Former Lebanese finance minister Mohammad Safadi, 75, has withdrawn his candidacy to be prime minister of the next government.
Mr Safadi said it would have been difficult to form a “harmonious” cabinet supported by all parties.
He said he hoped outgoing prime minister Saad Hariri would be designated again for the post.
On Thursday, three of Lebanon's main political parties agreed on the billionaire businessman as their choice to become Lebanon's new prime minister.
Caretaker Foreign Minister Gebran Bassil, head of the Free Patriotic Movement, had confirmed on Friday that Mr Safadi would be nominated for the post when formal deliberations on forming the next government begin in parliament on Monday.
But on Saturday, Mr Safadi said he had decided to withdraw after consultations with political parties and a meeting on Saturday with Mr Hariri.
"It is difficult to form a harmonious government supported by all political sides that could take the immediate salvation steps needed to halt the country's economic and financial deterioration and respond to the aspirations of people in the street," he said.
The news of the withdrawal came few hours after ratings agency S&P Global lowered Lebanon's sovereign rating further into junk status, stating that diminishing confidence in the country and its economy has led to a reversal of inflows into the country's banks.
The agency cut Lebanon's long and short-term foreign and local sovereign credit ratings to "CCC/C" from "B-/B", and said the outlook on its debt was negative, citing a one-in-three chance of a further downgrade as its next rating action.
Prime minister Mr Hariri resigned last month following several weeks of protests, with citizens blaming Lebanon's political elite for widespread corruption and nepotism, which they say contributed to the country accruing $86 billion (Dh316bn) of public debt, equivalent to 150 per cent of gross domestic product.
After the candidacy announcement on Thursday, there were further protests in Mr Safadi's home city of Tripoli.
Demonstrators gathered in front of one of his properties to protest against his nomination, which they said was the opposite of the changes demanded in a month of protests across the country.
Mr Safadi, who amassed his fortune largely through real estate, is also a retired politician with many alleged corruption cases behind him.
Protesters are demanding a change from the nation's current political elite, whom they consider to be old and corrupt.
Mr Hariri quit as the premier on October 29 in response to protesters' demands for sweeping change in Lebanon's political system and an end to corruption and sectarian cronyism but politicians had been unable to agree on a new cabinet.
Lebanon’s caretaker Defence Minister, Elias Bou Saab, said on Thursday the country was in a “very dangerous situation” and compared recent street unrest to the start of the 1975-1990 civil war.
Rallies have been overwhelmingly peaceful but a protester was shot dead in an altercation with soldiers on Tuesday.
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The%20Mother%20
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UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
MATCH INFO
Wales 1 (Bale 45 3')
Croatia 1 (Vlasic 09')
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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.
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
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RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
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