Just liberated from despotism, Libya now faces the prospect of division, if not renewed fighting
The surviving children of Muammar Qaddafi and the few admirers of his legacy must be gloating over what the situation in Libya is coming to, only months after the despot was killed by Libyan rebels, the pan-Arab newspaper Al Quds Al Arabi noted in an editorial yesterday.
"Libya is going from bad to worse, as the reform process is extremely slow and the state and its executive apparatus are totally lacking," the newspaper claimed.
"We're no longer talking about the collapse of the security situation and the supremacy of armed militias … we're talking this time about a far more momentous danger that is looming over the country: division or perhaps even fragmentation."
On Tuesday, tribal and militia leaders in the north-eastern city of Benghazi, the birthplace of the uprising against the four-decade rule of Qaddafi, declared Libya's eastern oil-rich half to be a semiautonomous region.
As a result, clashes erupted between Benghazi natives who want to restore a pre-independence system - when a region called Barqa used to be an autonomous territory - and the defenders of Libya's territorial unity. For many analysts, the declaration sounded like the first step towards breaking the country into pieces.
Following a well-attended convention on Tuesday, Benghazi's tribal leaders appointed Ahmed Al Senussi to be head of a "higher council" tasked with running the new region's affairs and handling relations with the hitherto only legitimate representative of the Libyan people, the National Transitional Council.
"The Barqa region, like Iraq's Kurdistan province, may easily become an independent country," Al Quds Al Arabi said.
The fact that this newly proclaimed region is rich in energy resources means that the other parts of the country, namely the Tripoli area to the west and Fazan to the south, are going to be deprived of these riches, which feed about $60 billion dollars a year into the country's coffers.
Back in 1943, after the end of the Italian occupation in Libya, the country was divided into three provinces: Barqa (under British rule), Tripoli (under US rule) and Fazan (under French rule), the newspaper recalled.
Then, after formal independence in 1951, Libya was reunited under a central government led by King Idris Al Senussi.
Trying to repartition the country would take Libya "70 years back" and set fire to an unpredictable ethnic and tribal tinderbox, the editorial said.
"We fear the day when Libyans may rue the time when they were ruled by a corrupt dictator," the newspaper said.
"What a shame it would be to come to the conclusion that a despot managed to preserve the country's unity for more than 40 years, yet those who toppled him quickly divided it, justifying all his previous claims."
Generals' cosmetic scheme goes awry
The story of Egypt's Supreme Council of the Armed Forces (Scaf) and the American rights groups is quite similar to that of the ultraconservative Egyptian MP Anwar Al Balkimy who went to get a nose job, columnist Abdallah Iskandar suggested in the pan-Arab daily Al Hayat.
The now former Al Nour party MP appeared on television last week, claiming to be the victim of a carjacking, when in fact he had willingly had a rhinoplasty. His tricky attempt to come out as a heroic victim with a satisfying nose, resulted in him losing his party membership and his seat in parliament.
"The same happened with Scaf," the columnist said. "When the foreign, mainly American, NGOs were the only option, the council had to 'beautify' its failing image."
When the newly elected MPs and the majority of Egyptians were demanding a quicker transition of power, the NGO issue was created to assert Scaf's national image, something Egyptian are clamouring for, and to confirm Egypt's independence.
"However, the entire scheme backfired as SCAF was forced, under pressure and out of dependency on US aid, to back off from prosecuting the members of the NGOs and release them."
SCAF's mistake was that it chose to launch its propaganda campaign against the US fully knowing it must retain strong ties, given the ever-degenerating economic bind Egypt is in.
Silence about Syria is no longer possible
Damascus seems unable to realise the changes on the international scene concerning its current situation, the Dubai-based daily Al Bayan said in its Wednesday editorial.
As the popular uprising is about to mark its first year, Syrian authorities are still pressing ahead, escalating their violent clampdown on their people, unaware that the network of international relations they rely upon is about to disintegrate.
"The allies of Damascus, mainly China and Russia, have begun to change direction and come closer to the Arab consensus as they realised that no solution is possible without Arab patronage," said the paper.
Moscow's announced participation in the Arab ministerial meeting on March 10, to discuss the Syrian issue, constitutes a Russian admission of the importance of the Arab role.
"In addition to international pressure, it was Damascus's stubborn adherence to violence that led to the change in its allies' position," Al Bayan added.
At the same time, no surprise looms on the Syrian horizon. This is regrettable because a voluntary change of method could save Syria and the region a lot of trouble, now that silence is no longer an option for the rest of the world.
* Digest compiled by The Translation Desk
translation@thenational.ae
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
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.”
Mountain%20Boy
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
UAE currency: the story behind the money in your pockets
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs: 2019 Cadillac XT4
Price, base: Dh145,000
Engine: 2.0-litre turbocharged in-line four-cylinder engine
Transmission: Nine-speed automatic
Power: 237hp @ 5,000rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 8.7L / 100km
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000