Former Lebanese Prime Minister Rafic Hariri. Reuters
Former Lebanese Prime Minister Rafic Hariri. Reuters
Former Lebanese Prime Minister Rafic Hariri. Reuters
Former Lebanese Prime Minister Rafic Hariri. Reuters


Few in post-war Lebanon had an impact like Rafic Hariri’s


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February 12, 2025

On Friday, Lebanon will commemorate the 20th anniversary of Rafic Hariri’s assassination. This provides an opportunity to examine the former prime minister’s legacy, but also reflect on the failings of the international investigation to uncover all his assassins.

When he came to power in 1992, Mr Hariri did so in large part through an understanding between Saudi Arabia and Syria. The Saudis had played a key role in negotiating the Taif Accord that served as the basis of the constitutional changes that redistributed power among the Lebanese sects and ended the civil war. Syria, in turn, was the de facto hegemonic power in Lebanon, after its army had ousted Michel Aoun and the military government he headed.

Mr Hariri’s task was to lead Lebanon’s economic recovery and physical reconstruction, given the confidence he enjoyed internationally, particularly among financial institutions. The Syrians maintained considerable sway over Lebanon’s political and security affairs, and imposed an exception to the disarmament of post-war militias: Hezbollah was allowed to retain its weapons and pursue its resistance against Israel’s occupation of south Lebanon.

Lebanese Prime Minister Rafic Hariri during a speech in front of 20,000 people in central Beirut to mark "Matyrs' Day", on May 6, 1998. Reuters
Lebanese Prime Minister Rafic Hariri during a speech in front of 20,000 people in central Beirut to mark "Matyrs' Day", on May 6, 1998. Reuters

The Syrian aim in doing this was mainly to retain a pressure point against Israel at a time when Damascus was engaged in negotiations with the Israelis over the Golan Heights, following the Madrid conference of 1990. Syria’s president at the time, Hafez Al Assad, sought not only to regain the occupied Golan, but also retain control over Lebanon.

Mr Hariri would struggle with this situation for years, which created an anomalous duality of a state trying to regain its sovereignty and an independent armed group that undermined this sovereignty. He also faced another major problem in having to direct reconstruction in a country in which the wartime militia leaders, Syrian allies all, still retained much power.

This compelled Mr Hariri to help put in place a system in which party leaders or members were given ministries, which they often ran as personal fiefdoms, while the prime minister concentrated rehabilitation and reconstruction decisions in his hands. This did not mean that the ministries were marginalised. Projects that were run through these ministries allowed for considerable corruption and the plunder of national resources.

It’s not easy to summarise Mr Hariri. In many regards, his time in office brought out the best and worst in Lebanon

The man who would secure the financing for such activities was Riad Salameh, the central bank governor. Salameh, who is now in prison, began a process of issuing high-interest domestic debt to attract capital to the country, which helped fund reconstruction, and imposed a fixed (and costly) peg on the local currency to the US dollar. When this system reached a crisis stage in 1998, Lebanon began issuing foreign debt to avoid a default.

One can praise Mr Hariri for leading a very thorny reconstruction process that would have overwhelmed most other prime ministers. However, he also oversaw the precarious foundations of Lebanon’s financial system that collapsed in 2019. Perhaps he had no other choice if his aim was to rebuild Lebanon, but his assassination also removed the one individual who might have been able to introduce corrective measures to avert the worst.

By 2004, Mr Hariri was chafing that the Syrians had extended the mandate of then Lebanese president Emile Lahoud, whom they had imposed in 1998 to contain Mr Hariri, among other reasons. Mr Hariri played a behind-the-scenes role in pushing for UN Security Council Resolution 1559, calling for a Syrian withdrawal from Lebanon and a disarmament of all militias. There were also signs he was about to form lists against Syria’s candidates in the elections of 2005, secure a parliamentary majority, and put himself in a position to ask Syria to pull out its forces.

This was the background to Mr Hariri’s assassination. It underlined both the man’s ability to manoeuvre among contradictions and the considerable influence he wielded domestically and internationally, which ultimately made him a target. The positive upshot, however, was that he left behind a country that was significantly rebuilt after 15 years of war. This was something he could point to, even if his plans did provoke criticism from some quarters.

The last thing we will remember about Mr Hariri is that his killing led to the first UN tribunal to deal with terrorist crimes. However, the UN investigation that preceded the tribunal did very little investigating after 2005, apparently fearing the political consequences, in the end bringing an indictment that allowed many of those involved to remain free. What was supposed to be a judicial process to end impunity for political crimes was nothing of the sort as political assassinations continued.

It’s not easy to summarise Mr Hariri. In many regards, his time in office brought out the best and worst in Lebanon, while his death divided the country even more, when it should have united it. But as we survey post-war Lebanon, few men have moved the country forward as he did, while his death brought about a long interregnum of stalemate, violence and devastation in national affairs. That alone explains why his absence is regretted.

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The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

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Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.

T20 World Cup Qualifier

October 18 – November 2

Opening fixtures

Friday, October 18

ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya

Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE

UAE squad

Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan

Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed

Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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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Leeds United 0

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The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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Men:
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62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos

Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha

Updated: February 15, 2025, 11:09 AM