Najib Mikati; A Billionaire Businessman to Form Lebanon’s New Government

On July 26, 2021, the businessman Najib Mikati was commissioned by Michel Aoun, the President of the Lebanese Republic, to form a “new government” in the country.

This was after binding parliamentary consultations, he won 73 votes from the Lebanese Parliament (out of 128), and after Saad Hariri apologized for completing his mission in forming the Lebanese government.

Mikati is the third figure, after Saad Hariri and Mustafa Adib, whom Aoun assigned to form a government after the resignation of Hassan Diab's government, following the Beirut Port explosion, which killed more than 200 people and wounded more than 6,500.

The process of forming a government in Lebanon usually lasts for several months, because of differences between the political forces.

To worsen the situation in a country that has been suffering for nearly two years from the “worst economic crisis” in its modern history, with economic and living deterioration.

A day after Mikati assumed the mission, where he held consultations with the parliamentary blocs, he stressed his desire to intensify his meetings with the President of the Republic “to form a government as soon as possible”.

He continued: “I don't have a magic wand alone, and I can't do miracles, we are in a difficult situation”, he pointed out that “the mission could succeed if efforts were combined without polemics or accusations, and whoever has a solution, let him present it”.

However, the Lebanese Prime Minister-designate, Najib Mikati, returned on August 2, 2021, and he declared that “he will not be able to form a government before the anniversary of the Beirut port explosion on August 4th”.

Also, in conjunction with the third conference of donor countries for Lebanon under the auspices of France, the United Nations had identified Lebanon's needs during the International Support Conference at $350 million.

 

 

Rich Politician

Lebanese Najib Azmi Mikati, born on November 24, 1955, he holds a Bachelor's degree in Business Administration from the American University of Beirut, he then completed postgraduate studies at INSEAD in France, then at Harvard University in the United States.

He is also a billionaire and one of the richest people in the world and in Lebanon, he entered political life about 25 years ago, he is part of the “elite ruling class” accused of corruption and whose departure the Lebanese people are calling for.

Mikati does not enjoy widespread “popular support”, even in his hometown, Tripoli, but his name is usually circulated as a “consensual candidate” for prime minister, in order to get out of the deadlock resulting from the disputes over the sharing of quotas.

During his political career, which he began in 1998, Najib Mikati held several ministerial positions, he was elected to Parliament for the first time in 2000, he held the Ministry of Public Works and Transport between 1998 and 2004.

He was also assigned in 2005 to form a government for the first time, after the assassination of former Prime Minister Rafik Hariri.

At the time, Mikati headed a “transitional government” of 14 ministers for three months, its main task was to organize parliamentary elections.

In 2011, Najib Mikati formed his second government, also succeeding Saad Hariri, whose government fell after the resignation of ministers representing Hezbollah and its allies.

At that time, Mikati was accused of being a “puppet of Hezbollah”, the most prominent military force in Lebanon.

 

In 2013, Mikati submitted the resignation of his government, citing the refusal of the majority in the government to form a “commission to supervise the elections”.

He is one of the Lebanese politicians who has maintained relations with the President of the Syrian Regime, Bashar al-Assad, despite everything. 

Mikati was even considered one of Hariri's “political opponents” in the Sunni arena, before they allied themselves for the next two years within a “club of Lebanese Sunni prime ministers”.

Mikati also has “positive relations” with France, he also has good relations with Turkish and Arab leaders.

 

A Successful Businessman

Najib Mikati has a rich career as a businessman, in the eighties, he and his older brother “Taha Mikati” founded “Investcom”, which has a wide business network in the world of communications in a large number of countries in the Middle East and Africa.

Since 1988, he has supervised with his brother the “Azm and Saade Association” (NGO), whose charitable and developmental activities extend to various Lebanese regions, and the “Mikati Foundation”, which is active in the developing world, especially the Arab countries and Africa.

In 2007, he established the “M1” group, which is active in the field of diversified investment businesses, it owns shares in “MTN” International, it operates in the real estate, aviation, cement, fashion, retail, energy and banking.

He also served as a member of the Board of Trustees of the American University of Beirut, a member of the Advisory Board of Harris College at the University of Chicago, and a member of the Advisory Board of the International Crisis Group.

He chaired the “Forum of Moderation in Lebanon” and the “Middle East Foresight Forum”.

According to an “AFP” report, Najib Mikati is a successful businessman, and “Forbes” magazine estimates his fortune at $2.7 billion, it ranked him as one of the 6 richest businessmen in the Middle East for the year 2021.

In July 2018, Lebanese media reported the existence of documents showing that financiers had obtained millions of dollars in loans from banks backed by the Central Bank of Lebanon, as housing loans.

Among these financiers was Mikati, who received between 2010 and 2013, about 9 loans granted to him by “Bank Audi”.

On October 23, 2019, the Lebanese prosecutor issued a decision accusing Mikati, his son, brother and others of “illegitimate enrichment”, because of their subsidized housing loans.

This was denied by Mikati, who considered it “part of the continuous pressure on him”, expressing his readiness to “lift bank secrecy on all his accounts”.