Lebanon caught in a political cul-de-sac



"As the formation of new government in Lebanon has staggered forward, the country is truly living a political disaster. It is possible then that no new executive team will emerge this year," wrote Bassam al Dhaw in an opinion piece for the Qatari newspaper Al Watan. There is a fear that the political crisis could turn to a crisis of nationhood as bonds of trust between various political forces are growing looser, which could lead to a new surge of sectarian conflicts. Political actors are not ready to free themselves from external pressure, "or in other words, they do not want to draw a line between the necessities of external factors and the imperatives of national interests".

In this situation, the local powers do not seem to be taking the initiative to form the government. Most feel they have to wait for the verdict of the international court on the assassination of the former prime minister Rafiq al Hariri, and the outcome of the meeting of the six countries concerned with the Iranian nuclear programme which is due to be held by the end of this month. Regardless of the outcome, both events will determine the political outlook of Lebanon as Israel has a clear determination to attack the resistance under a new pretext.

"It is not acceptable to see Arabs engaged in a complicit silence as if they are not directly concerned with what the Israelis do against the Palestinians," opined the lead opinion article of the UAE-based newspaper Al Khaleej. The Israeli government recently intensified its settlement expansion in the West Bank before the temporary freeze required by a US request.

This clearly indicates that Israel is less desirous of a comprehensive peace, and is not ready to give concessions. Moreover, it is less likely that it will implement any of the decisions taken by the international community in favour of the peace process. "Having said this, one does not need a deep analysis to understand that Arabs are now in an unenviable situation as no individual or common Arab position has been expressed to denounce these intransigent policies of the Israeli prime minister, Benjamin Nethanyahu, and his foreign minister, Avigdor Lieberman. Arabs know that Israel is derailing the peace process, and they can either accept the situation as it is or revolt against it. It is up to them."

Sweden is rightfully refusing to apologise to Israel after a national newspaper published a report on Israel's trading in Palestinian organs, wrote Fayez Rashid in an opinion piece run by the Qatari Arabic daily Al Sharq. The report angered Israeli officials beyond reason, starting with the prime minister, Benjamin Netanyahu. They all accuse Sweden of anti-Semitism and of using double standards. They want an apology and a condemnation of the report. No issue has ever gained such absolute consensus between the Israeli right wing and the so-called left as the Swedish report.

On the other hand, Sweden has made it clear that it won't apologise to Israel, as the report falls under press freedom legislation. The expected visit by the Swedish foreign minister to Israel won't change a thing.   The contents of the report cannot be refuted, as Israel has a long history in this regard. Palestinian detainees have always been submitted to every form of violence. They have been isolated in narrow individual cells, put in overcrowded rooms and provided with little medical care.   The Swedish ambassador to Israel condemned the contents of the report but her government pointed out that the diplomat took an individual initiative. Sweden will remain committed to the principle of press freedom and will not apologise to Israel.

The terrorist act that targeted Prince Mohammed bin Naif, the Saudi assistant minister for security affairs, was planned and prepared in Yemen, where al Qa'eda's Arab peninsula chief, Nasser al Wahishi, is based, together with his Saudi assistant, Saeed al Shahri, wrote Suleyman al Aqili in the Saudi daily Al Watan.

The operation cannot be the act of a criminal gang. It was clearly technically, and probably financially, supported by a professional intelligence service, which cannot be Yemen's, because it itself is at war with al Qa'eda.    A foreign intelligence service is involved and Iran is a country with a clear interest in Saudi Arabia's instability. The kingdom stands as an obstacle to Tehran's plans to expand its dominance over the Arab region.

Iran is convinced that the local powers limit its hegemony in the region and destabilising their internal security will open the doors for Tehran to conclude major deals with with the West. To achieve this, Tehran would not hesitate to use terrorism to hit its "competitors".  Tehran and al Qa'eda currently share the same immediate interest and objective of destabilising Saudi Arabia. * Digest compiled by Mostapha Elmouloudi

melmouloudi@thenational.ae

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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
If you go
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

Venom

Director: Ruben Fleischer

Cast: Tom Hardy, Michelle Williams, Riz Ahmed

Rating: 1.5/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

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  • Choose cars with GCC specifications
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  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

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.”

Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

War and the virus
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.

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