Libya's parliament says it will meet next week to pick Prime Minister Abdul Hamid Dbeibah's successor. AP
Libya's parliament says it will meet next week to pick Prime Minister Abdul Hamid Dbeibah's successor. AP
Libya's parliament says it will meet next week to pick Prime Minister Abdul Hamid Dbeibah's successor. AP
Libya's parliament says it will meet next week to pick Prime Minister Abdul Hamid Dbeibah's successor. AP

UN renews Libya mission for just three months as date set to replace PM


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The UN Security Council voted on Monday to extend its political mission in Libya by three months after a dispute between the West and Russia over the appointment of a new top envoy for the North African country, which is trying to form a united government after 10 years of turmoil.

A vote last week on a US-backed, British-drafted resolution to extend the UN mission until September 15 had been postponed at the last minute after Russia objected and circulated its own draft resolution calling for Secretary General Antonio Guterres to appoint a new special representative in a month.

The text of the resolution contains no mention of the council's hopes that presidential and legislative elections will be held soon in Libya.

Initially scheduled for December 24, the presidential election was supposed to have put an end to more than 10 years of chaos and conflict. However, it has been postponed indefinitely.

The council also eliminated Russia’s call for a one-month deadline for the UN chief to appoint a new representative, saying only that it “recognises the secretary general’s responsibility to appoint a special envoy”.

Moscow, which favoured a short renewal of the UN Support Mission in Libya, threatened to use its veto and even went as far as proposing a counter-draft to the British text last week to stress the need for Mr Guterres to appoint, “without further delay”, a new envoy for Libya.

The issue of the UN's top representative in Libya arose after UN special representative Jan Kubis, who was based in Geneva rather than Tripoli and reportedly had close ties to Moscow, resigned suddenly in November.

Mr Guterres then appointed American diplomat Stephanie Williams, who oversaw the October 2020 ceasefire agreement in Libya, as his special adviser, which did not require Security Council approval.

Parliament sets date to replace PM

Meanwhile, Libya's parliament announced on Monday that it would meet next week to pick a replacement for interim prime minister Abdul Hamid Dbeibah, potentially escalating tension between the country's eastern and western factions.

The announcement, which came a month after planned elections were abandoned amid bitter arguments over their legal basis, once again lays bare the extent of divisions between eastern and western factions in the war-torn country.

Spokesman Abdallah Bliheq said the assembly, based in the country's east, was ready to start examining applications for the role, and that candidates would face hearings in the house on February 7.

A session will take place the following day to select the winner, he said.

UN special representative to Libya Jan Kubis, who was based in Geneva and reportedly had close ties to Moscow, resigned suddenly in November. Reuters
UN special representative to Libya Jan Kubis, who was based in Geneva and reportedly had close ties to Moscow, resigned suddenly in November. Reuters

Diplomats said the US considered Russia’s attempt to convince the secretary general to quickly appoint a new special representative as an effort to do away with Ms Williams, whose work was highly praised last week by UN spokesman Stephane Dujarric.

Britain’s deputy UN ambassador James Kariuki said the resolution that was adopted on Monday was “disappointing”.

He said that “Libya is at a fragile juncture” and “the UN’s role in supporting an inclusive political process in Libya is more important than ever”.

US deputy ambassador Jeffrey DeLaurentis called it “a suboptimal outcome for the Libyan people and a poor reflection on the council”.

Speaking after the vote, Russia's deputy UN ambassador Anna Evstignyeva said she hoped the appointment of a new emissary to head the UN Libya mission “will make it possible to fully relaunch” the project.

War and the virus
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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.”

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

While you're here
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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UAE currency: the story behind the money in your pockets
Results
%3Cp%3E%3Cstrong%3EStage%206%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%203hrs%2041min%2012sec.%3Cbr%3E2.%20Sam%20Bennett%20(GBR)%20Bora%20%E2%80%93%20Hansgrohe%20%E2%80%93%20ST%3Cbr%3E3.%20Dylan%20Groenewegen%20(NED)%20Team%20Jayco%20Alula%20%E2%80%93%20ST%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%209sec%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20%E2%80%93%2013sec%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Japan 30-10 Russia

Tries: Matsushima (3), Labuschange | Golosnitsky

Conversions: Tamura, Matsuda | Kushnarev

Penalties: Tamura (2) | Kushnarev

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

Places to go for free coffee
  • Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day. 
  • La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
  • Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
  • Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Updated: June 13, 2023, 1:57 PM