BEIRUT // Lebanese president General Michel Aoun met with King Salman and other Saudi leaders in Riyadh on Tuesday as he sought to repair ties after a falling-out between the two countries last year.
Gen Aoun is hoping to restore a US$4 billion (Dh14.69bn) Saudi arms grant to Lebanon’s security forces as well as normalise ties with the kingdom.
In February of last year, Riyadh suddenly cancelled the weapons money and downgraded ties with Lebanon, blaming Hizbollah’s domination of the country. Arab Gulf States followed Saudi Arabia’s lead by imposing travel bans and endorsing sanctions targeting Hizbollah at the GCC. The moves left Lebanon worried that Saudi Arabia and other Arab Gulf states would take harsher measures against Lebanon to punish the country over Hizbollah’s role.
The Shiite group is active in the war in Syria, backing the forces of Syrian president Bashar Al Assad. It is considered a terrorist organisation by the GCC and other countries around the world and Riyadh accuses the group of participating in Yemen’s war on the side of Houthi forces.
But despite the diplomatic hostility last year, relations with Lebanon have since thawed slightly.
In November, a Saudi diplomatic delegation visited Gen Aoun in Beirut, weeks after he was elected Lebanon’s first president in more than two and a half years.
Gen Aoun’s trip to Riyadh was his first journey abroad since becoming president, signalling the importance the Lebanese government places on strong ties with Riyadh.
“The Lebanese-Saudi relations have been affected by the events that took place in the Arab countries; there have been some ambiguities. I am here today to dissipate them, carrying with me love and friendship for the Saudi people,” Gen Aoun said in an interview on Saudi Arabia’s state-run Al Ekhbariya television station ahead of his meeting with the king.
Lebanese foreign minister Gebran Bassil – who accompanied Gen Aoun on the trip – met with his Saudi counterpart, foreign minister Adel Al Jubeir, on Tuesday. Following the meeting, Mr Bassil said relations between the two countries had “returned to normal”.
But despite improved ties with Gen Aoun taking the presidency and the formation of a new government last month, Saudi Arabia has still not reinstated the arms grant to Lebanon’s security forces.
Doing so could be difficult. On paper, Lebanon’s Maronite Christian president is an ally of Hizbollah – though he was brought to power in a deal that also returned Saad Hariri, a Lebanese-Saudi businessman, to the post of prime minister.
Hizbollah’s power in Lebanon remains as strong as ever and Gen Aoun’s son-in-law Mr Bassil – a man largely blamed by Saudi Arabia’s Lebanese allies for the deterioration of relations – remains the country’s foreign minister.
Israeli accusations that armoured personnel carriers given to the Lebanese Armed Forces by the United States are ending up in Hizbollah’s hands could also make the Saudis wary about funding arms for Beirut. In response to Israel’s accusations, however, the US denied Hizbollah had acquired any of the vehicles and weapons donated to the Lebanese army by Washington.
Both Hizbollah and the Lebanese army have been fighting in close proximity to one another against ISIL and former Al Qaeda affiliate Jabhat Fatah Al Sham on Lebanon’s border with Syria.
With Saudi Arabia cutting back spending amid lower oil prices, it is also unclear whether Riyadh is willing to invest billions of dollars in Lebanon’s military and police forces at this time.
But even without the reinstatement of the arms grant, improving ties with Saudi Arabia would be good for Lebanon. Historically, the country has benefited greatly from financial investments, tourism and remittances from – and trade with – GCC countries, and negative diplomatic relations have the potential to destabilise Lebanon’s economy.
Hundreds of thousands of Lebanese citizens work in GCC states, often sending remittances back home to family. And amid the height of tensions last year, there was significant worry among Lebanese that measures could be taken to limit or expel these workers.
Following Gen Aoun’s meeting with the Saudi king, Lebanese prime minister Mr Hariri said, “You will witness a big openness in the relations, the return of Saudi tourists and investments to Lebanon and all that contributes to the economic advancement”, according to Lebanon’s state-run National News Agency.
Gen Aoun’s next stop after Saudi Arabia is Qatar where he will seek to continue improving Lebanon’s relations with Gulf states.
jwood@thenational.ae
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.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The%20specs
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
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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Company%20Profile
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More coverage from the Future Forum
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.
COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Company%20Profile
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
First Person
Richard Flanagan
Chatto & Windus