Lebanon’s newly formed government, led by Prime Minister Nawaf Salam, has omitted any mention of “armed resistance” from its ministerial statement for the first time since 2005, according to a draft seen by The National. The move signals a recalibration of Lebanon’s official stance on the military activities of the Iran-backed militant group Hezbollah and a broader effort to reassert state sovereignty over defence and security matters.
The statement, which still needs to be approved by parliament, was authorised by the cabinet on Monday and lays out the government's priorities, focusing on national sovereignty and adherence to UN Resolution 1701.
“The government will strengthen the legitimate armed forces by equipping, training and enhancing their capabilities,” the statement read.
For two decades, Lebanon’s ministerial statements have included language affirming Hezbollah’s role in resisting Israeli aggression, a stance deeply embedded in the country’s political framework. The latest policy statement, however, emphasises the exclusive authority of the state in decisions of war and peace, marking a clear break from previous administrations.
Many in Lebanon argue that the shift reflects mounting internal and external pressure to limit Hezbollah’s influence, which was waned after the group’s year-long war with Israel and the fall of the regime of its Syrian ally Bashar Al Assad that previously served as a crucial conduit for Iranian support.
Whether this bold departure from past ministerial statements will translate into tangible change remains to be seen.
Earlier this year, Lebanon elected Joseph Aoun as President and Mr Salam as Prime Minister. The leaders were regarded as political outsiders, unaffiliated with the traditional ruling elite whose governance has been blamed for plunging the country into repeated crises.
The formation of Mr Salam’s cabinet followed years of political stagnation and worsening economic conditions for the Lebanese people. The new administration faces the daunting task of navigating postwar reconstruction, economic turmoil, political divisions and security concerns while maintaining international support.
Lebanon is also looking to re-engage diplomatically with key regional players, particularly Saudi Arabi and the UAE, which had distanced themselves over the past few years from Beirut due to Iran’s sway over Lebanese affairs.
The government aims to strengthen ties with Gulf nations and negotiate new agreements on border security with Syria and the Syrian refugee crisis, recognising that economic assistance from Arab allies could be vital to Lebanon’s recovery, the statement said.
“We will ensure that Lebanon is never used as a platform to attack our brothers and friends in Arab states,” it said.
Hezbollah has been accused of carrying out campaigns against Gulf states through various attacks and supporting regional militia groups that aligned with Iran’s interests.
IMF talks
Beyond security policy, the government’s primary focus remains economic stabilisation. Lebanon plans to negotiate a new agreement with the International Monetary Fund (IMF) to address its financial default and public debt, according to the policy statement.
The statement said the government would work for an economic revival that could only be achieved through restructuring the banking sector.
Lebanon has been in deep economic crisis since 2019, when its financial system collapsed under the weight of massive state debts, prompting a sovereign default in 2020 and freezing ordinary depositors out of their savings in the banking system.
Beirut reached a draft funding deal with the IMF in 2022 – contingent on reforms that authorities failed to deliver.
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Fuel economy, combined: 6.5L/100km
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6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
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7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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Starring: Jack Black, Jennifer Coolidge, Jason Momoa
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Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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THE SPECS
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
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SHAITTAN
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Results
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