Libya's speaker of parliament Aguila Saleh is a candidate in the presidential election. AP
Libya's speaker of parliament Aguila Saleh is a candidate in the presidential election. AP
Libya's speaker of parliament Aguila Saleh is a candidate in the presidential election. AP
Libya's speaker of parliament Aguila Saleh is a candidate in the presidential election. AP

Libya must set 'definitive' election date, says speaker of parliament


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Libya's parliamentary speaker Aguila Saleh said the committee responsible for overseeing elections must set a "definitive" date for postponed presidential and legislative polls by the end of the month.

A presidential election was due to take place on December 24, followed by legislative polls, but the UN-sponsored electoral process was delayed in the troubled North African nation amid political tension.

Those tensions pit Field Marshal Khalifa Haftar, commander of the Libyan National Army, and an eastern-based parliament against authorities centred around an interim government in the capital, Tripoli, in the west, led by Prime Minister Abdul Hamid Dbeibah.

Libya has been ravaged by violence and insecurity ever since a Nato-backed uprising in the oil-rich nation toppled and killed dictator Muammar Qaddafi in 2011.

Speaking at a parliamentary session in the eastern port city of Tobruk on Tuesday, Mr Saleh said a parliamentary committee overseeing elections must present its "final report" by the end of January.

The report must detail both "the steps necessary to remove the obstacles which hampered the electoral process" in December and "determine a definitive date" for holding the ballot, he said.

Months of disputes finally resulted in the vote being postponed a few days before it was to take place as the committee overseeing the election declared it impossible to hold as scheduled.

It was derailed by bitter arguments, including rows over divisive candidates and a disputed legal framework.

The commission must also present to parliament "a complete vision of the executive power and the formation of a new government", said Mr Saleh, who is himself a candidate in the presidential election.

A group of Libyan activists protest against the postponement of the presidential elections in Tripoli. AFP
A group of Libyan activists protest against the postponement of the presidential elections in Tripoli. AFP

His demand for a fixed poll date comes a day after he called for a new interim government to be established in Tripoli, noting that the current executive has outlived its mandate.

Libya's parliament passed a vote of no confidence in the interim government in September.

Mr Saleh has called on the attorney general to "investigate" the government's expenses along with "abuses of power", including nominations to posts.

The call came as UN Secretary General Antonio Guterres on Monday urged Libya's political factions and parties to hold safe, "inclusive and credible" presidential and parliamentary elections as soon as possible.

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The calling app is available to download on Google Play and Apple App Store

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The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

Results:

Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.

Super 30

Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5

The five pillars of Islam
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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
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  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.

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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  • Specialist robotics and science laboratories
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  • Disruption Lab and Research Centre for developing entrepreneurial skills
VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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At a glance

- 20,000 new jobs for Emiratis over three years

- Dh300 million set aside to train 18,000 jobseekers in new skills

- Managerial jobs in government restricted to Emiratis

- Emiratis to get priority for 160 types of job in private sector

- Portion of VAT revenues will fund more graduate programmes

- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government

The Good Liar

Starring: Helen Mirren, Ian McKellen

Directed by: Bill Condon

Three out of five stars

Updated: January 19, 2022, 9:43 AM