Former Lebanese prime minister Omar Karami. AP Photo
Former Lebanese prime minister Omar Karami. AP Photo

Lebanon’s first post-war prime minister Omar Karami dies



TRIPOLI, LEBANON // Omar Karami, Lebanon’s first post-war prime minister and a staunch ally of the Syrian government, has died at the age of 80, his family announced on Thursday.

“With great sadness... the Karami family announces the death of the great Omar Abdel Hamid Karami,” they said in a statement.

Family sources said he had died of stomach cancer.

Karami came from a Lebanese Sunni political dynasty – his father was one of the architects of Lebanon’s independence in 1943 – and served as prime minister twice.

But both his terms ended with him resigning under public pressure.

His first term began in 1990, and was marked by the huge challenges of rebuilding the country after its 15-year civil war.

He stepped down in May 1992 after massive protests against rising living costs caused by the collapse of the Lebanese pound against the dollar.

He was succeeded by Rafik Hariri, a billionaire who orchestrated massive reconstruction projects throughout Lebanon.

Karami’s second term began in 2004, but he was forced to resign the following year after the assassination of Hariri.

Hariri's death provoked a political firestorm in Lebanon, including accusations that Syria's government was involved in the murder.

Karami was a longtime ally of the Syrian regime and was accused of subservience to President Bashar Al Assad.

He was educated in Cairo, and was married with four children, including son Faisal, a former minister.

His health had been deteriorating for the past two years, and he was admitted to hospital a month ago, falling into a coma a few days before his death.

*Agence France-Presse

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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