BEIRUT // Hizbollah chief Hassan Nasrallah today acknowledged the defeat of his opposition alliance by a pro-Western bloc in Lebanon's parliamentary election.
"We accept the official results in a sporting spirit," he said in a televised address a day after the polls.
Nasrallah, appearing graceful in defeat, also congratulated his political rivals. "I would like to congratulate all those who won, those in the majority and those in the opposition," he said.
Lebanon's pro-Western coalition declared victory early today, as local television stations reported the faction had successfully fended off a serious challenge by the Shiite militant group Hizbollah and its allies to grab the majority in parliament.
Official results for yesterday's election were not expected until later today, but the winners were already celebrating by shooting in the air, setting off fireworks and driving around in honking motorcades.
The election was an early test of the US president Barack Obama's efforts to forge Middle East peace. A win by Hizbollah would have boosted the influence of its backers Iran and Syria and risked pushing one of the region's most volatile nations into international isolation and possibly into more conflict with Israel.
"I present this victory to Lebanon," the prime minister, Fuad Saniora, said on television after stations projected his pro-Western coalition was winning. "It is an exceptional day for democracy in Lebanon."
OTV, the television station of one of Hizbollah's key Christian allies, former army chief Michel Aoun, conceded that the party's candidates who challenged pro-Western competitors in several Christian districts had been defeated, preventing a victory for the Hizbollah coalition. But Mr Aoun was able to hang on to his representation in other districts.
Lebanese Broadcasting Corporation, a leading private Christian TV station, projected the pro-Western coalition to win 68 seats in the next parliament, with 57 for Hizbollah and its allies and three for independents. That would almost replicate the deadlock that existed in the outgoing parliament, in which the pro-Western bloc had 70 seats and an alliance of Hizbollah and other Shiite and Christian factions had 58.
The leader of the largest bloc in the pro-Western coalition, Saad Hariri, said earlier today in a televised speech that he extends his hand to the losing side "to work together and seriously for the sake of Lebanon." He urged supporters to celebrate without provoking opponents. But despite the conciliatory tone, Lebanon was at risk of sliding again into a political crisis over formation of the next government similar to the one that buffeted the country for most of the last four years.
Hizbollah had veto power in Mr Saniora's cabinet for the last year, which it won after provoking the worst street clashes since the 1975-1990 civil war. The pro-Western coalition had vowed not to give Hizbollah and its allies a blocking minority in the new government if they won. The battle in Christian districts was the decisive factor. Lebanese generally vote along sectarian and family loyalties, with seats for Sunnis and Shiites in the half-Christian, half-Muslim, 128-member parliament already locked up even before the voting started.
Christians in the pro-Western coalition warned that Hizbollah would bring the influence of Shiite Iran to Lebanon. The Maronite Catholic Church made a last-minute appeal, warning that Lebanon as a state and its Arab identity were threatened, a clear reference to Hizbollah and its Persian backer, Iran. Sunnis were also driven to vote for the pro-Western coalition to get back at Shiite Hizbollah gunmen for seizing the streets a year ago in Beirut from pro-government supporters.
About 3.2 million people, out of a population of 4m, were eligible to vote. The interior minister said that the turnout nationwide was about 52.3 per cent, an increase over the 2005 figure of 45.8 per cent. Mr Saniora won his first parliamentary seat in the southern port city of Sidon, defeating a pro-Hizbollah Sunni incumbent, according to TV projections.
The race for the parliament is the first major event in the Middle East since Mr Obama, reached out to the Arab and Islamic worlds last week in his speech in Cairo in which he called for a "new beginning between the United States and Muslims."
Mr Obama challenged Muslims to confront violent extremism across the globe and urged Israel and the Palestinians along with Arab states to find common ground on which to forge peace.
Hizbollah, which the US considers a terrorist organisation, has been one of the staunchest opponents of US policy in the Middle East and a sworn enemy of Israel. It fought the Jewish state in southern Lebanon in 2006 in a devastating war and has tried to smuggle weapons to the Palestinian group Hamas in Gaza through Egypt.
Mr Obama's speech did not resonate in the election campaign. But warnings by the United States that it could reconsider aid depending on the election's outcome have sparked Hizbollah accusations of US interference. The US has given around US$1 billion (Dh3.6bn) to Lebanon's pro-Western government since 2006.
In his Cairo speech, Mr Obama said the United States "will welcome elected, peaceful governments, provided they govern with respect for all their people."
The former president Jimmy Carter expressed hope that the United States, Iran and other countries will recognise the results "and not try to interfere in the process."
Hizbollah's coalition includes the Shiite movement Amal and Aoun's Christian faction. Opposing it are the overwhelmingly Sunni Muslim supporters of current majority leader Hariri, allied with several Christian and Druse factions.
Hizbollah tried to strike a moderate tone in the election campaign. The group only fielded 11 candidates and must work with its various political allies. The group's Christian allies argue that involving Hizbollah more deeply in the political process - rather than shunning it - is the only way to bridge the country's sectarian divides.
Their opponents counter that the heavily armed Hizbollah would be driving Lebanon into the arms of Iran, which could use it as a front in the Islamic republic's confrontation with Israel.
In Israel, government officials were concerned about gains by Hizbollah. The Israeli vice prime minister, Silvan Shalom, said last week a victory by Hizbollah would be "very dangerous for the stability of the Middle East, and by that, the stability of the entire world."
The voting was largely peaceful, with complaints of long waits at polling stations from voters, many of whom had to travel across the country to cast their ballots. Army troops in armoured personnel carriers and lorries took up positions on major highways, part of a 50,000-strong security force deployed for voting day.
The president, Michel Suleiman, cast his ballot in his hometown of Amchit on the coast north of Beirut. He set the political tone for the post-election period irrespective of who won, hoping for a national unity government, a prospect both sides have already raised.
* AP
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The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
The biog
Born: near Sialkot, Pakistan, 1981
Profession: Driver
Family: wife, son (11), daughter (8)
Favourite drink: chai karak
Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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.”
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Squads
Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa
India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh
SCORES
Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The Baghdad Clock
Shahad Al Rawi, Oneworld
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY%20PROFILE
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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.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A