One of Libya’s disputed prime ministers has said he has no immediate plans to rule from the capital Tripoli.
Fathi Bashagha's attempted move there last week caused clashes and fears of a return to widespread civil strife.
He said late on Wednesday that his government would work from its headquarters in Sirte, a city on the Mediterranean coast that is about halfway between the country’s east and west, AP reported.
Rival administrations from each end of the North African country claim to be its legitimate rulers until elections are held.
Mr Bashagha said he had entered Tripoli last week in a civilian car and those escorting him were unarmed.
He identified a young man killed during the incident as Ahmed Alashabab, calling him a supporter who was defending him from militiamen.
“We do not blame ourselves for having entered the city,” he said. “I had said that I would not enter the capital unless conditions were 100 per cent favourable.”
Oil-rich Libya has been wracked by conflict since a Nato-backed uprising toppled and killed longtime dictator Muammar Qaddafi in 2011.
It has been split between rival administrations in the east and west, each supported by different militias and foreign governments. The establishment of Mr Bashagha’s government in Sirte is expected to further cement the political divide.
Mr Bashagha, a former interior minister and air force pilot, was named prime minister by the country’s eastern-based parliament in February.
However, his rival, Abdul Hamid Dbeibah, who is based in Tripoli in the country’s west, has refused to step down, insisting he will hand over power only to an elected government.
Last week’s fighting in Tripoli was the most serious there since 2020, when Field Marshal Khalifa Haftar, the eastern-based commander of the Libyan National Army, and his forces waged a year-long campaign to try to take the city with the backing of Russian mercenaries.
They eventually failed to do so after forces in Tripoli were supported by Turkish troops. Since then, UN mediators have tried to put the country on a path towards elections.
Mr Dbeibah’s appointment last year, as part of the UN-led process, was clouded by allegations of corruption and bribery. As an interim prime minister, he was to have led the country through elections in December, but the vote never took place.
Both Mr Dbeibah and Mr Bashagha hail from the western city of Misurata, a base of influential militias.
Politicians have argued that Mr Dbeibah’s mandate expired after Libya failed to hold presidential elections on schedule.
The failure was a major blow to international efforts to end a decade of chaos in Libya. The country reverted to its long-running political impasse, with rival governments claiming power.
Mr Dbeibah has repeatedly promised to hold elections soon. However, Mr Bashagha said he doubts his rival can unite the country and organise orderly voting, claiming Mr Dbeibah does not command enough loyalty outside of the capital.
“He will only be able to hold them in Tripoli,” he said. He said his own government is looking at holding nationwide elections within 14 months.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
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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Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.
4pm Handicap (TB) Dh40,000 2,000m
Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.
4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m
Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.
5pm Sharjah Marathon (PA) Dh70,000 2,700m
Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers