Lebanon’s men's basketball team fell agonisingly short in their attempt to win the Fiba Asia Cup after they were beaten 75-73 by Australia in Jakarta, Indonesia, on Sunday evening.
The Cedars were behind by 14 points heading into the fourth quarter, but a dramatic late charge saw them close the gap to two by the final whistle.
The team's stunning run to the final, which also saw them defeat Jordan and Asian powerhouse China in the knockout stages, has been a rare bright spot for a country enduring one of the worst economic downturns in modern history.
An economic collapse, that first became apparent in 2019, has plunged much of the population into poverty and led to the local currency losing more than 90 per cent of its value. There are also widespread shortages in water, electricity, medicine and other basic necessities.
The August 2020 explosion at Beirut’s port, which killed more than 200 people and injured at least 7,000, and the Covid-19 pandemic have only exacerbated the situation. The 2020 explosion has been blamed on mismanagement and corruption, and is viewed as a symptom of — but also symbolic of — the country's mounting systemic problems.
“What we've done is already enough for the Lebanese people to have a breath of fresh air again," said Rami Naamani, an ardent basketball fan from Beirut. "Just to see there's a light in this country, somehow, through a sport. Because otherwise, there's no hope I think. Whatever they do today, we have our heads held high."
Wael Arakji, who top-scored with 28 points, was named the tournament’s most valuable player.
The Fiba Asia Cup takes place every four years and comprises teams from Asia and Oceania as of 2017. Its predecessor, the Asia Championship, in which Lebanon appeared in the final three times, comprised only Asian teams. But that last appearance was in 2007 and the team was suspended in 2013 amid infighting at the country’s basketball federation.
Mr Naamani, a follower of both the Lebanese national team and the National Basketball Association, said it was the team's chemistry that made them so great. In the last three or so years, the team has been in the process of being rebuilt, he added.
“They're very unselfish. You can feel this. They are one unit, we have been missing that for a while. Now we have a young team. They are growing together and getting better together. I think this is the main reason [for their success]. It's not all about skill. It's more like the chemistry and the fight they're showing us,” he said.
Lebanon politicians were quick to heap praise on the team following the end of their campaign. President Michel Aoun said they had shown that "nothing is impossible" with willpower. He said the team had sent a message to the world "that you are from a country that has not and will not surrender".
But the intervention of politicians, who are held responsible for Lebanon's competing woes, is not without controversy.
When Lebanon beat China, which has a population of 1.4 billion, Arakji responded strongly to a message from Prime Minister-designate Najib Mikati congratulating the side.
In a Facebook message, he said: "Tell him we don't need his congratulations and we're trying to clean the excrement he and his fellow politicians put us in. So [if] he can keep his mouth shut, it'll be better.
"We come from a broken country. We come from a country that’s full of sadness. So, we just want to make our people happy.”
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Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
UAE squad
Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)
Women’s draw: Maitha Al Neyadi (57kg)
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.
UAE currency: the story behind the money in your pockets
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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Rating: 3/5
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.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Liverpool’s fixtures until end of 2019
Saturday, November 30, Brighton (h)
Wednesday, December 4, Everton (h)
Saturday, December 7, Bournemouth (a)
Tuesday, December 10, Salzburg (a) CL
Saturday, December 14, Watford (h)
Tuesday, December 17, Aston Villa (a) League Cup
Wednesday, December 18, Club World Cup in Qatar
Saturday, December 21, Club World Cup in Qatar
Thursday, December 26, Leicester (a)
Sunday, December 29, Wolves (h)