Fears of violence as protesters cross Libya's red lines


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'From the youth of Libya: beware not to cross the four red lines and if you do then come and see us in any street or square in our beloved country."

So read the anonymous SMS thousands of mobile phone subscribers received on February 16 - the day no one figured would change Libya forever. The "four red lines" as defined by Saif al Islam, the son of Col Muammar Qaddafi, a few years ago are: the leader, national unity, territorial integrity and Islam.

Less than 24 hours later, a couple of the red lines had already been crossed.

If that SMS says anything, it is this: the government's handling of the situation is disastrous. The battle has taken place on air, online and satellite channels such as Al Jazeera.

Already discredited, almost all official media outlets have reverted to their old tactics of drumming up national sentiment by airing a barrage of nationalist songs and printing articles celebrating the country and its achievements. There is no mention of those who have died or been injured, let alone the demonstrations themselves.

On the ground, things were exactly the opposite. Almost all eastern Libyan cities have been in turmoil, with next to no government presence except in Benghazi. Anti-government demonstrators in Benghazi, Berna and Djdabia torched government buildings, including law courts and utilities companies. In Al Bayda, protesters reportedly even mutilated the body of a security officer who was under orders not to fire on them even in self-defence, and to give up his headquarters if attacked.

One of his Tripoli-based relatives told me he was on the phone with him a couple of hours before he was killed and his body was dragged into the streets.It's worth noting that Al Bayda, a beautiful Mediterranean city 200 kilometres east of Benghazi, is the hometown of Col Qaddafi's in-laws, as well as the favourite holiday destination of his son.

Caught by surprise, the already unprofessional civilian police were outgunned and outnumbered. Fearing for their lives and gripped by the panic of the moment, they resorted to fire. It's indeed hard to tell who did what first, but it's clear that violence has now broken out between security forces and anti-government protesters.

A resident of Dejdabi, a town 130 kilometres west of Benghazi, gave me a rather detailed description of what was going on in his hometown. Over nearly an hour, weeping over the phone, he described scenes of chaos and the total absence of security. The number of people setting government buildings ablaze were "less than 200 local thugs and drug addicts", he said.

According to this eyewitness, who did not want to be identified, it appeared that security and police were ordered to give up their headquarters to avoid violent clashes with the demonstrators. "They [the demonstrators] would gather in the main square and move on to burn another building already identified by some of them." They had no leadership, lacked a political agenda and were mostly unemployed youths.

By the end of last Friday, not a single government building in Dejdabi was left without damage. Earlier that night, protesters grouped again in the square. This time, a man in his 40s appeared and advised them to be quiet, saying: "You have made your point, and this is our town, which we should not destroy anymore."

The government strategy appeared to hold back the full force of the army. Indeed, one death is far too much, but it could have been massacres of hundreds of people had the regime used its full force to quell the demonstrations. With the army already on the ground in Benghazi, the question is whether this strategy will hold.

The situation in Tripoli seems to be the opposite. Friday night, I toured the city starting from the centre and moving west, from the exclusive neighbourhood of Gagaresh to the poor over-crowded shanty town of Guy Ash-aal, and it was eerily quiet, including in Green Square (or Martyr's Square) in the city centre next to the southern walls of the Old City.

People from all walks of life came out in support of the Libyan leader, who joined them the night before in a demonstration along Omar al Mukhtar street, which runs from the square westwards. Food and water supplies were fetched by people themselves and the only indication of government presence was the two ambulance and dozen police officers around the square.

Just before midnight last Friday, I received another text along with thousands of other people. This time, it said: "Safeguard the homeland's integrity and stability. Libya is for all of us."

Mustafa Fetouri is an academic and political analyst based in Tripoli. He won the Samir Kassir Award for Best Opinion Article in 2010

RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 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.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Company%20Profile
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COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

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