Despite Sunday's passage of the long awaited and controversial Libyan political isolation law by the General National Congress (GNC), the siege of government ministries in Tripoli by armed militia protesters in favour of the legislation continues. Negotiations between the prime minister, Ali Zeidan, and these rogue militia groups to bring an end to the blockade have reached an impasse as the demands have escalated to nothing short of the removal of Mr Zeidan from his post.
While the demonstrations began ostensibly with the desire to see pro-Qaddafi elements eliminated from government institutions, it is becoming apparent through their continued presence around the foreign and justice ministries that the isolation law was just a cover. From the beginning the militia's goal was to bring down the Zeidan government and now the two parties are engaged in a power struggle which has thrown the fate of the country into a tailspin.
Originally, the isolation law at the crux of the current crisis was intended to prevent former regime officials from participating in public life as Libya tries to build a democratic framework of government. It is not surprising that, in theory, the law enjoys widespread support among Libyans. After all, these individuals enabled, prolonged and profited from the destruction of the country under the Qaddafi regime. The general feeling is that without these peoples' support the regime would not have lasted so long.
However, despite his established history as an opponent of the former dictator, Mr Zeidan failed to accurately gauge the depth of the public stigma associated with ex-regime figures when initially forming his government. His appointment of former Libyan ambassador to the United States, Ali Al Aujali, to the post of foreign minister raised the eyebrows of even his staunchest supporters. That move made Mr Zeidan vulnerable to scathing criticism from his opponents, most notably the Muslim Brotherhood and militia groups with Islamist and foreign ties.
Even now, the public's perception is that regime supporters are still entrenched in many ministries, conducting business just as they were before the revolution. Mr Zeidan's perceived inability to remove them quickly enough renewed the fervour of the pro-isolation movement while also giving militias unhappy with the prime minister's rhetoric against them a pretext to attack him under the deceptive guise of wanting to protect the February 17th revolution.
But as the details of the legislation were being hammered, it became less about freeing Libya from Qaddafi ties and more about political manoeuvring between the different blocs. As each party insisted on conditions that would eliminate its political rivals, they succeeded only in checking each other. Prolonged debate and failure to agree on the scope and breadth of the law led to armed assaults on GNC sessions by militia protesters eager for it to be implemented.
The final result was a piece of sweeping legislation that went well beyond its originally intended targets, ironically encompassing many former opposition figures before the revolution. Most prominent among them is the GNC president, Mohammed El Magariaf, who left the Qaddafi regime early on in his diplomatic career to become one of its most outspoken enemies while living in exile for more than 30 years. To those familiar with his history, Mr El Magariaf's inclusion in the law borders on the absurd while underscoring its flawed, politicised character.
While the new statute aggressively targets former high level regime associates, it does nothing to hold accountable those that were involved in corruption and other crimes after the revolution. A simple change in the current players of the political landscape is not likely to result in an end to the unethical practices which have become endemic to Libyan society as a result of more than 40 years under Qaddafi rule.
Although the vast majority of the Libyan populace supports the political isolation law to varying degrees, the draconian nature and extreme pressure from militias under which the final draft was passed has deeply compromised its integrity and perhaps even its legality. Many who truly believed it was in the interest of Libya and supported it through legitimate means are now realising they may have been short-sighted in considering the potential harm of its side effects.
Now that it has passed, the Libyan public must be prepared to face the unintended consequences of this drastic legislation. Even if it produces the desired effect of cleansing the country's major institutions of ex-regime remnants, this may become a moot point. The armed protesters' success in imposing their will on the GNC through coercion has set a dangerous precedent, clearing the way for a new breed of dictatorship to take root and replace the old one - mob rule through armed force.
The fate of Mr Zeidan and his government now hangs in the balance against this very threat; it is unclear what his next move will be, especially since he has signalled resistance to the use of force.
Yesterday, his minister of defence, Mohammed Al Bargathi, submitted his resignation in protest, calling the siege of the government ministries "an assault against the democracy" he was sworn to protect. Others may follow his lead.
At this stage, even if the embattled prime minister does somehow survive this crisis, the damage has already been done. The bottom line is that as long as the armed militias' tactics of intimidation against the country's legitimately elected institutions go unchallenged, the dream of a truly democratic Libya will remain only that - a dream, and one that seems to be quickly fading away.
Hanan Ghosheh is a Libyan-American political analyst
On Twitter: @hdghosheh
UAE currency: the story behind the money in your pockets
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
The%20specs
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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
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.”
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Abu Dhabi GP starting grid
1 Lewis Hamilton (Mercedes)
2 Valtteri Bottas (Mercedes)
3 Sebastian Vettel (Ferrari)
4 Kimi Raikkonen (Ferrari)
5 Daniel Ricciardo (Red Bull)
6 Max Verstappen (Red Bull)
7 Romain Grosjean (Haas)
8 Charles Leclerc (Sauber)
9 Esteban Ocon (Force India)
10 Nico Hulkenberg (Renault)
11 Carlos Sainz (Renault)
12 Marcus Ericsson (Sauber)
13 Kevin Magnussen (Haas)
14 Sergio Perez (Force India)
15 Fernando Alonso (McLaren)
16 Brendon Hartley (Toro Rosso)
17 Pierre Gasly (Toro Rosso)
18 Stoffe Vandoorne (McLaren)
19 Sergey Sirotkin (Williams)
20 Lance Stroll (Williams)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
DUBAI WORLD CUP RACE CARD
6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
7.05pm Handicap $135,000 (T) 1,400m
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
9.25pm Handicap $135,000 (T) 1,800m
10pm Handicap $135,000 (T) 1,400m
The National selections
6.30pm Well Of Wisdom
7.05pm Summrghand
7.40pm Laser Show
8.15pm Angel Alexander
8.50pm Benbatl
9.25pm Art Du Val
10pm: Beyond Reason
UAE currency: the story behind the money in your pockets
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.