A hostage drama at a Federal Bank of Lebanon branch in Beirut's Hamra neighbourhood ended without injury on Thursday after an armed man demanded to withdraw his savings, in an incident that illustrated the desperation caused by the country’s financial crisis.
Carrying a shotgun and a gas canister, Bassam Al Sheikh Hussein, 42, threatened to kill the customers and staff he was holding and self-immolate if he could not withdraw his $210,000 in savings to pay for his father's hospital treatment.
An hours-long siege ended without violence on Thursday when Mr Al Sheikh Hussein reportedly left the bank and turned himself in.
It was unclear whether he left with the money he had demanded, but his sister-in-law said that he had been given enough to pay for his father’s hospital expenses.
All the hostages escaped and no one was hurt, a soldier told The National.
Many had sympathy with the hostage-taker, with demonstrators chanting against Lebanon's banks and in support of the gunman. Music blared from speakers and a microphone was passed around.
“We are all Bassam,” chanted some demonstrators.
The bank stand-off came amid growing desperation and a dire and prolonged financial crisis. Life in Lebanon has become increasingly unaffordable for many since the country's economy collapsed in 2019. The local currency has plummeted in value, inflation has soared exponentially, and the state is unable to afford to maintain even basic services such as electricity and water. About three quarters of Lebanon's population has been plunged below the poverty line.
Exacerbating the financial difficulty for residents, commercial banks imposed informal capital controls in early 2019, limiting withdrawals of hard currency. Banks stopped giving dollars to depositors, allowing withdrawals only in vastly devalued Lebanese pounds — about 74 per cent lower than the market rate.
As the hold-up progressed, negotiators offered Mr Al Sheikh Hussein $30,000 from his savings, but he had insisted on withdrawing the full amount from his account, his brother told The National. It is not yet known if he accepted another offer.
As support for Mr Al Sheikh Hussein grew, demonstrations grew more heated, with protesters facing off against security forces dressed in riot gear.
“He has every right to demand his money, after all the politicians stole our money and put it in Switzerland. With force or not with force — he has every right,” one man told The National. Those around him nodded emphatically in agreement.
Another onlooker highlighted how difficult it was for people in Lebanon to get access to their money, saying the hostage-taker's actions were probably “the only way” to get hold of his savings.
Mr Al Sheikh Hussein had tried to withdraw his savings through legal channels for the last three years but had been repeatedly denied, according to Fouad Debs of the Lebanese Depositors Union — an association which seeks to defend depositors' rights and provide legal advice.
Mr Debs argued that the hold-up was not a robbery but a last resort, because Mr Al Sheikh Hussein was demanding his own money.
“We’ve seen the state of the judiciary — they are not even accepting lawsuits because they are on strike. And even when they were [working], they weren’t giving judgment according to law and were biased towards the banks,” Mr Debs said.
“The politicians, the bankers and some of the judges and even the security forces have made it so that [people] can only take their own rights with their own hands.
“The people responsible for this are the ones who should be taken to court. Not him.”
Atef Al Sheikh Hussein, the hostage taker’s brother, stood outside the bank entrance for hours as negotiators tried to ease the situation. He said his brother would accept imprisonment if the bank gave him money to cover their father’s medical bills and family expenses. Their father had a fall earlier this year and requires back surgery.
“We had to take a loan for $6,000 for his hospitalisation when our own money is sitting in the bank,” he told The National.
Mr Al Sheikh Hussein is not the first to hold up a bank to get his savings. In January, coffee shop owner Abdallah Assaii held up a branch in the Bekaa valley, taking seven employees hostage until he made off with $50,000 of his own money. He had poured petrol on himself and the employees, threatening to set everyone on fire if his money was not released.
Mr Debs of the Depositors Union said the hold-ups highlight the increasing desperation of Lebanon’s residents.
“People have no more income. The bankers and politicians have destroyed the economy of Lebanon,” he said.
“To be honest I’m surprised we haven't seen more hold-ups in Lebanon throughout the past three years.”
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UAE currency: the story behind the money in your pockets
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The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
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Rating: 3.5/5
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If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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The five pillars of Islam
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
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Translated from the Spanish by Camilo A. Ramirez
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
