey and Europe.

"The deadlock in Lebanon has boiled to the point of explosion. All it needs is the stroke of a match and at this point, the Sunni cleric's murder on Sunday may very well be the detonator," added the paper.

Most telling perhaps was the unexpected travel warnings to Lebanon issued by the UAE, Bahrain and Qatar on Saturday night, reiterated yesterday by Kuwait. All four states warned their citizens against visiting Lebanon and even urged those who are there to leave immediately. It implies that a bloody explosion is about to take place in the country in the coming few days.

These countries have been waging a fierce political and media battle on the Syrian regime and have all but adopted the Syrian opposition. They must possess confirmed information about scenarios being plotted for Lebanon and Syria.

The Syrian regime and its Lebanese allies are pushed ever so more into the corner. An eruption in Lebanon could be just what they need to relieve some of the pressure in Syria.

Egypt's election is no magic wand

As crucial as they are, the Egyptian presidential elections due to start Wednesday should not be seen as a magic wand able to resolve Egypt's deep-rooted problems in one fell swoop, wrote columnist Amjad Arar in the UAE-based newspaper Al Khaleej.

"Next Wednesday, over 50 million eligible voters will decide the first president of post-revolution Egypt. However, every Egyptian should be cognisant of the fact that these elections will not be the apex of change they all want for their home country."

Toppling the head of the regime, no matter how strong he may be, is not equivalent to the toppling of the entire regime. The latter requires a historical "process of a large-scale popular action that transcends elections".

Change is not about changing individuals. One year into the Egypt's revolution and there is no guarantee out there that an individual in the opposition is better than another in power.

An election is not the only mechanism to build a country ruled by law. Such a country needs a long time to crystalise, and entails continuous improvement of mechanisms from drafting the constitution, through building international relations, to every decision that affect citizens' daily lives.

The first election after decades of dictatorship will carry a few frustrations, but no doubt it will usher in a new era of proximity to citizens.

Israel celebrates while Palestinians suffer

As Israel celebrates the 45th anniversary of Jerusalem "reunification", a report has revealed that 78 per cent of Palestinians live below the poverty line in Jerusalem including 84 per cent of Palestinian children, wrote columnist Mazen Hammad in the Qatari newspaper Al Watan.

The source, Association for Civil Right in Israel, showed a deficiency in employment opportunities, a massive deterioration of the educational system, and a chronic decline of economic infrastructures.

The main cause of poverty in East Jerusalem is the high rate of unemployment. The report also highlights how deeply Israeli authorities have neglected Palestinians: there is only one industrial zone in East Jerusalem, and yet it is now at risk of being shot down.

Poverty among Palestinians has been exacerbated by the separation barrier between the West Bank and Jerusalem, as well as by checkpoints and entry permit requirements.

The neglect with which the Israeli authorities have treated Palestinians has extended to affect the education system. In addition to the congestion rampant among Palestinians' schools, the dropout rate for 12th graders in East Jerusalem is 40 per cent, which is why very few of them pass the Israeli high-school examination.

* Digest compiled by Translation Desk

Company Profile

Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

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The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900