World powers threatened to sanction those who would obstruct Libya’s coming presidential and parliamentary elections during a Paris summit seeking to ensure the polls go ahead as planned.
A statement issued after the conference, which was also attended by senior Libyan officials, also confirmed the countries' support for the withdrawal of foreign fighters in the country.
“We affirm that individuals or entities, inside or outside of Libya, who might attempt to obstruct, undermine, manipulate or falsify the electoral process and the political transition” could face sanctions, the statement said.
Attendees included French President Emmanuel Macron, Egyptian leader Abdel Fattah El Sisi, Germany’s Chancellor Angela Merkel, Italian Prime Minister Mario Draghi and US Vice President Kamala Harris. Libya’s delegation was led by Mohammed Al Menfi and Abdul Hamid Dbeibah, the interim president and prime minister, respectively.
Mr Dbeibah called for international observers and political support to ensure a fair election.
“We need real guarantees so that the results of the elections are accepted by all and so that those who might refuse the results of the elections be sanctioned,” he said.
Mr Al Menfi and Mr Dbeibah took office this year in a UN-backed peace process that followed an October 2020 ceasefire after 18 months of conflict.
Libya has suffered from near constant turmoil since the 2011 revolution that ousted dictator Muammar Qaddafi. Many of its most important institutions remain divided and it is hoped the elections may pave the way to greater unity.
The presidential and parliamentary polls are both supposed to take place on December 24, according to the UN-supported plan.
But that date is in doubt amid divisions between Libya’s various factions, including disagreements over who can run as well as the constitutional basis governing the elections.
Already the parliamentary elections have been pushed back until early next year, the country's eastern-based Parliament has said.
Mr Draghi said it was important the elections occur, noting that three million Libyans had already registered to vote.
He said Libya's rival factions must agree on a new electoral law as soon as possible for a national vote to be held, as planned, on December 24.
“There needs to be an electoral law, which is fundamental to holding an election,” he said.
“Therefore I hope that this electoral law is drawn up with the agreement of everyone and that everyone gets together, not in the coming weeks, but in the coming days, because it is urgent if you are going to hold elections on December 24.”
There are also concerns over whether the various factions will recognise the results of any vote.
“We stress the importance of an inclusive and consultative electoral process,” the post-summit statement said.
The world powers said they backed an electoral process “starting” on December 24, a change in emphasis from a previous demand for both votes to happen simultaneously on that day.
UN Secretary General Antonio Guterres also noted the disputes on the legal basis for the election when he addressed the summit virtually.
“Elections are an essential next step on the road to peace and stability. This step has to be built on a strong foundation of inclusive and credible frameworks that can guarantee its success.
“I strongly urge Libyans to come together in a spirit of national unity, to overcome remaining differences and forge a consensus on the legal framework for the elections, in consultation with all relevant national institutions, adhering to their rules and procedures.”
The conflict has involved as many as 20,000 foreign troops pouring into Libya in recent years, including Turkish soldiers, Russian Wagner Group mercenaries and fighters from Syria, Sudan and Chad.
Leaders in Paris backed a plan by senior Libyan military leaders “for the withdrawal of mercenaries, foreign fighters and foreign forces from the Libyan territory”.
But the post-summit statement said that Turkey had introduced “a reservation with regard to the status of foreign forces”.
Ankara has long argued that there is a differences between the many mercenaries who came to Libya and the Turkish soldiers who were invited by the previous Libyan government in a training and advisory role.
Ms Merkel said “there are still some reservations on the Turkish side but the Russia side has acknowledged that it could be done in a reciprocal way”.
Mr Macron said a commitment by eastern forces to remove 300 foreign mercenaries through a process agreed to between senior Libyan military leaders must be followed by Russia and Turkey pulling out fighters.
"Turkey and Russia must also withdraw without delay their mercenaries and military forces, whose presence threatens the stability and security of the country and the entire region," he said.
Deep concerns also remain over the plight of migrants and refugees, many of whom attempt to make the deadly journey from Libya to Europe via the Mediterranean Sea. Often they are held in brutal, squalid detention centres if intercepted at sea.
“Libyan authorities have the responsibility to protect all people in Libya, including migrants and refugees. I am deeply concerned about the dire conditions that refugees and migrants continue to face in detention,” Mr Guterres said.
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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.”
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
UAE currency: the story behind the money in your pockets
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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