Libyans have little to celebrate



Libyans have hardly anything to celebrate on the two-year anniversary of their revolution

Libya, the oil-rich North African nation, is set to celebrate the two-year anniversary of its revolution against Col Muammar Qaddafi, yet the majority of Libyans are likely to stay at home, wrote Abdel Bari Atwan, editor of the pan-Arab newspaper Al Quds Al Arabi, in a column at the weekend.

"Some of them may go out on the streets, but only to call for the downfall of the new regime or the dismissal of all senior officials that served under the old regime," Mr Atwan said.

So, do not expect any of the key foreign players who endorsed, if not helped trigger, the Libyan revolution to make an appearance during those "celebrations", the editor noted.

For sure, Bernard-Henri Levy, the French Jewish intellectual and "godfather" of the Libyan revolution, according to Mr Atwan, will not be seen.

Likewise, Mr Levy's good friend, the former French president Nicolas Sarkozy, will take no trouble to attend, even though both men spared no effort to get the international community and Nato forces all pumped up about ousting Col Qaddafi.

"Even the Arabic satellite news channels - which have compounded Nato raids with intensive media assaults to mobilise Arab public opinion in favour of a foreign military intervention - will keep a low profile."

The fact is, nobody wants to be associated with a failure.

"On the anniversary of its revolution, Libya looks more like a military barracks, isolated from its Arab and international surroundings," Mr Atwan went on.

"Libya's borders are completely sealed off, to the east with Egypt, to the west with Tunisia and Algeria, and to the south with Chad and Niger. Its southern provinces became a closed military zone."

True, post-revolution Libya had its free and fair elections several months ago, resulting in a democratically elected 200-member parliament. But that hasn't solved any of Libya's security woes yet.

Angry protesters have stormed parliament on a number of occasions, some eastern cities are de facto autonomous, and assassinations are part of the mainstream. "More than 30 police officers were killed last year in Benghazi alone, including the chief of police."

And while billions of petrodollars keep feeding the national treasury, broad-daylight corruption is standing in the way of any government master plan for development.

"The chaos in Libya is affecting only the people, not the country's oil exports to the West," the author said, with oil giants like BP announcing multibillion dollar prospecting deals.

"By saying this, we are not deploring the ouster of the corrupt Qaddafi regime," Mr Atwan said in conclusion.

"We are simply expressing our regret that the post-revolution government in Libya has been such a failure."

New Egypt declares war on Gaza tunnels

Egypt is waging "an unprecedented war" on the tunnels that Gaza residents have been using to smuggle in commodities from Egyptian cities in a bid to survive a seven-year Israeli blockade, columnist Amjad Arar wrote in yesterday's edition of the Sharjah-based newspaper Al Khaleej.

Egyptian authorities, even under the regime of Hosni Mubarak, have long tolerated these smuggling activities out of a moral obligation to the Palestinian people, the writer said.

Yet, the rulers of the new Egypt, whom many thought would be even more lax on the matter, have launched a real campaign over the past week, flooding dozens of those tunnels and putting professional smugglers out of business, the columnist said.

The strong ideological ties between President Mohammed Morsi's camp and Hamas, the Muslim Brotherhood's branch ruling in Gaza, have apparently failed to counterbalance Israel's constant pressure on Cairo to act on the tunnel issue.

Israelis claim Gazans smuggle more than just household items and building materials. Some reports suggest that 150 to 200 tunnels have been either filled up or flooded since President Mori came to power.

Of course, it is Egypt's sovereign right to control its borders, the writer said. "It's just that it would be a shame if the movement of goods and people between Gaza and Egypt should be subject to Israel's wishes."

Ex-Syrian spokesman apologises to victims

Jihad Makdisi, who was until a few months ago the public face of the Syrian foreign ministry, has apologised to the families of Syrian victims in his first statement since his defection, the pan-Arab newspaper Asharq Al Awsat reported last Thursday.

He has relocated with his family to the UAE, the paper said, citing "close sources".

Commenting on Mr Makdisi's apology in yesterday's edition of the same newspaper, columnist Mohammed Al Rumaihi said: "It is not important where he is now, what matters is that he apologised to Syrian victims, perhaps out of a need to clear his conscience, realising that repressive rule does not go very far."

Mr Makdisi is reported to have said in his statement: "I would place a kiss on the forehead of every mother who lost a martyr and every father who lost a dear one. I extend my condolences to them and ask their forgiveness if my diplomatic position had ever given them the impression that I was disregarding their deep suffering."

Al Rumaihi described the apology of Mr Makdisi, a member of the Syrian Christian minority, as "a brave move".

Many other top Syrian officials are just waiting for the chance to defect, but their families are held hostage by the regime's thugs, he said.

* Digest compiled by the Translation Desk

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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.”