It's a home win as Lebanon goes to the polls



People are driving around Beirut like madmen on mopeds and motorbikes, a van with a sound system fit for a concert blares out national songs and up and down the city car horns are honking, fireworks exploding and gunshots are being fired into the air: you'd think Lebanon had won a soccer match. But this was Sunday and the uproar was marking the end of a much more crucial fixture, the country's stressful election, which saw March 14th emerge as the winning bloc, perhaps setting Saad, the son of assassinated prime minister Rafik Hariri, on course to be the next prime minister.

I was in the capital helping to cover the parliamentary elections and spent a good chunk of my time on the street talking to international observers and Lebanese voters. The first stop was Achrafiyeh, a Christian quarter of Beirut, where locals came to vote at a primary school. In the building, people hurriedly buzzed around looking for the room where they were supposed to cast their ballots. Women in tank tops and shorts, teased hair and painted nails, passed by men dressed in red March 14th T-shirts or orange March 8th hats. Large gold crosses decorated their necks and French could be heard in every corner.

There was a sense of celebration, as family and friends met each other in the polling centre and kissed cheeks in greeting, helping each other find their particular poll booths. The press were crawling in every inch of the school - I recognised the Al-Arabeya TV journalist, the BBC correspondent, the CNN guy. Jimmy Carter, the former US president, dressed in gear fit for a hiking trip, appeared with his observers and gave interviews to all of us.

Later in the afternoon, I went to the Burj Brajne neighbourhood in south Beirut. This was an area targeted by Israel during the war in 2006 which houses many of Hizbollah's supporters. The neighbourhood was also visibly poorer with bullet-ridden buildings and shabbier-clothed locals. There was a poorly constructed Palestinian refugee camp inside it. With large yellow flags flying on the bridges over the highway leading to the neighbourhood, you knew you were entering Hizbollah territory. At the school acting as a polling centre, voters were greeted by soldiers checking ID and people dressed in yellow or draped in Hizbollah flags. It didn't take a genius to know who the majority of people here were voting for. Women and men lined up outside the polling station for hours. One old man who couldn't walk was carried through the doors in a plastic chair by two young men. A woman fainted in the corner because of the heat and was taken away on a stretcher. A Hizbollah MP received applause and cheers as he walked in to see how things were going at the centre. He refused to talk to the press, saying he didn't want to "break the law", referring to the ban on campaigning on the day of the elections.

Lebanese politics are incredibly complicated, with coalitions and politicians changing alliances and threats constantly. But one thing was clear - with a bitter history of street violence, assassinations and wars in the country, the tension in the air was very thick and everyone in the country held their breaths waiting for something to happen. Observers with the Lebanese Transparency Association said it definitely documented fighting, harassment and vote-buying but, by and large, Lebanon surprised everyone.

Compared to elections in the rest of the Middle East, international observers felt they were organised and well-managed, with some changes that needed to be made to meet international standards. However, they all agreed the results reflected the will of the people. And many people I spoke to on the streets over the next couple of days said they felt pride that Lebanon was able to have such a smooth and safe election. One man in Achrafiyeh summed it up very well. When asked for his reaction to the poll said he felt like he could breathe again - that the stress that was looming over his and his friends' and family's heads could subside, at least for a little while. He added that while the Lebanese would never stop talking about politics or predicting outcomes, at least some felt a sense of accomplishment - that now they could try to move forward with hope for a stable Lebanon.

Hadeel al Shalchi is a writer for the Associated Press, based in Cairo

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

 

 

Fire and Fury
By Michael Wolff,
Henry Holt

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

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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Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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4.35pm: Tilal Al Khalediah
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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
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  • 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
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Transmission: Single-speed automatic

Price: From Dh825,900

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

The specs

Price, base / as tested Dh1,100,000 (est)

Engine 5.2-litre V10

Gearbox seven-speed dual clutch

Power 630bhp @ 8,000rpm

Torque 600Nm @ 6,500rpm

Fuel economy, combined 15.7L / 100km (est) 

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind