Lebanese Druze leader Walid Jumblatt voiced fears on Friday for Lebanon's currency if the deadlock in forming a new government after a May election continues, directing blame at the Iran-backed Hezbollah group for the delay.
Lebanon's rival parties have been unable to clinch a final deal on the distribution of cabinet seats in a new national unity government under prime minister designate Saad al-Hariri.
"What worries me is that the continuation of the current crisis will lead to a deterioration in the pound and economic ruin," Mr Jumblatt told the daily Jumhuriya newspaper.
While politicians have often warned of the risk of an economic crisis in Lebanon, public expressions of concern for currency are rare. Lebanon is facing stagnant economic growth and the world's third largest public debt to GDP ratio.
Central bank governor Riad Salameh has repeatedly said the Lebanese pound, pegged at its current level of 1,507.5 to the dollar for two decades, is stable and not at risk, helped by the central bank's high foreign currency reserves.
International institutions including the World Bank and International Monetary Fund have warned that Lebanon's debt - one of the world's highest - is unsustainable and the country urgently needs a government to enact fiscal reform.
Salameh said on Wednesday that a new government would increase market confidence.
A deal looked close last week when the two main Christian parties settled a dispute over their representation in the government, but since then a dispute over Sunni representation has obstructed an agreement.
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Read more:
Lebanon's power struggle looms between government and ‘generator mafia’
Lebanese swelter in summer as long-term power cuts continue
Documenting the scars of war: Josef Koudelka in Beirut
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The heavily armed Shi'ite group Hezbollah wants one of its Sunni allies to be given a cabinet portfolio to reflect gains they made in the election. Hariri, Lebanon's main Sunni leader, has objected to this demand.
Mr Jumblatt was quoted by Jumhuriya as indicating Hezbollah's position demanding its Sunni allies take a cabinet role was a result of the United States, which has backed the Lebanese government, reimposing sanctions on its ally Iran.
"Lebanon is paying the price currently... The obstruction in forming a government through fabricating the Sunni problem comes in the context of Iran and Hezbollah's reaction to the latest American sanctions," he was quoted saying.
President Michel Aoun met on Friday with the Hezbollah-allied Sunni MPs, who are also known for close ties to Damascus. Speaking after the meeting, Abdulrahim Mrad, one of the Sunni MPs, said they had asked Mr Aoun to help find a solution.
Caretaker finance minister Ali Hassan Khalil said on Friday after meeting the government's economic council that "strong political will" was needed to pass next year's budget.
"We cannot delay this any longer and all the parties should therefore exert pressures for the quick formation of the government," he added.
Fight card
- Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
- Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
- Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
- Michael Lawal (UK) beat Tamas Kozma (Hungary) KO
- Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
- Darren Surtees (UK) beat Kane Baker (UK) KO
- Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
- Callum Smith (UK) beat George Groves (UK) KO
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
SPEC SHEET: APPLE IPAD PRO (12.9", 2022)
Display: 12.9-inch Liquid Retina XDR, 2,732 x 2,048, 264ppi, wide colour, True Tone, ProMotion, 1,600 nits max, Apple Pencil hover
Chip: Apple M2, 8-core CPU, 10-core GPU, 16-core Neural Engine
Memory: Storage – 128GB/256GB/512GB / 1TB/2TB; RAM – 8GB/16GB
Platform: iPadOS 16
Main camera: Dual 12MP wide (f/1.8) + 10MP ultra-wide (f/2.4), 2x optical/5x digital, Smart HDR 4
Video: ProRes 4K @ 30fps, 4K @ 24/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: TrueDepth 12MP ultra-wide (f/2.4), 2x, Smart HDR 4, Centre Stage, Portrait, Animoji, Memoji; full HD @ 25/30/60fps
Audio: Four-speaker stereo
Biometrics: Face ID, Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to nine hours on cellular
Finish: Silver, space grey
In the box: iPad, USB-C-to-USB-C cable, 20-watt power adapter
Price: WiFi – Dh4,599 (128GB) / Dh4,999 (256GB) / Dh5,799 (512GB) / Dh7,399 (1TB) / Dh8,999 (2TB); cellular – Dh5,199 / Dh5,599 / Dh6,399 / Dh7,999 / Dh9,599
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
Killing of Qassem Suleimani
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
THE HOLDOVERS
Director: Alexander Payne
Starring: Paul Giamatti, Da'Vine Joy Randolph, Dominic Sessa
Rating: 4.5/5
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5