Divisions could hamper Libyan rebels' cause



Bloody incidents behind the Libyan rebels' lines over the past few days have highlighted the divisions within their ranks, and the internal difficulties they may face as they continue in their efforts to oust Colonel Muammar Qaddafi.

On Sunday, rebel forces battled members of the anti-Qaddafi Al Nidaa Brigade on the western outskirts of Benghazi. Two days earlier, disloyal rebel elements allegedly attacked two prisons in Benghazi and released pro-Qaddafi inmates. On Thursday, General Abdel Fattah Younis, military commander for the rebel's Transitional National Council (TNC) was killed in unexplained circumstances.

So far, TNC chairman Mustafa Abdul Jalil has provided only vague information about the assassination. Ali Tarhuni, who handles the TNC's economic affairs, accused fighters within the rebels' Obaida Ibn al Jarrah brigade, which reportedly included Islamists still holding a grudge against Gen Younis for his old ties to Col Qaddafi. Rebel leaders in Misrata, meanwhile, were reported to have previously refused to obey Gen Younis' orders.

As The National reported on Sunday, Mr Jalil was quick to reiterate after the assassination that the TNC "won't allow disorder in the liberated areas". However, such incidents raise questions about the opposition and their capacity to enforce order in the areas they control.

The varying reactions to the killing also indicate a lack of unity in their struggle: while the assassinated general's Obaidat tribe renewed its pledge to the TNC, his older son and other tribe members expressed support for Col Qaddafi.

Clearly, internal dissent risks undermining the efforts against the Qaddafi regime. On the other hand, such incidents remain inevitable at this time, as defections continue and the rebels struggle to organise themselves.

The TNC claim that the assassination of their chief military commander will strengthen their resolve and make the rebels stronger. It is unclear how that will happen. Indeed, even if Col Qaddafi is defeated, there will be genuine concerns about the ability of the opposition to form a cohesive and efficient government.

As the rebels advance towards Tripoli, they must remember that it's not only military resources, but also political skills and unity, that are needed to achieve their common goal.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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  • Premier League-standard football pitch
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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.”

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Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

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Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

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Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

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Villarreal (ESP) v Juventus (ITA) 

Inter Milan (ITA) v Liverpool (ENG) 

Paris Saint-Germain v Real Madrid (ESP)  

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Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding