Lebanese Sunni residents of Tripoli's Bab al-Tebbaneh neighbourhood take refuge inside a school as they flee the area of clashes yesterday.
Lebanese Sunni residents of Tripoli's Bab al-Tebbaneh neighbourhood take refuge inside a school as they flee the area of clashes yesterday.

Fighting rages on in Tripoli



BEIRUT // Top religious, security and political leaders in Tripoli, in north Lebanon, scrambled today to contain the most serious outbreak of violence yet between two feuding neighbourhoods in Lebanon's second largest city. Nine people have died, including a 10-year-old child, and more than 100 have been wounded in two days of clashes between rival partisans in the mainly Alawite-populated Jabal Mohsen neighbourhood and the adjacent district of Tebbaneh, where Sunnis are the majority. Major Gen Ashraf Rifi, head of the Internal Security Forces, predicted that the violence would end within hours amid an increased deployment of police and troops. "The instructions given by the president, prime minister and interior minister are to deal firmly with any breach of security, and the army and the ISF have made reinforcements to impose security and protect the city," he said after a meeting of security officials in Tripoli. The violence came as a committee of ministers charged with writing up the policy statement of the new government remained deadlocked over the role of the "resistance", Hizbollah's armed wing. "What has happened in Tripoli was not because of a dispute between the Sunnis and Alawites, but it is a political explosion caused by the impasse over the drafting of the ministerial statement," said Malek al Shaar, the mufti of Tripoli. "I regret the fact that the army did not execute its responsibilities properly and I call on the president to pay more attention to what is happening in Tripoli." After the last outburst of violence between the two neighbourhoods this month, Lebanese troops deployed in strength to prevent further clashes. But armed militants on both sides have been walking the streets with impunity and within eyeshot of soldiers since the fighting erupted two days ago. Ahmad Fatfat, a former minister and leading figure in the Future Movement, in an interview with Al Mustaqbal newspaper today accused the army of "negligence" in failing to intercede in the fighting and called on the military to be "firm and decisive". But a senior Lebanese army officer said a forceful response by the military could increase the number of civilian casualties. "This is a civilian area and if we use force to try to stop them fighting, civilians will be hurt. It is a very difficult situation for the army," the officer said on condition of anonymity. This morning, Lebanese troops were reported to have returned fire at a sniper positioned in Jabal Mohsen. On Friday night, Ziad Baroud, the newly appointed interior minister, held a meeting of top security chiefs to draw up a plan to contain the violence. He said "firmness and decisiveness" were required. "I think that this is what the people await, and we stand by them throughout the chaos, chaos that is totally unacceptable by and to all citizens," he said. The fighting today mainly involved snipers on both sides trading fire, as hundreds of residents in the area fled. Many of those who chose to stay behind were seeking shelter in underground car parks and basements of buildings. The main road leading north from Tripoli and several streets in the city were closed to traffic because of the risk of being struck by sniper fire. Future Movement MPs are blaming Hizbollah, which heads the opposition, of fomenting the violence in Tripoli by providing arms and training to the Alawites of Jabal Mohsen. "We call on the army and national security forces to expose those that are smuggling arms into Tripoli," said Mustafa Alloush, a Future Movement MP. "What is happening in Tripoli serves Syria's interests and promotes its return to Lebanon." But a statement released by the chief Alawite political body, the Arab Democratic Party, which is headquartered in Jabal Mohsen, said the group supported Mufti Shaar's attempts to broker a ceasefire. The statement warned against "further deterioration of the situation into ? civil war. This is the aim of the Zionist enemy and its allies." An expected visit to Damascus by Michel Suleiman, the Lebanese president, has been delayed by the impasse over the new ministerial statement. Tarek Mitri, the incoming information minister, said the committee drafting the statement has reached agreement on almost all the key topics; Lebanon-Syria relations, internal security, commitment to UN Security Council Resolution 1701, which ended the 2006 Hizbollah-Israel war, the international tribunal to judge the accused killers of Rafiq Hariri, a former prime minister, the Doha accord that ended several days fighting in May, and the parliamentary elections scheduled for 2009. "One topic remains pending. That is the role of the resistance," Mr Mitri said. "The nation is clearly split and this split should be taken into consideration in all discussions." Hizbollah insists on the statement carrying the wording "the resistance's right to liberate the occupied territories", namely the Shebaa Farms, rather than the alternative phrase "Lebanon's right to liberate the occupied territories", a line favoured by the March 14 parliamentary majority. The fate of Hizbollah's arms is due to top the agenda of a national dialogue, hosted by Mr Suleiman, which is to begin as soon as the ministerial statement is completed. @email:nblanford@thenational.ae

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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.”

UAE currency: the story behind the money in your pockets
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Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

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