The crowds that gathered yesterday in Martyrs' Square were large, though not in comparison with the numbers that the commemoration has drawn in previous years. They were also less enthusiastic, a reflection of the fortunes of the movement that emerged from Rafik Hariri's death.
There are many reasons for this downbeat mood. Half a decade after the prime minister's assassination, the identity of his killers is still unknown. A UN investigation has failed so far to name suspects and issue indictments. In fact, many Lebanese fear that the international community's rapprochement with Syria, the principal suspect, has compromised its work, a concern that UN officials have unsuccessfully tried to allay.
Furthermore, the influence of neighbouring Syria, once waning in the face of international pressure and a domestic backlash against 30 years of heavy-handed domination, has been resurrected by the political successes and strong-arming of its allies in Lebanon, notably the Shiite militia-cum-political party Hizbollah. The latter has managed to checkmate the anti-Syrian, pro-western coalition known as the March 14 movement and obtain a veto power over government decisions, thereby ensuring that Lebanon would return to the Syrian orbit.
Mr Hariri's son, Saad, is the head of the political majority and, as prime minister, nominally Lebanon's most powerful leader. His political strength, however, has been tried by shifting regional power dynamics and domestic politicking that has sometimes turned violent. The weakening of US influence in the region and the lower priority given by the Obama administration to Lebanon have benefited Syria, which now is positioning itself as a pivotal interlocutor on Lebanese, as well as Iraqi and Palestinian, affairs. Mr Hariri's Saudi patron has also initiated a rapprochement with Damascus that required him to drop his anti-Syrian posturing and visit Damascus late last year.
Mr Hariri's coalition is also proving fragile. His Druze ally, Walid Jumblatt, the formerly outspoken anti-Syrian and anti-Hizbollah leader, is quickly changing tack. He is rebuilding ties with Hassan Nasrallah, Hizbollah's secretary general, and is reported to be smoothing the way for a visit to Damascus that is being cast as an act of repentance. Mr Jumblatt's defection remains ambiguous because he insists that his political alliance with Mr Hariri will survive, but it has had the net effect of demoralising other factions within the March 14 movement, including its sizeable Christian component.
These political difficulties are partly a reflection of Lebanon's Byzantine sectarian workings. Mr Hariri presides over a cabinet of "national unity", but factional and confessional divisions can be politically debilitating.
His room for manoeuvring is worryingly similar to that of his father. He is in control of the country's economic policy, but his authority over foreign and security issues suffers, perhaps irremediably, from the existence of Hizbollah as an armed organisation that does not answer to the state and from the support and guidance it gets from Syria and Iran.
Like his father, Mr Hariri wants to make economic development and privatisation a priority, to attract investment and tourism, and to develop the property and financial sectors. This liberal agenda, however, is highly sensitive to political conditions and the likelihood of war. Mr Hariri faces the same conundrum as his father: how to reconcile a vision of economic development with an agenda of national resistance.
Although Rafik Hariri rebuilt much of Lebanon and put the country back on the world map, his achievements were not only tarnished by corruption and compromises, but remained hostage to dynamics beyond his control.
Recently, the drums of war between Israel and Hizbollah have been louder, though both sides deny they are preparing for it. The escalation in rhetoric has forced Mr Hariri to speak tough on Israel and to profess solidarity with Hizbollah. Like his father, he finds himself in the unenviable position of governing a country always on the edge on war.
ehokayem@thenational.ae
SPECS
Engine: Two-litre four-cylinder turbo
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Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
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Transmission: 10-speed automatic
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- 600-seat auditorium
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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The specs
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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.”
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour