Winners
The Billionaire Blitz
Carlos Slim Helou is a Mexican businessman of Lebanese descent who is the current reigning champion in the race to be the richest man in the world. At age 67, Slim has accrued an estimated wealth of 59 billion USD knocking Bill Gates off the top spot podium. Gates lags behind Helou by a mere one billion USD. The one-time maths teacher made his billions by amassing a wide range of companies from telecom to finance.
The Healer
Michel Obeid may only be 24-years-old but the Lebanese-born doctor may have made significant headway in the search of a cure for cancer. While completing his PhD at France’s Institute Gustave-Roussy (IGR), one of the world-leading anticancer centres, he discovered a medication capable of treating all cancer patients. The medication works by activating the immune system, detecting cancerous cells and destroying them. Although effective on rats, human testing has not yet been initiated.
The Music Machine
MTV Arabia was launched in October thanks to a partnership between Arabian Television Network (ATN) and MTV Networks International, a unit of Viacom Networks Europe Inc. ATN is a subsidiary of the newly launched Arabian Broadcasting Network headed by Abdullatif Al-Sayegh. The channel caters to an Arabic-speaking youth audience across the Pan Arab region. If you take into account that half the population of the Middle East is under the age of 25, a run-away success is imminent.
Gulf Finance
Abu Dhabi’s Mubadala Development Company bought 7.5% of global private equity firm The Carlyle Group for 1.35 billion USD. There is an Arabian controlling majority of the London Stock exchange with Borse Dubai purchasing 28% and the Qatar Investment Authority acquiring 24%. Furthermore, Borse Dubai which will be renamed Nasdaq-DIFX is now the single largest shareholder of the Nasdaq with just under 20%. Gulf States, as never before, are being regarded as politically savvy global dealmakers.
The Oil Barons
Oil went from 52 USD in January to north of 80 USD by the end of the year. Some forecasters are already predicting a single barrel could eventually hit a staggering 100 USD. This price hike has generated incredible cash liquidity now being enjoyed by oil producing countries. For the first time, the oil producers have begun implementing policies aimed at diversifying long-term income earnings to safeguard their economies once hydrocarbons run out.
The Harbourer
Jordan has effectively become a sanctuary to many Iraqis and Lebanese fleeing conflict. Year-on-year growth in the country, levelled at seven per cent, has created an unprecedented boom in real estate. International developers undertaking ambitious projects in the country’s key location have turned Jordan into a trading hub. Is the growth sustainable or will the bubble burst? Only time can tell.
Losers
The Model Pusher
Owner of Style Modelling Agency, Elie Nahas, was arrested over the summer by French authorities in Cannes. He was charged with human trafficking, facilitating prostitution and money laundering. Nahas’ partner in his agency is his wife, Sabine Abdel Nour, the sister of starlet singer Cyrine Abdel Nour. Many former Lebanese beauty queens and models have been implicated in this ongoing scandal, including Lamita Frangieh.
The Vicious Cycle
While Lebanon’s politicians hit impasse after impasse, businesses and the population continue to suffer the brunt of the deadlock. The tourism sector was worst hit but surprisingly the banking sector showed some surprising signs of resilience, as highlighted by Dr. Marwan Iskandar (Bespoke, issue 5). Given the latter, it’s not difficult to imagine the gains a modicum of stability may have brought about.
The Construction King
If Shakespeare is to be believed, even kings have their moments of weakness. The Middle East's leading real estate company, Emaar, took a major hit in its share value this year. For a host of reasons, investors lost their confidence and deemed the stock overvalued causing the Dubai stock exchange also to fall. After the frenzy, however, the current share price is back where it started five years ago following its initial public offering. Many believe the current price to be undervalued.
In Between
The Comeback Kid
Lebanese banker Philippe Jabre has seen his luck turn 180 degrees over 2007. As a specialist in convertible arbitrage, the 47-year-old went from hero to zero when he was found guilty by the FSA of insider trading in August 2006. London’s GLG Partners was made to pay a record fine of 1.5 million USD.In 2007, Jabre moved to Geneva and set up his own company raising 2.5 billion USD for the Jabre Capital Partners Multistrategy Fund in just 5 months. It seems everyone still wants to invest with him.
