Sanctions imposed on Tuesday by the US Department of the Treasury’s Office of Foreign Assets Control on a prominent Lebanese economist have further exposed the extent to which Hezbollah has entrenched itself in the country’s financial and political system.
The new measures have also put Lebanon's central bank under further scrutiny.
Here's what you need to know.
Who is Hassan Moukalled?
Hassan Moukalled is at “the centre” of a network that “plays a key role in enabling Hezbollah to continue to exploit and exacerbate Lebanon’s economic crisis”, according to the US Treasury.
The department announced sanctions on economist Mr Moukalled and his business, as well as his sons Rayyan and Rani, for enabling financial activities “in support of Hezbollah”.
The elder Mr Moukalled frequently appears on Lebanese television as an economy commentator. He is also the owner of a large money service business, CTEX — licensed by Lebanon’s central bank — which the US Treasury has referred to as a financial front company established on behalf of Hezbollah.
The US Treasury accuses Mr Moukalled of engaging in financial engineering for Hezbollah in support of the Iran-backed party’s interests “at the expense of the Lebanese people and economy”, according to Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson.
What are the implications of the sanctions?
The wording of the US Treasury statement is reminiscent of the criticism lobbed at Banque du Liban Governor Riad Salameh, who is under domestic and international investigation for money laundering and embezzlement, among other financial crimes.
The central bank governor has been accused of financially engineering a scheme which for decades propped up the country's economy before a liquidity shortage caused it to come crashing down in 2019 — causing what the World Bank has called one of the worst economic crises in modern history.
The central bank is mentioned several times in the US Treasury statement announcing sanctions on Mr Moukalled and his sons. It also highlights Mr Moukalled’s role as an intermediary between Hezbollah and the central bank and emphasises the bank’s licensing of his money exchange company.
Within a year of licensing CTEX, “the company had obtained significant market share within Lebanon’s currency transfer sector and was reportedly collecting millions of US dollars for the central bank of Lebanon,” the US Treasury statement said. It added that the company was simultaneously providing money to Hezbollah institutions.
Experts say the US Treasury’s calling out of the central bank’s role in profiting from CTEX operations is a warning to Mr Salameh that he will no longer be shielded by political cover.
Karim Bitar, a professor of international relations at the University of Saint Joseph in Beirut, said it is no coincidence the US Treasury chose that phrasing while announcing the sanctions on Mr Moukalled and his sons.
“They used it to send a message to both Hezbollah and the central bank,” he told The National.
“Before, whenever he faced accusations of embezzlement, money laundering, mismanagement and creating a Ponzi scheme, Riad Salameh would always present himself as a victim of a conspiracy orchestrated by Hezbollah and its allies.”
Mr Salameh’s defence strategy of claiming to be a scapegoat “because he resisted Hezbollah’s attempts at controlling the banking system” has been undermined by the issuance of the sanctions, which confirm the central bank’s involvement in enriching the party, Mr Bitar said.
“He can no longer claim he’s being scapegoated as a result of not kowtowing to Hezbollah’s desires.”
Still, according to Mr Bitar, it is unlikely that the central bank’s proximity to CTEX will result in sanctions against the financial institution or its head.
Will the sanctions hurt Hezbollah?
The Iran-backed paramilitary group has been designated as a terrorist organisation by the US and a number of western countries. But Hezbollah is also a political party that represents Lebanon’s Shiite Muslims and is allied with a number of Lebanon’s political parties.
It operates within Lebanon’s economy by finding loopholes to circumvent international sanctions — such as using money transfer businesses like CTEX.
“Hezbollah has a foot in the traditional economic banking system,” Mr Bitar said, “and it also has most of their money outside the system in their own underground parallel economy.”
It also has its own financial institutions, such as Qard El Hassan — a loan institution sanctioned by the US and which Ofac maintains is used by Hezbollah as a cover for its financial activities.
The group has so far managed to continue operations unabated despite US sanctions on a number of affiliated institutions and people.
In December, the US Treasury sanctioned two accountants and two companies in Lebanon for providing Hezbollah with financial services.
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Mountain%20Boy
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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
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
More from Rashmee Roshan Lall
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
COMPANY%20PROFILE
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The%20specs
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UAE currency: the story behind the money in your pockets