Longing for Qaddafi? Failures in governance incline Libyans to miss the bad old days
Last week, Libyans celebrated the first anniversary of their revolution against the repressive regime of Col Muammar Qaddafi, but the jubilation did not live up to expectations, the pan-Arab newspaper Al Quds Al Arabi editorialised in its weekender edition.
Mustafa Abdul Jalil, the chairman of Libya's National Transitional Council (NTC), did not make a public appearance in Tripoli or Benghazi to mark the event, the paper said, perhaps for fear that he might be booed by the many Libyans who deplore the poor performance of the interim government and the lack of security that has lingered since the start of the uprising.
Last year, a group of protesters stormed the head office of the NTC and were about to attack Mr Jalil when security intervened and escorted him out through a back door.
"The Libyan people are not happy about the situation in their country," the newspaper stated. "Militias and armed brigades are still present in the main cities, even in the capital Tripoli. The public-service sector is collapsing; there are no state institutions yet.
"Plus, corruption is reaching record highs, leading the finance minister to resign; he didn't have any pride in heading a ministry that is incapable of tracking down billions worth of the people's money being siphoned off to foreign accounts."
The question of human rights also hangs heavy on the first anniversary of what many hoped would become a new Libya.
Groups like Doctors Without Borders, Human Rights Watch and Amnesty International have spoken extensively about temporary detention camps for more than 30,000 Qaddafi loyalists. They are said to be living in inhumane conditions involving torture and rape, the paper claimed.
"We are surely aware that one year is not enough time to find a solution to every problem, and we are equally aware that all revolutions are characterised by blunders and human-rights abuses due to the irresponsible behaviour of individuals or rogue groups.
"But it is hard for any observer to see serious efforts being made to right those wrongs."
It seems that the international community, especially Nato countries, that stood by the Libyans in their revolt against the rule of Col Qaddafi have "washed their hands of the country's affairs" as soon as they were guaranteed that Libyan oil would be regularly feeding their refineries, the paper added.
"It is indeed shocking to read the findings of a poll conducted by a British newspaper like The Guardian, showing that a third of the Libyan people want the old regime back due to their frustration with what their country is coming to."
Libya produces more than one million barrels of oil per day; its people need and deserve a functioning country, the paper concluded.
The civil state has grown out of uprisings
One of the fruits of the Arab Spring is the newfound concept of "the civil state", which has become a topic of positive debate, wrote Mansour Al Jamri, editor of the Bahraini newspaper Al Wasat, in a column yesterday.
The civil state, as opposed to the military, theocratic or tribal state, is a state where society is cemented together by a civil bond between its components. That is a state where citizens value their sense of belonging to the same nation over the other affiliations they may have, and are the ones entitled to bestow legitimacy upon their leaders on a consensual basis.
"This notion, which is in line with international human rights conventions … is now shared by various political movements across the Arab world," the editor said. "But [it] needs time to translate into reality."
Political analysts have long been of the opinion that Arab countries will never enjoy democracy because they are not civil states, rather just hodgepodges of warring tribes, sects and ethnicities, who easily privilege the "tribal", "sectarian" or "ethnic" bond over the civil bond, the editor said.
Whereas this still holds true, the Arab Spring has clearly given rise to fresh Arab voices that make a strong case for the civil state, despite accusations from conservatives that a civil state is just another word for secularism.
Hizbollah gives a false defence of Damascus
In an opinion article yesterday, the editor of the London-based newspaper Asharq Al Awsat, Tariq Al Homayed, referred to the leader of Hizbollah, Hassan Nasrallah, as a "shabbih", which is the singular form of the Arabic word "shabbiha", the street name for the Syrian regime's goons.
"In his speech last Thursday, Hassan Nasrallah, the shabbih, said: 'Can a king, an emir or a sheikh in any Arab regime ever undertake the reforms that Al Assad and the Syrian leadership have undertaken?'" the editor quoted Mr Nasrallah as saying.
"Well, no king, emir or sheikh in the Arab world kills 7,000 of his own people just to stay in power," the editor argued.
In fact, there are many instances in the region's history where kings and sheikhs abdicated to save lives, he noted. King Farouk of Egypt is one. In 1817, Imam Abdullah bin Saud surrendered to the Ottoman forces of Ibrahim Pasha to spare the lives of Saudi civilians.
By "reforms" Mr Nasrallah was mainly referring to a new constitution proposed by the Syrian regime. It limits presidential tenure to two seven-year terms. "Which is more a farce than a constitution," the editor said.
Basically, President Bashar Al Assad, who has not declared that he wasn't running, wants to complete 25 years in power.
* Digest compiled by Achraf El Bahi
aelbahi@thenational.ae
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
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.”
Friday's schedule in Madrid
Men's quarter-finals
Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time
Roger Federer (4) v Dominic Thiem (5) from 7pm
Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm
Stan Wawrinka v Rafael Nadal (2) from 11.30pm
Women's semi-finals
Belinda Bencic v Simona Halep (3) from 4.30pm
Sloane Stephens (8) v Kiki Bertens (7) from 10pm
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tori Amos
Native Invader
Decca
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Take Me Apart
Kelela
(Warp)
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 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
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000