Libya was on the brink of sliding back into civil war on Tuesday evening, according to the UN, which issued a call for immediate de-escalation as armed groups mobilised in Tripoli.
A growing standoff between rival militia groups led Unsmil, the UN mission in Libya, to warn that "current mobilisation of forces affiliated with different groups creates tensions and increases the risk of clashes that could spiral into conflict."
In western Libya, an armed group closed two key oil ports after gunmen occupied four oilfields, drastically cutting oil production as tension rises before Friday’s presidential election.
The oil fields in western Libya were shut by the gunmen of the Petroleum Facilities Guard (PFG), a force employed to guard oil installations, with a PFG statement saying the issue was over pay.
Libya’s National Oil Corporation (NOC) said it would take legal action against the strikers and condemned their actions.
“Stopping the production of the El Sharara, El Feel, Al Wafa and Hamada fields, and the loss of more than 300,000 barrels per day at the hands of members of the Petroleum Facilities Guard as a result of wasting the country’s wealth,” the agency said in a statement.
“The attorney general's office will take the necessary measures to investigate and collect information and inferences to reveal the planners, implementers and beneficiaries of this disgraceful act,” the statement added.
Election doubts
The strike takes place amid growing doubts that the presidential election will be held on time on Friday, the date originally chosen to mark the 70th anniversary of Libya’s independence.
Diplomats expect the vote will be postponed, though no formal decision has been announced by the Higher National Elections Commission.
The commission said on Monday it is still awaiting the result of a decision from Parliament on which candidates are eligible to stand. However, election law requires a minimum of two weeks of campaigning, which is now impossible.
Outside powers are desperate to see elections go ahead, seeing them as key to ending years of war and chaos. On Monday, US ambassador Richard Norland met election officials to underline American support.
“We do not support any particular candidate but we support the process,” said the ambassador.
The oilfield protest comes amid a worsening fallout between NOC chairman Mustafa Sanalla and the country’s oil minister, Mohammed Oun, of the UN-backed Government of National Unity (GNU).
In October, Mr Oun ordered the suspension of Mr Sanalla, saying he had made a visit abroad without permission, but Mr Sanalla ignored the suspension order. This week, the NOC issued a statement saying the suspension is invalid.
Whatever the rights and wrongs of the suspension controversy, it has left the leadership of Libya’s oil sector, which accounts for 95 per cent of the country’s export earnings, divided between the minister and the NOC chief.
Meanwhile, the GNU is pondering its next step if Friday’s presidential election is cancelled.
The election is the culmination of a peace process that began in October 2020 when the UN brokered a ceasefire between the Libyan National Army, commanded by Field Marshal Khalifa Haftar, and the western Libyan forces ranged against him. This ceasefire has been a success and is being monitored by a joint military commission in Geneva.
The ceasefire was followed in March by the formation of the GNU, Libya’s first united government since civil war began in 2014.
Critics of the GNU have complained about the decision of its prime minister, Abdulhamid Dbeibah, to run as a candidate in the presidential election after he pledged on taking office not to.
Officials of the UN Support Mission to Libya (Unsmil) are trying to mediate a solution to both the oil and election crises, but have been affected by the resignation earlier this month of leader Jan Kubis.
UN Secretary General Antonio Guterres has since appointed US diplomat Stephanie Williams, a former director of Unsmil, as his special adviser on Libya.
Unsmil yesterday took the unusual step of posting on its Twitter account an official denial of a report that it had evacuated its office in Tripoli amid growing militia tension in the city, labelling the claim “fake news".
The elections process has been hit by legal challenges against leading candidates, including Mr Dbeibah and Saif Al Islam Qaddafi, son of Libya’s late dictator Muammar Qaddafi. The challenges were ultimately dismissed by appeals courts.
In an attempt to help resolve the elections issue, Field Marshal Haftar, who is a presidential candidate, met key officials on Tuesday, including fellow candidate Fathi Bashargha, a former interior minister, in Benghazi.
The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Men's football draw
Group A: UAE, Spain, South Africa, Jamaica
Group B: Bangladesh, Serbia, Korea
Group C: Bharat, Denmark, Kenya, USA
Group D: Oman, Austria, Rwanda
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.”
World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
'Nope'
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jordan%20Peele%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Daniel%20Kaluuya%2C%20Keke%20Palmer%2C%20Brandon%20Perea%2C%20Steven%20Yeun%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Manchester City transfers:
OUTS
Pablo Zabaleta, Bacary Sagna, Gael Clichy, Willy Caballero and Jesus Navas (all released)
INS
Ederson (Benfica) £34.7m, Bernardo Silva (Monaco) £43m
ON THEIR WAY OUT?
Joe Hart, Eliaquim Mangala, Samir Nasri, Wilfried Bony, Fabian Delph, Nolito and Kelechi Iheanacho
ON THEIR WAY IN?
Dani Alves (Juventus), Alexis Sanchez (Arsenal)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)