Syria's President Bashar al Assad may be struggling with problems at home, but he still has pull in Beirut. On Monday, Lebanon's prime minister designate, Najib Miqati, finally formed a government after a five-month delay. Syria's fingerprints were all over it.
Confirming this, Mr al Assad immediately called Lebanese President Michel Suleiman to congratulate him, and did the same with Nabih Berri, the parliament speaker. Last week, in a meeting with the Druze leader Walid Jumblatt, the Syrian president had signalled his desire to see a new government soon. This sense of urgency pushed Mr Berri to break the logjam by conceding a Shiite seat to the Sunnis.
What is it that suddenly altered the mood in Damascus? After all, the Syrian leadership had not previously applied pressure on Mr Miqati and its friends in Beirut, strongly suggesting that it welcomed a Lebanese vacuum. One can only speculate, but the widening revolt in Syria and the regime's growing regional and international isolation, particularly its divorce from states such as Turkey and Qatar, were surely factors. With so much shifting around Mr al Assad and his acolytes, they apparently concluded that it was preferable to employ Lebanon as a tool in their confrontation with the outside, by forming a favourable government, rather than exploiting the void in the country.
This does not bode well. Mr Miqati insisted that his cabinet would represent all Lebanese, a reminder that the March 14 coalition led by the caretaker prime minister, Saad Hariri, has refused to join. That Mr Miqati is not a national-unity government will create tensions in a country pathologically wedded to political balance. Aside from Syria, those bolstering the new team are Hizbollah and Michel Aoun, whose hostility to March 14 is profound. Mr Miqati and his "centrist" allies in the government - Mr Suleiman and Mr Jumblatt - will labour to ensure that their partners do not settle political scores.
Mr Berri's decision, and more important that of Hassan Nasrallah, Hizbollah's secretary general, to accept a smaller Shiite share of ministers was not fortuitous. It facilitated Mr Miqati's task, therefore aiding the Assad regime. The lower Shiite profile also was destined to achieve two other objectives: it allows Mr Miqati to say that his government is not controlled by Hizbollah, lending it Sunni legitimacy inside Lebanon while also reassuring Arab states and the international community. And, more perniciously, it places the onus of failure on the prime minister, even if Hizbollah knows that it will have great sway over cabinet decisions despite having few ministers.
Hizbollah has two priorities. The party wants a clear policy statement by the government officially sanctioning its weapons; and it wants the state to take its distance from the Special Tribunal for Lebanon dealing with the assassination in 2005 of Rafiq Hariri, the former prime minister. The tribunal is expected to issue an indictment within three months, and there have been indications that Hizbollah members will be accused of involvement. Indeed, the collapse of Saad Hariri's government in January was a consequence of domestic differences over how to address the indictment.
However, Hizbollah also has a more overarching ambition. The party anxiously realises that Syria's regime is facing an existential threat, and that its collapse would transform power relations in the Levant to Iran's detriment, and therefore its own. It has no ready solution to this predicament, but Hizbollah will strive more than ever to anchor itself in the institutions of the Lebanese state, and to dominate them and marginalise its political adversaries in order to resist potentially disadvantageous change. That is why Mr Miqati's government will hit turbulence, especially over whatever affects Hizbollah's future.
The prime minister can already anticipate three major headaches. The first is that Hizbollah will push for the government not to cooperate with the special tribunal. It's difficult to see how Mr Miqati, against the wishes of Syria, Hizbollah and Mr Aoun, will be able to resist this demand, despite his worries that it could place Lebanon on a collision course with the United Nations Security Council, which established the institution. Even Mr Jumblatt has little room to manoeuvre on the tribunal, having repeatedly denounced it as a "politicised" body.
Mr Miqati was also obliged to accept an appointee of Suleiman Franjieh, a prominent Syrian ally, as defence minister. This will further discredit the Lebanese army in the eyes of the United States and many in the international community. American military assistance will almost certainly dry up. Equally worrisome is that several countries participating in the UN force in southern Lebanon believe the army to be under the influence of Hizbollah. This impression, not altogether unjustified, could well determine their continued commitment to maintaining troops in Lebanon, when some contingents have already expressed an intention to leave.
A third problem for Mr Miqati will be internal political discord. The foes of March 14 today have wide latitude to dismantle the political, security and financial edifice the coalition put in place after the Syrian withdrawal in 2005. While Mr Miqati will try to limit the damages, such measures will provoke a backlash from March 14, particularly the partisans of Mr Hariri, the dominant Lebanese Sunni figure. These conflicts, at a time of crisis in Syria and volatility in the region, could destabilise Lebanon in dangerous ways.
That's not to mention the myriad other challenges Mr Miqati will wrestle with - above all a potentially serious decline in economic confidence and the strains following from the state's support for the Assad regime, when most Lebanese Sunnis sympathise with the Syrian opposition. Lebanon's new government may mean the country is out of the frying pan, but nothing suggests it will avoid the fire.
Michael Young is opinion editor of the Daily Star newspaper in Beirut and author of The Ghosts of Martyrs Square: An Eyewitness Account of Lebanon's Life Struggle
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The%20end%20of%20Summer
%3Cp%3EAuthor%3A%20Salha%20Al%20Busaidy%3C%2Fp%3E%0A%3Cp%3EPages%3A%20316%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20The%20Dreamwork%20Collective%C2%A0%3C%2Fp%3E%0A
DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
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.”
All%20The%20Light%20We%20Cannot%20See%20
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ESteven%20Knight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMark%20Ruffalo%2C%20Hugh%20Laurie%2C%20Aria%20Mia%20Loberti%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E1%2F5%C2%A0%3C%2Fp%3E%0A
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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
Killing of Qassem Suleimani
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
