The release of candidate list for Libya’s parliamentary elections is on hold owing to the number of registered nominees.
More time is needed to review the applications – of which there are more than 5,385 – to run for 200 seats in the parliamentary polls, the country’s electoral commission said on Monday.
Two rounds will be held, on December 24 and January, the High National Electoral Commission of Libya said.
“Given that the number of requests has exceeded expectations, the auditing and review process will take longer than planned,” it said.
Days earlier, the elections body had said it would delay releasing the final list of presidential candidates.
The election this month will be the first since the fall of long-time dictator Muammar Qaddafi in 2011, after which the country descended into civil war.
With only 11 days to go, international and local efforts to ensure the elections take place as planned have intensified.
Experts say delays are likely because candidates have the right to see the lists at least two weeks before the polls open.
The UN’s newly appointed special adviser on Libya, Stephanie Williams, met HNEC chairman Imad Al Sayed on Sunday to discuss the process.
On Sunday, 16 of the 98 presidential candidates who had submitted their nomination papers spoke online and agreed to accept the election’s results regardless of the outcome.
They also said they would stand against any attempt to sabotage the democratic process.
Several controversial figures have submitted bids for candidacy, including Saif Al Islam Qaddafi, sought by the International Criminal Court over crimes against humanity. His disqualification was overturned by a Libyan court last week.
Also planning to run is Field Marshal Khalifa Haftar, commander of the Libyan National Army, who is being sued in the US over civilian deaths.
Other candidates include interim Prime Minister Abdul Hamid Dbeibah, former interior minister Fathi Bashagha and Aref Ali Nayed, a former ambassador to the UAE who leads the liberal Ihya Libya party.
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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.”
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