Arab and world leaders have congratulated Lebanon after its parliament elected army chief Gen Joseph Aoun to the country's presidency on Thursday, filling the position that had been vacant for more than two years.
Mr Aoun's election represents the first step towards lifting Lebanon out of a protracted financial crisis exacerbated by the war on its soil between the militant group Hezbollah and Israel, which was temporarily halted last November in a ceasefire deal.
He clinched the presidency in a second round of voting, garnering 99 votes from the 128-member house.
President Sheikh Mohamed congratulated Gen Aoun on his election victory and wished him "success in leading his country and its people to further stability, development and progress". He also said he looked forward to working with Mr Aoun to strengthen co-operation between the UAE and Lebanon.
US President Joe Biden spoke to Mr Aoun to congratulate him on his election victory, saying he would provide "critical leadership" as Lebanon and Israel implement a US-brokered ceasefire with Hezbollah.
"We finally have a president, he's a first-rate guy," Mr Biden told reporters. "I spent time on the phone with him today … they're also working very hard with the Lebanese military, accountable to the Lebanese people, not Hamas, not Hezbollah, not any other group. And so I think we're going to see some progress."
Dr Anwar Gargash, diplomatic adviser to UAE President Sheikh Mohamed congratulated the Lebanese people and wished Mr Aoun success "in a way that enhances the prosperity of Lebanon and the well-being of its people".
"Strengthening the national state and its institutions is a pivotal step towards achieving the aspirations and ambitions of the Lebanese people for progress and prosperity," Dr Gargash said on X.
Israeli Foreign Minister Gideon Saar sent his congratulations to Mr Aoun, expressing hope that his election would help achieve stability in the country.
"I congratulate Lebanon upon the election of a new President, following a lengthy political crisis," Mr Saar said on X. "I hope that this choice will contribute towards stability, a better future for Lebanon and its people, and to good neighbourly relations."
French President Emmanuel Macron extended his congratulations with a post on X, saying: "Congratulations to President Joseph Aoun on this crucial election. It opens the way to reforms and the restoration of sovereignty and the prosperity of Lebanon. Lebanese, France is at your side."
The French Foreign Ministry extended its "warm congratulations" to Mr Aoun and said his election "opens a new page for the Lebanese" and urged "the appointment of a strong government" that can help the country recover.
Thursday's vote came weeks after a tenuous ceasefire agreement halted the 14-month conflict between Israel and Hezbollah, at a time when Lebanon’s leaders are seeking international assistance for reconstruction.
Israel and Hezbollah had exchanged fire almost daily since the war in Gaza began on October 7, 2023, before a truce took hold on November 27. By then more than 3,000 people had been killed in Lebanon by Israeli air strikes. Israel also inflicted staggering losses on Hezbollah, which had for years fought in support of Bashar Al Assad's government in Syria, long a conduit of weapons for the militant group backed by Iran.
The Hezbollah-Israel war has cost Lebanon more than $5 billion in economic losses, with structural damage amounting to billions more, the World Bank estimates.
Iran also welcomed the election of Mr Aoun, expressing hopes for close co-operation between the two countries.
"We congratulate brotherly Lebanon for the election of General Joseph Aoun," Iran's embassy in Beirut said in a statement on X, adding that "we look forward to working together ... and to co-operate in different fields in a way that serves the common interests for our countries".
Saudi Arabia's King Salman and Crown Prince Mohammed bin Salman also congratulated Lebanon's new President, the Saudi Press Agency reported.
Saudi Arabia is the biggest provider of financial assistance to Lebanon, with ties between the countries dating back to the 1980s. However, relations have been on shaky ground in recent years, primarily over the influence on Lebanon's politics of Hezbollah, with Riyadh calling for the political process to be reformed. But Riyadh played a role in Thursday's result, with Prince Yazid bin Mohammed, adviser to the kingdom's Foreign Minister Prince Faisal bin Farhan, featuring heavily in diplomatic efforts.
Jordan's King Abdullah sent a message wishing Mr Aoun success in serving Lebanon, enhancing its progress and development, and achieving prosperity for the Lebanese people.
"The king reiterates Jordan's support for Lebanon in supporting its sovereignty, security and territorial integrity, and stresses the strength of deep-rooted bilateral relations, and the keenness to expand opportunities for co-operation, and maintain co-ordination to achieve common interests, and enhance Arab unity," the official Petra news agency reported.
Palestinian President Mahmoud Abbas expressed his best wishes for Mr Aoun's success in leading Lebanon "towards further progress and prosperity". He also emphasised the Palestinian territories' commitment to strengthening the bonds of brotherhood and partnership with Lebanon, its government and its people, a statement from the presidency said.
Lisa Johnson, US ambassador to Lebanon, said she was "very happy" over Mr Aoun's election as President. Ms Johnson and other foreign envoys attended Thursday's session at the Lebanese parliament in which he was elected.
The UN special co-ordinator for Lebanon, Jeanine Hennis-Plasschaert, welcomed the "long-awaited first step towards overcoming Lebanon’s political and institutional vacuum".
“A prime minister must be designated and a government formed without delay. The tasks ahead of the Lebanese state are too monumental to waste any more time,” she said in a statement. “Now is the moment for each and every decision-maker to put the interest of Lebanon above all personal or political considerations.”
The UN Security Council also welcomed Mr Aoun's election and emphasised "the importance of the election of a president in Lebanon to ensuring fully functional state institutions to address the pressing political, economic and security challenges of the country".
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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.”
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Coal Black Mornings
Brett Anderson
Little Brown Book Group
Company%20profile
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COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. More from Rashmee Roshan Lall
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
TEAMS
EUROPE:
Justin Rose, Francesco Molinari, Tyrrell Hatton, Tommy Fleetwood, Jon Rahm, Rory McIlroy, Alex Noren, Thorbjorn Olesen, Paul Casey, Sergio Garcia, Ian Poulter, Henrik Stenson
USA:
Brooks Koepka, Justin Thomas, Dustin Johnson, Patrick Reed, Bubba Watson, Jordan Spieth, Rickie Fowler, Webb Simpson, Tiger Woods, Phil Mickelson, Bryson DeChambeau ( 1 TBC)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
