FACTBOX-Lebanon's Najib Mikati named prime minister for fourth time

Mikati has become an even more central figure since Hariri, long Lebanon's main Sunni leader, announced in January he would suspend his role in politics. ENGAGING THE IMF Mikati’s government reached a preliminary IMF deal in April contingent on reforms that political factions have long resisted. In May, his government approved a recovery plan that aims to address a hole of more than $70 billion in the financial system.

Caretaker Lebanese Prime Minister Najib Mikati was nominated to form a new cabinet on Thursday, keeping the billionaire tycoon at the helm of a government mired in financial crisis. This is Mikati's fourth spell as premier, a role which must go to a Sunni Muslim under Lebanon's sectarian system. He continues as caretaker until the new government is agreed.

PREMIER IN TURBULENT TIMES Mikati first served as prime minister in 2005, when the government quit in the aftermath of Rafik al-Hariri's assassination. He served for three months until a parliamentary election won by Hariri's son, Saad, and his allies.

When Shi'ite Muslim Hezbollah and its allies toppled a Hariri-led government in 2011, Mikati took the job again. But he quit in 2013 after disputes in cabinet with Hezbollah, which dominated his cabinet with its allies. His third term came in 2021 after Hariri abandoned efforts to form a cabinet because of disagreements with President Michel Aoun, the Hezbollah-aligned president.

Mikati's government took office in September, pledging to secure an IMF deal and hold elections on time in 2022. Mikati has become an even more central figure since Hariri, long Lebanon's main Sunni leader, announced in January he would suspend his role in politics.

ENGAGING THE IMF Mikati’s government reached a preliminary IMF deal in April contingent on reforms that political factions have long resisted.

In May, his government approved a recovery plan that aims to address a hole of more than $70 billion in the financial system. But he has expressed frustration over parliament's failure to pass laws needed to execute the plans and to make progress on the IMF track. These include laws amending banking secrecy rules and controlling financial transfers out of Lebanon. Banks have also objected to the financial recovery plan.

Critics view Mikati as part of the elite that steered Lebanon into crisis. Mikati signalled in December his backing for veteran central bank governor Riad Salameh, who faces corruption probes in Lebanon and several European countries. In May, Mikati said he was no longer opposed to Salameh being replaced.

FOREIGN TIES Mikati is known for his international contacts.

France supported the formation of his last government, and he has ties to Gulf states which once invested heavily in Lebanon but have long shunned it due to Hezbollah's sway. He faced a diplomatic crisis last year, when Gulf countries withdrew their ambassadors over a Hezbollah-aligned minister’s criticism of Saudi Arabia and its allies over the Yemen war.

Seeking to mend ties, he signalled the minister should resign. He also criticized Hezbollah's leader for accusing the Saudi king of terrorism. In April, the Gulf envoys returned, following comments from Mikati insisting that Lebanon should focus on "ending all political, military and security activities" that affect Gulf states.

BUSINESS INTERESTS Mikati hails from Tripoli, ranked the poorest city on the Mediterranean even before the financial crisis began in 2019.

He and his brother Taha made their money in telecoms, building their Investcom company during Lebanon’s 1975-1990 civil war, expanding into West Africa and the Middle East. In 2006, Mikati sold his telecoms interests to South Africa's MTN Group for $5.5 billion.

In 2007 he co-founded the M1 Group, with investments including telecoms. Forbes ranked Mikati and Taha tied fourth as richest Arabs this year, estimating Najib’s fortune at $3.2 billion, $700 million more than in 2021.

His business interests have attracted some controversy. A Lebanese judge filed charges against him in 2019 for illicit gains through state-subsidised housing loans.

A Mikati spokesperson denied those accusations at the time. M1 Group has partnered with Myanmar's Shwe Byain Phyu Group to buy the Myanmar operations of Norwegian telecommunications company Telenor. Some civil rights groups feared the deal could put user data within the junta's reach.

M1 Group said in a statement to Reuters both M1 and its Myanmar affiliate, Investcom PTE, would never facilitate or allow unlawful interception requests and/or equipment in Myanmar. (Writing by Tom Perry; Editing by Maya Gebeily and Nick Macfie)