The insufficient electricity supply in Lebanon has been a problem ever since the civil war. EPA
The insufficient electricity supply in Lebanon has been a problem ever since the civil war. EPA

Lebanon is taking a first step towards a better tomorrow



I write to you in reference to The National's editorial Power in the wrong hands can corrupt (April 15).

This article shed light on an issue that often goes underreported.

I was baffled to hear that after decades of power cuts and poor access to electricity, Lebanese politicians have yet to come up with a solution for their people, who suffer power cuts of up to 20 hours a day.

It is simply unfair that Lebanese residents must pay two electricity bills, one for privately generated energy and one for the energy provided by the government, yet still lack full coverage.

This is unheard of almost anywhere else in the world.

Lebanese energy minister  Nada Boustani has promised her plan will put an end to this endemic problem in a very short space of time. She has a big task ahead and I can only wish her success.

Lebanon used to be a beacon for other nations and I hope the country will regain its old glory, sooner rather than later.

K Ragavan, Bengaluru

Our shared history lives on in artefacts and in our memory

I write to you in reference to Justin Thomas' opinion piece, Are we losing our collective memory? (April 15).

It certainly seems like age-old relics are being lost in that part of the world.

The indisciminate looting of antiquities and cultural artefacts is not a new problem but it is worsened by conflict and the brutal rule of extremist groups such as ISIS.

Classical paintings, relics and rare handwritten manuscripts have been stolen in the past and their loss is truly painful. It imposes a forced disconnection between a people and their rich past, erasing the cultural heritage that comes along with it.

We must not become lost travellers, who have forever missed their caravan.

Let us embrace our history and cherish its treasures.

Nazim Hasan Khan, India

There are lots of factors in deciding where to live

I write to you in reference to Claire Corkery's article Could Brexit encourage more Britons to retire in the UAE? (April 16).

This would be a great idea but I am concerned the cost of health insurance for a retired person, as well as the general cost of living in the UAE, might make it too high to be affordable.

Claire Wyness, Abu Dhabi

Match info:

Wolves 1
Boly (57')

Manchester City 1
Laporte (69')

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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SERIE A FIXTURES

Friday (UAE kick-off times)

Sassuolo v Bologna (11.45pm)

Saturday

Brescia v Torino (6pm)

Inter Milan v Verona (9pm)

Napoli v Genoa (11.45pm)

Sunday

Cagliari v Verona (3.30pm)

Udinese v SPAL (6pm)

Sampdoria v Atalanta (6pm)

Lazio v Lecce (6pm)

Parma v Roma (9pm)

Juventus v Milan (11.45pm)

 

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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Fixtures:

Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm

Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm

Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

World Cup final

Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region

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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
INDIA SQUAD

Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)