Saif Al Islam Qaddafi reinstated as Libyan presidential candidate

A Libyan court on Thursday ruled that the son of the late leader Muammar Qaddafi could run for president, his lawyer said, as arguments intensified over the conduct of an election aimed at ending a decade of turmoil.

Saif Al Islam Qaddafi's appeal against disqualification for the December 24 vote was delayed for days as fighters blocked off the court, one of several incidents that may foreshadow wider election unrest.

In another incident on Thursday, the elections commission said armed men had stormed five election centres in western Libya, stealing ballot cards.

Analysts fear a contested vote, or one with clear violations, could derail a peace process that this year led to the formation of a unity government to bridge the rift between warring eastern and western factions.

A final list of candidates for the election has not yet been released amid a chaotic appeals process after the election commission initially disqualified 25 of the 98 who registered to run for president.

Mr Qaddafi, who was sentenced to death by a Tripoli court in his absence in 2015 for war crimes committed during the failed battle to save his father's 40-year rule from a Nato-backed uprising, is one of several divisive candidates in the race.

He is a figurehead for Libyans still loyal to the former government of his father, whose toppling and death in 2011 heralded a decade of strife. After his lawyer announced the decision, his supporters celebrated in the streets across Sebha, witnesses said.

But many other Libyans, including in the armed groups that hold the balance of power in large areas of the country, view his presence on the ballot as unacceptable after the bloody struggle to oust his father.

The blockade of the Sebha court this week by fighters allied to eastern commander Khalifa Haftar indicated the potential chaos that the planned election could unleash with armed groups backing or opposing rival candidates.

Gen Haftar, whose Libyan National Army controls much of eastern and southern Libya, is himself a candidate for the election. The LNA said the units allied to it had been protecting the court rather than blocking it.

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.”

Saif Al Islam Qaddafi reinstated as Libyan presidential candidate

Son of late Libyan dictator Muammar Qaddafi was previously disqualified from the election