• Lebanese anti-government protesters clash with security forces in the area close to the parliament in Beirut. EPA
    Lebanese anti-government protesters clash with security forces in the area close to the parliament in Beirut. EPA
  • Demonstrators march past a damaged building holding candles and flashlights honouring the victims. AP
    Demonstrators march past a damaged building holding candles and flashlights honouring the victims. AP
  • Lebanese anti-government protesters clash with security forces in the area close to the parliament in Beirut. EPA
    Lebanese anti-government protesters clash with security forces in the area close to the parliament in Beirut. EPA
  • Demonstrators throw stones during a protest following Tuesday's blast in Beirut's port area, in Beirut. Reuters
    Demonstrators throw stones during a protest following Tuesday's blast in Beirut's port area, in Beirut. Reuters
  • Demonstrators try to break a fence during a protest following Tuesday's blast in Beirut's port area. Reuters
    Demonstrators try to break a fence during a protest following Tuesday's blast in Beirut's port area. Reuters
  • Lebanese anti-riot police stand guard atop an armoured vehicle during anti-government protests in central Beirut. AFP
    Lebanese anti-riot police stand guard atop an armoured vehicle during anti-government protests in central Beirut. AFP
  • Demonstrators try to break a glass with a metal bar during a protest following Tuesday's blast in Beirut's port area. Reuters
    Demonstrators try to break a glass with a metal bar during a protest following Tuesday's blast in Beirut's port area. Reuters
  • A protester throws stones against the Lebanese riot police. AP
    A protester throws stones against the Lebanese riot police. AP
  • Demonstrators try to break a fence during a protest following Tuesday's blast in Beirut's port area. Reuters
    Demonstrators try to break a fence during a protest following Tuesday's blast in Beirut's port area. Reuters
  • A Lebanese protester beats a drum amid clashes with security forces near an access street to the parliament in central Beirut. AFP
    A Lebanese protester beats a drum amid clashes with security forces near an access street to the parliament in central Beirut. AFP
  • Lebanese protesters, enraged by a deadly explosion blamed on government negligence, clash with police. AFP
    Lebanese protesters, enraged by a deadly explosion blamed on government negligence, clash with police. AFP
  • Lebanese anti-government protesters clash with security forces in the area close to the parliament in Beirut. EPA
    Lebanese anti-government protesters clash with security forces in the area close to the parliament in Beirut. EPA
  • Policemen withdraw as demonstrators throw stones during a protest following Tuesday's blast in Beirut's port area, in Beirut. Reuters
    Policemen withdraw as demonstrators throw stones during a protest following Tuesday's blast in Beirut's port area, in Beirut. Reuters
  • A demonstrator gestures during a protest following Tuesday's blast in Beirut's port area, in Beirut. Reuters
    A demonstrator gestures during a protest following Tuesday's blast in Beirut's port area, in Beirut. Reuters

Beirut explosion: protests rage on as ministers resign


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Lebanese police used teargas to try to disperse rock-throwing protesters blocking a road near parliament in Beirut on Sunday in the second day of anti-government demonstrations triggered by last week's devastating explosion.

A fire broke out at an entrance to the square outside Parliament as demonstrators tried to break into a cordoned-off area, TV footage showed. Protesters also broke into the offices of the ministries of housing and transport.

Two government ministers resigned on Sunday amid the political fallout of the blast and months of economic crisis, saying the government had failed to reform.

Tuesday's explosion of more than 2,000 tonnes of ammonium nitrate killed 158 people and injured more than 6,000, compounding months of political and economic collapse and prompting furious calls for the government to quit.

Riot police wearing body armour and carrying batons clashed with demonstrators as thousands converged near Parliament and Martyrs' Square.

"We gave these leaders so many chances to help us and they always failed. We want them all out, especially Hezbollah, because it's a militia and just intimidates people with its weapons," Walid Jamal, an unemployed demonstrator, said, referring to the country's most influential Iran-backed armed group that has ministers in the government.

The country's top Christian Maronite cleric, Patriarch Bechara Boutros Rai, said the cabinet should resign as it cannot "change the way it governs".

"The resignation of an MP or a minister is not enough. The whole government should resign as it is unable to help the country recover," he said in his Sunday sermon.

Lebanon's environment minister resigned on Sunday, saying the government had lost a number of opportunities to reform.

Damianos Kattar's departure follows the resignation of Information Minister Manal Abdel Samad earlier on Sunday after the explosion.

Mr Kattar is an academic who is close to Prime Minister Hassan Diab. He was briefly Lebanon’s prime minister in a short-lived government in 2005.

Ms Abdel Samad said on live television that she has resigned "in response to the popular will for change", and that she "bows in front of the spirit of those killed in the explosion".

"I apologise to the Lebanese because we were unable to meet their aspirations. Change remained elusive, and since reality did not match the ambitions, and after the horror of the Beirut disaster, I submit my resignation from the government," Lebanon's National News Agency quoted her as saying.

For the thousands gathered in Beirut's Martyrs Square, more resignations were needed.

"The police fired at me. But that won't stop us from demonstrating until we change the government from top to bottom," Younis Flayti, 55, a retired army officer, said on Sunday.

Nearby, mechanic Sabir Jamali sat beside a noose attached to a wooden frame in Martyrs' Square, intended as a symbolic warning to Lebanese leaders to resign or face hanging.

"Every leader who oppresses us should be hanged," he said, adding he will protest again.

Lawyer Maya Habli surveyed the demolished port.

"People should sleep in the streets and demonstrate against the government until it falls," she said.

The prime minister and presidency have said 2,750 tonnes of highly explosive ammonium nitrate, which is used in making fertilisers and bombs, had been stored for six years without safety measures at the port warehouse.

The government has said it will hold those responsible to account.

An emergency donor conference in France raised pledges worth nearly $298 million for immediate humanitarian relief, the French presidency said.

For many, the blast was a dreadful reminder of the 1975-1990 civil war that tore the nation apart and destroyed large parts of Beirut, much of which has since been rebuilt.

"I worked in Kuwait for 15 years in sanitation to save money and build a gift shop in Lebanon and it was destroyed by the explosion," said Maroun Shehadi.

"Nothing will change until our leaders just leave."

MATCH INFO

FA Cup final

Chelsea 1
Hazard (22' pen)

Manchester United 0

Man of the match: Eden Hazard (Chelsea)

Fixtures:

Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm

Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm

Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Indika
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Meydan Racecourse racecard:

6.30pm: The Madjani Stakes Listed (PA) | Dh175,000 1,900m

7.05pm: Maiden for 2-year-old fillies (TB) Dh165,000 1,400m

7.40pm: The Dubai Creek Mile Listed (TB) Dh265,000 1,600m

8.15pm: Maiden for 2-year-old colts (TB) Dh165,000 1,600m

8.50pm: The Entisar Listed (TB) Dh265,000 2,000m

9.25pm: Handicap (TB) Dh190,000 1,200m

10pm: Handicap (TB) Dh190,000 1,600m.

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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m