A Lebanese parliamentary session to discuss a law on capital control and the creation of a sovereign wealth fund has been postponed after legislators from the two main Christian political parties boycotted the session.
The Free Patriotic Movement and Lebanese forces said they would oppose any parliamentary meeting during which the laws will be voted on as long as the country is without a president.
They said that, according to the Lebanese constitution, the parliament is supposed to become an electoral body and convene only to elect a new head of state.
Only 53 of 128 MPs showed up for the session, causing its cancellation because of the lack of a quorum. No date was provided for a new session.
Lebanon has been without a president since October 2022. The highly divided parliament has convened 12 times to chose a successor to former head of state Michel Aoun, yet failed to reach consensus on a candidate's name.
A law on capital control, which limits the flow of foreign capital in and out of the country, is one of the prerequisites of an International Monetary Fund (IMF) deal to unlock billions of dollars in loans and lift the country out of its steep financial crisis, which began in 2019.
Because of the dollar shortage, Lebanese banks have enforced drastic and discretionary limits on transfers and withdrawals for ordinary savers while favouring well-connected depositors.
The international community considers capital control the only way to ensure a fair distribution of the foreign currency assets left in the economy.
It was on the road map of reforms of Wassim Mansouri, who took on the role of interim head of Lebanon's central bank on July 31.
Several versions of the law on capital controls have been proposed since the crisis started, but it has never been passed despite the central bank's foreign exchange reserves dwindling.
Dozens demonstrated outside the parliament building in Beirut before of a scheduled legislative session to condemn the constraining measures, which they view as illegal because of the lack of formal legislation.
The sovereign wealth fund law, also due to be discussed, refers to a state-owned investment fund that holds and manages financial assets on behalf of a country's government.
Its creation was approved on July 31 by parliament's finance and budget committee.
This is related to the oil and gas exploration in Block 9 of its exclusive economic zone led by French company TotalEnergies after a US-brokered deal that in October 2022 delineated the disputed maritime boundaries between Lebanon and Israel.
Sums generated from natural resources are supposed to be used for investment abroad and development projects.
The offshore drilling rig arrived in Lebanese waters on Tuesday to begin oil and gas exploration. There are no guarantees that Block 9 holds any oil or gas.
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
Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
ENGLAND WORLD CUP SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jos Buttler (wicketkeeper), Tom Curran, Joe Denly, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
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
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Armies of Sand
By Kenneth Pollack (Oxford University Press)
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
WORLD CUP SEMI-FINALS
England v New Zealand
(Saturday, 12pm UAE)
Wales v South Africa
(Sunday, 12pm, UAE)
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
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
