We have a friend who passes by most Sunday nights. His visits have become something of a ritual in the Karam home. Recently, however, they have reduced to a trickle. Had we offended him? Was he going off us? It happens.
Happily it was neither. He had simply been spending most weekends in Istanbul. Not because he was specifically enamoured by the city's Byzantine magnificence but because ever since Turkey and Lebanon agreed to lift visa requirements for their nationals in a bilateral tourism and trade initiative that is expected to see up to US$5 billion (Dh18.36bn) in commerce by 2012, he can just jump on a plane and go.
The agreement might have made it into the news-in-brief sections of the global papers, depending on what else had happened that day. But in Lebanon it was a big deal, not just because of the trading but because the Lebanese are sick and tired of having to beg or be scrutinised every time they want to travel. With their huge sense of self worth, they are appalled at being spoken to in the same way they talk to their housekeepers.
And so it was for my friend. He loved Istanbul because he could go there without being interviewed by a low-ranking embassy official who would poke into his professional and private life, not to mention his finances, before allowing him to go on holiday.
That said, it is unlikely that the countries on most Lebanese people's wish lists - the US, Canada, most of western Europe and Australia - will be dropping their stringent vetting in the foreseeable future.
The Lebanese businessman may be famed for the air miles he racks up but in private he will tell you of the indignities he faces if he has to travel on a Lebanese passport, a document that costs $200 and lasts for five years.
In a biometric world, it harks back to an era of Levantine romance when Air Liban ruled the Arab skies, the Lebanese pound was "hard" and David Niven played backgammon with Charles Aznavour and Brigitte Bardot in Byblos.
The passport comes in an elegant navy blue with a gold cedar tree on the cover. It is sandwiched between Al Jumhurieh Al Libanieh Jawaz Safar, and Republique Libanaise Passeport. Inside, the trilingual pages - in Arabic French and English - are overlaid with images of Lebanon's glorious tourist attractions.
The trouble is, unlike my British passport (half the price and valid for twice as long), it doesn't transport the bearer all over the world "without let or hindrance". In fact, there is quite a bit of hindrance.
My wife and I have been married for 16 years. We have two children, both of whom are British, and yet she still needs an "invitation" or an address where she will be staying with her British husband whenever she travels to the UK with her British family.
But if you think that is demeaning, imagine the trudge required for any Lebanese wishing to travel to one of the less grand European nations.
To get an Irish visa involves a car journey to Syria, a country with which Lebanon has had mixed relations in recent years. At the Irish consul in Damascus (the one in Beirut was shut down some years ago), assuming the interview goes well, the application is sent to nearest Irish embassy, in this case Cairo, where a final decision is taken as to whether or not the applicant is suitable. The visa is then sent back to Damascus a few days later and must be collected in person. It's either that or fly to Cairo but that would also require a visa.
So you can see, having a foreign passport is generally quite an asset. Indeed a man's eligibility can soar once it is learned that he has such a passport, as can his employment opportunities. It is, if you like, an economic tool of sorts.
This hunger for a travel document that actually lets you travel can be traced back to the 1975-1990 civil war, 15 years of mindless slaughter that, not surprisingly, witnessed mass emigration, especially to Canada, the US and Australia. Suddenly, there was a new generation with dual nationalities and the ability to travel with relative ease, while many of their compatriots were being inspected by border guards the world over.
Africa has been another source of blue-chip foreign nationalities, especially for those lucky Lebanese who lived in former British colonies who, by some bizarre decree, were awarded the status of British Overseas Territory Citizens and who wasted no time in calling themselves British (something that still irritates my wife).
Then there is the quaint national pastime of giving birth abroad to give little Omar or Yasmina a head start in life. It is something my children will have to consider, for unless they marry a UK citizen or the law that does not allow two successive generations to be born outside Britain changes, they will have to do exactly that if they want their kids to be subjects of her Britannic Majesty.
But Lebanon would not be Lebanon if there wasn't a nationality hierarchy. I was recently having lunch with a friend whose family owns one of the largest car dealerships in the country. She bemoaned the fact that her foreign husband could only deliver her a Canadian passport.
"I mean, why not a British or a French passport?" she sighed. "I could even live with a US passport, just. But Canadian! I might as well be Australian."
Michael Karam is a freelance PR and media consultant based in Beirut
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.”
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km
AL%20BOOM
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
WRESTLING HIGHLIGHTS
'Nope'
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
New Zealand 57-0 South Africa
Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
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.
COMPANY%20PROFILE
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Honeymoonish
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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
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
Race card
1.45pm: Maiden Dh75,000 1,200m.
2.15pm: Maiden Dh75,000 1,200m.
2.45pm: Handicap Dh95,000 1,200m.
3.15pm: Handicap Dh120,000 1,400m.
3.45pm: Handicap Dh80,000 1,400m.
4.15pm: Handicap Dh90,000 1,800m.
4.45pm: Handicap Dh80,000 1,950m.
The National selections:
1.45pm: Galaxy Road – So Hi Speed
2.15pm: Majestic Thunder – Daltrey
2.45pm: Call To War – Taamol
3.15pm: Eqtiraan - Bochart
3.45pm: Kidd Malibu – Initial
4.15pm: Arroway – Arch Gold
4.35pm: Compliance - Muqaatil
UAE currency: the story behind the money in your pockets
Stan%20Lee
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