Michael Karam: Lebanese lineage across the Adriatic



I am being driven through the Marche region of Italy (pronounced “Marshay”). Sitting on the Adriatic – on a clear day one can apparently see the nearest Croatian islands – I’m told Le Marche has been called the poor man’s Tuscany, but that’s neither here nor there. Because anywhere that a stereotypically hot-blooded people – loud and unstable – like the Italians, the Greeks, the Turks or even the Lebanese are often perceived, can respect their environment, their laws and their building codes, gets my vote.

It is hard to explain just how frustrating it is to see a country that gave the world the concept of the Mafia and which is still tarred with the brush of corruption and the buffoonery of Silvio Berlusconi, can do this.

In fact, all I could think of was that the Lebanese should be forced to drive around areas like the nearby Conero Riviera and the Conero National Park to see what their country could still look like if they hadn’t blown it.

I’m with Magda, an Italian of Egyptian ancestry. She works in PR between Paris, Verona and Beirut. Magda has a handful of Lebanese clients, probably because she is in the midst of a massive love affair with Lebanon. The back shelf of her car is festooned with the red and white cedar flag and she wears a cedar pendant bought in Baalbek. “What can I say?” she says. “Beautiful country; beautiful people.”

Magda and I discuss the recurrence of Beirut’s apparently chronic rubbish crisis. She tells me, because of course she knows this nugget of trivia, that the Lebanese capital is now the second most polluted city in the world, behind Accra. “But don’t be fooled by Italy,” Magda warns. “Go to Sicily and you will see how much work is still needed. It is all to do with education.” Then a sudden change of tack. “But you know what? For tomato, we Italians say pomo­doro. You say banadoura. We are the same.” Magda is clearly a glass half-full person.

But we probably really are similar. Italy is, after all, where the Mediterranean temperament begins to take on the patina of northern European order. Starched Milan is a universe away from chaotic Palermo. Rome lies somewhere in the middle of the temperament table and Ancona, Marche’s “capital”, lies to the east and the petrol stations around here offer a useful evolutionary table for the gradual East-West metamorphosis.

In Beirut you pull into a tromba and half a dozen attendants will descend on you. They will fill you up, wipe, scrap, squeegee, check your water and offer to bring you any refreshment you want … in the hope of some baksheesh. In the higher latitudes, it’s all self-service but in Italy you have a choice: you can fill your tank yourself or pay a wee bit more to have a callow youth at the neighbouring pump do the honours and wipe the bugs off the windscreen.

Some of this might go some way to explain why we Lebanese love the Italians. Italy is our second biggest trading partner. We import an admittedly modest US$1.65 billion of Italian produce, mostly white goods, ceramics and agricultural machinery, including, let us not forget, the ubiquitous small blue motors that power the water pumps in almost every house in the country. Italy has also stood with Lebanon in its time of need, contributing to the country’s reconstruction process and economic rehabilitation since the 1982 Israeli invasion.

“A good friend of mine was a diplomat in Beirut during the war,” a businessman told me at a dinner on Saturday night. “He said at one point the wall in his office was blown out, but he still went to work. He loved it like no other posting.”

At the same dinner, I got talking to a journalist from La Repubblica who lives in Palermo. “We Sicilians are very different,” she shrugged. “It is chaotic. Yes, we don’t care about the environment as much as we should and we build everywhere and there is too much traffic. What can we do? We are descended from the Arabs.”

Ouch.

Michael Karam is a freelance writer who lives between Beirut and Brighton

business@thenational.ae

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THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

UAE currency: the story behind the money in your pockets

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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What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

BORDERLANDS

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

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SPECS
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The years Ramadan fell in May

1987

1954

1921

1888

The years Ramadan fell in May

1987

1954

1921

1888

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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COMPANY%20PROFILE
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The biog

Name: Mohammed Imtiaz

From: Gujranwala, Pakistan

Arrived in the UAE: 1976

Favourite clothes to make: Suit

Cost of a hand-made suit: From Dh550

 

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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

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

JOKE'S%20ON%20YOU
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Results

3pm: Maiden Dh165,000 (Dirt) 1,400m, Winner: Lancienegaboulevard, Adrie de Vries (jockey), Fawzi Nass (trainer).

3.35pm: Maiden Dh165,000 (Turf) 1,600m, Winner: Al Mukhtar Star, Adrie de Vries, Fawzi Nass.

4.10pm: Handicap Dh165,000 (D) 2,000m, Winner: Gundogdu, Xavier Ziani, Salem bin Ghadayer.

4.45pm: Handicap Dh185,000 (T) 1,200m, Winner: Speedy Move, Sean Kirrane, Satish Seemar.

5.20pm: Handicap Dh185,000 (D) 1,600m, Winner: Moqarrar, Dane O’Neill, Erwan Charpy.

5.55pm: Handicap Dh175,000 (T) 1,800m, Winner: Dolman, Richard Mullen, Satish Seemar.

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World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88

Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883

MATCH INFO

Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')

Fulham 0

Red cards: Tim Ream (Fulham)

Man of the Match: Gabriel Jesus (Manchester City)

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Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them