Camille Abousleiman, who resigned as Labour Minister over the weekend amid widespread protests. Sunniva Rose for The National
Camille Abousleiman, who resigned as Labour Minister over the weekend amid widespread protests. Sunniva Rose for The National
Camille Abousleiman, who resigned as Labour Minister over the weekend amid widespread protests. Sunniva Rose for The National
Camille Abousleiman, who resigned as Labour Minister over the weekend amid widespread protests. Sunniva Rose for The National

Hariri promises ‘too little too late’, Lebanese labour minister says after quitting


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Former labour minister Camille Abousleiman, who quit at the weekend, said Prime Minister Saad Hariri’s reform promises were “too little too late”, as Lebanon entered its sixth day of anti-government protests.

He submitted his resignation on Sunday evening  along with three other ministers from the Christian majority Lebanese Forces party, after an announcement by party leader Samir Geagea.

Mr Abousleiman spoke with The National on Monday afternoon in his Beirut home, minutes after Mr Hariri announced that Cabinet had backed his reforms to try to appease protests.

Mr Abousleiman described the package as unrealistic and populist.

Mr Hariri said that the 2020 budget would have a 0.6 per cent deficit, paid for in part by a new tax on bank profits. Lebanon is one of the most heavily indebted countries in the world.

His 18-point package includes halving salaries for current and former officials, privatising telecommunications and ensuring 24-hour electricity.

“If protesters want early parliamentary elections, I will support it,” Mr Hariri said.

Mr Abousleiman said that for the government to achieve a deficit of 0.6 per cent, it would “basically raid the people’s money in the banks or take money from the central bank".

"That is money that belongs to the people in both cases," he said. "It’s not really that helpful.”

Like most protesters, the Lebanese Forces have called for the government to resign and hand over power to technocrats who would organise early elections.

Mr Abousleiman also called for independent judges to be appointed to lead a national commission against corruption.

Lebanon is suffering from an economic and financial crisis. A recent attempt at increasing taxes triggered the protests that have spread throughout Lebanon.

Grievances include corruption and the high costs of education and health care.

On Monday evening, demonstrators in Beirut chanted: “All of them means all of them, Geagea and all of them.”

They were referring to their demand that the government resign.

Thousands had gathered to continue protesting in a festive atmosphere.

“The time is not to discuss substance, but who has the trust of the people to implement change and really combat corruption," Mr Abousleiman said.

"These are not these people. We need a government consisting of competent, professional, independent people who understand economic and fiscal agendas much better than the current group."

Mr Abousleiman worked for most of his life abroad as a finance lawyer and returned to Lebanon this year for his first stint in politics.

He said the Lebanese Forces ministers resigned because they felt that the government was pursuing flawed policies.

“We voted against the 2019 and 2020 budget both in Parliament and in the government,” Mr Abousleiman said. “There were reasons to stay and reasons to leave.

"But we felt it was much more important to leave because they were not going to pass what we think are necessary reforms to save the country from the financial, fiscal, economic and social crisis we are now living under.”

Mr Abousleiman said he was “pleasantly surprised” by the protests.

“People should be heard,” he said. “What is happening is completely unprecedented."

The last time Lebanon protested on this scale was mass demonstrations in 2005. Called the Cedar Revolution, they lasted several weeks and were sparked by the assassination of Prime Minister Rafic Hariri.

They succeeded in pushing out the Syrian troops that had occupied the country for 29 years.

In 2005, protests were concentrated mainly in Beirut, Mr Abousleiman said, but the current protests are happening "across communities and regions".

"It’s really something that inspires awe and confidence in the people," he said. "They cannot and should not fail. This is a cry from the heart that politicians should listen to.

“I could not go to demonstrations yesterday because I was part of the government. My wife is there demonstrating as we speak. So as soon as I’m finished, I’ll probably join her."

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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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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

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