The Lebanese Army will start offering tourists helicopter joyrides this week in a bid to fill the coffers of one of the crisis-hit country's key institutions.
Lebanon's economic crisis — which the World Bank describes as possibly one of the world's worst since the 1850s — has hit the Lebanese military hard, leaving it struggling to pay troops a living wage.
In an announcement on its website, the army said it would be offering civilians the chance to see “Lebanon … from above” on 15-minute flights.
The joyrides on-board the army's Robinson R44 Raven helicopters will start on Thursday and will be open to passengers aged three and above.
Up to three passengers will be allowed on-board per flight, which costs about $150 and must be paid in cash.
The aim is “to encourage Lebanese tourism in a new way, in addition to supporting the air force”, a military source told AFP.
The economic crisis has eaten away at the value of soldiers' salaries and slashed the military's budget for maintenance and equipment.
Towards the middle of last year, the army said it had scrapped meat from the meals offered to on-duty soldiers due to rising food prices.
Lebanon has been without a functioning government since a massive blast in Beirut in August last year killed more than 200 people and ravaged sections of the Mediterranean port city.
Politicians have failed to agree on a new Cabinet line-up even as foreign currency cash reserves plummet, causing fuel, electricity and medicine shortages.
Earlier this month, France hosted a donor conference in which 20 nations agreed to provide emergency aid to Lebanon's military.
Killing of Qassem Suleimani
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Read more about the coronavirus
SPECS
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TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
UAE currency: the story behind the money in your pockets
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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