A supporter releases fireworks in front of a giant portrait of Nabih Berri after the Amal leader's re-election as speaker.
A supporter releases fireworks in front of a giant portrait of Nabih Berri after the Amal leader's re-election as speaker.

Rare show of unity by Lebanese politicians



BEIRUT // Lebanon took the first step yesterday towards forming a new cabinet with the re-election of Nabih Berri to his fifth term as speaker of the parliament in a vote that showed widespread political support for the opposition figure from the majority. Mr Berri and his Amal Movement played a large role in the opposition's unsuccessful attempt to unseat the majority in elections this month, but his close ties to some majority parties - not to mention a dearth of alternatives acceptable to Lebanon's Shiite community - all but ensured his re-election. Under an unofficial tradition that divvies up power among Lebanon's various confessions, the speaker must be a Shiite Muslim, while the president is Christian and prime minister a Sunni. Mr Berri saw some opposition from Christian parties in the majority, who argued that his role in the political battles that paralysed the most recent parliament should exclude him from returning, but with the endorsement of Saad Hariri, the Future Movement MP and the man many expect to be named prime minister tomorrow, he was able to win 90 of 128 votes. A total of 28 MPs from the Christian majority parties refused to vote in the election, only offering blank ballots. Christians in the opposition bloc, led by Gen Michel Aoun, also opposed his candidacy although much less overtly, preferring to do so out of the public eye but than agreeing to support him after the outcome became certain. Mr Aoun and Mr Berri repeatedly clashed over campaign strategy and allocation of seats on their joint lists during the run up to the parliamentary elections. Mr Berri immediately reached out to his opponents, vowing to serve the parliament instead of managing it as speaker. "Those who cast blank votes today I am sure will re-elect me in four years," he said in his acceptance speech. "I am responsible towards, and not for, parliament and the Lebanese citizens and I am committed to the legislature's inner rules." Mr Berri's support for the bloody clashes in May 2008 between the opposition led by Hizbollah and supporters of Mr Hariri's party was overlooked by the majority, Mr Hariri told a local newspaper, because of the need to work with the opposition to avoid future bloodshed. The daily As Safir said Mr Hariri heard objections to Mr Berri's re-election during the launch meeting on Wednesday of the "Lebanon First" parliamentary bloc in Mr Hariri's Beirut home. But Mr Hariri reportedly warned Mr Berri's opponents that he had "paid a dear price" for the bloody events of May 7 2008, adding that "if we are keen on coexistence, then we must extend our hand to Berri." For his part, Mr Berri called upon Mr Hariri and the majority to ensure that a national unity government is formed in the wake of the bitter elections and last year's bloody sectarian clashes between Sunni and Shiite. "This requires us to facilitate the establishment of a national government," he said. Despite the lack of surprise in the balloting, Mr Berri's supporters took to the streets of Beirut to fire automatic weapons in the air to celebrate. Local media reported that one person was killed and 11 wounded in the spray of bullets. At Beirut's famed Cafe Younis, bullets narrowly missed patrons as they enjoyed their coffee. Marina Kaysar, 28, was working nearby when she received a phone call telling her that her car had been hit by gunfire. "When I got the phone call telling me that the back window of my car was broken because of celebratory bullet, I was shocked," she said. "It's unreal, this country. I have no insurance and I know no one will pay me to fix my car. The big people in this country win and take their positions and us, the small normal people, we always pay for their arrogance." Patrons immediately began arguing with Lebanese police dispatched to the scene, who appeared confused as to why they were angry. "It's only car glass and people are happy that [Mr Berri] won," said one police officer. "What's the big deal?" The big deal, said Elie, 39, who did not want to have his surname published for fear of antagonising Mr Berri's passionate and occasionally violent supporters, was the lack of regard for the safety of the public during what is widely considered a routine election. "I'm not surprised that Berri won, we all saw it coming," he said. "But my surprise is why his supporters are exaggerating it. The shooting and the fireworks, why all this? I almost got killed with a bullet that fell on the car. I think I'm lucky today, I was one metre away from the car." mprothero@thenational.ae

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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UAE currency: the story behind the money in your pockets
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House

Origin
Dan Brown
Doubleday

if you go
Company%20Profile
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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.”

Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

The years Ramadan fell in May

1987

1954

1921

1888

The years Ramadan fell in May

1987

1954

1921

1888

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

FULL%20FIGHT%20CARD
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UAE currency: the story behind the money in your pockets
The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
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'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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