Macron's meeting with Fairouz a strong message to politicians


Aya Iskandarani
  • English
  • Arabic

French President Emmanuel Macron had dinner with revered Lebanese singer Fairouz on Monday evening, in what was his first planned meeting upon arrival in Lebanon and a decision that many perceived as a snub to Lebanon's much-criticised political elite after the Beirut disaster.

The French leader, who visited the Lebanese capital following a major explosion on August 4 that killed at least 190 people, arrived on Monday at Rafik Hariri International Airport, where he was greeted by Lebanese President Michel Aoun.

His decision to meet a non-political public figure upon his arrival struck a chord with many Lebanese.

“I grew up to the sound of Fairouz's voice,” said Maya Mokaddem, a 52-year-old entrepreneur living in Beirut. “She is a symbol of Lebanese patriotism and strength.”

Mr Macron granted Fairouz the Legion of Honour, France’s highest order of merit for civilians or military personnel. The artist, who is rarely seen in public and hasn’t performed live in almost a decade, posted photographs of her meeting with Mr Macron on her official Twitter account. The images were widely shared on social media in Lebanon.

For Jana Al Ahmar, 30, Fairouz is Lebanon’s best ambassador to the world. The aid worker living in the Bekaa Valley said these images sent "a strong message to politicians: Fairouz's Lebanon is more beautiful than the reality they have created for us”.

The 84-year-old singer has come to be a symbol of resilience and unity for many Lebanese. She did not stop singing and performing during the country’s 15-year civil war. One of her most famous songs is titled “Li Beirut” (For Beirut). The song, released in 1984, is a call for peace at the height of the civil war.

“I still remember when I saw her live in 1988. It was like hearing an angel sing,” said Ms Mokaddem. “She unites us all, when politicians only succeeded in dividing us.”

Lebanon is home to 18 officially recognised sects. Political affiliations often follow sectarian lines, making it difficult for one party to obtain a majority in parliament and for the different groups in power to agree on a political consensus.

This is Mr Macron’s second visit to Beirut in a month. After the blast left thousands injured and 300,000 people homeless, the French leader met residents of the Beirut neighbourhood of Gemmayzeh, also widely perceived as a slight against the Lebanese elite before his meeting with Mr Aoun.

Four weeks after the incident, the cause of the fire that set off 2,750 tonnes of ammonium nitrate at the Beirut port remains unknown. The flammable material is used to make both fertilisers and industrial explosives and was stored unsafely at the port for at least six years.

Protesters believed that negligence on the part of the political class is to blame for the explosion and the stalling of the investigation.

Many Lebanese are once again being forced to turn to the famous singer for solace in times of struggle after the explosion.

"I grew up during the civil war, and for as long as I can remember, Fairouz's voice was always there to console us," Ms Mokaddem said. "She was there for Lebanese in our happiest and darkest moments."

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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Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

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Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

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