The US Security Council on Friday voted unanimously to extend the UN political mission in Libya for another year and urged institutions and parties in the divided North African country to agree on a road map to presidential and parliamentary elections as quickly as possible.
The resolution adopted by the UN’s most powerful body urged “dialogue, compromise and constructive engagement” aimed at forming “a unified Libyan government able to govern across the country and representing the whole people of Libya”.
Libya plunged into chaos following an uprising that drew Nato intervention which toppled and killed longtime dictator Muammar Qaddafi in 2011. The oil-rich nation has been split between rival administrations in the east and west, each backed by militias and foreign governments.
The country’s current political crisis stems from the failure to hold elections in December 2021 and the refusal of Prime Minister Abdul Hamid Dbeibah, who led a transitional government in Tripoli, to step down.
In response, the country’s east-based parliament appointed a rival prime minister, Fathi Bashagha, who has for months sought to install his government in Tripoli.
The resolution reaffirmed the Security Council’s “strong commitment to an inclusive Libyan-led and Libyan-owned political process, facilitated by the United Nations and supported by the international community,” that leads to elections as soon as possible. It backs the resumption of efforts to resume intra-Libya talks to create conditions for elections.
Gabon’s UN ambassador, Michel Xavier Biang, the current council president, said the three African nations on the council — Gabon, Kenya and Ghana — “have the sense of having contributed to an important milestone towards the stabilisation of a major African state.”
“Through this vote, we are sending a message to the Libyan people and that message is clear that the UN is standing by their side,” Mr Biang said.
“This is also a message to the Libyan authorities and all political stakeholders who have an opportunity to create a momentum that would lead to restoring hope in Libya.”
The council welcomed the appointment of a new UN special envoy Abdoulaye Bathily after a nine-month search.
Russia had refused to extend the mandate of the UN mission in Libya, known as Unsmil, for more than three months until a new special representative was chosen.
So Unsmil’s 12-month extension until October 31, 2023, was a vote of confidence for the former Senegalese minister and diplomat.
Mr Bathily told the council on Monday that he plans to follow up on commitments by Libya’s political rivals at the end of a meeting last week that reportedly include the need to hold elections and ensure that the country has a single executive power as soon as possible.
He said he plans to talk to leaders of the east-based parliament, the House of Representatives, and west-based High Council of State in the coming weeks “to understand” the agreements announced at the end of their October 21 meeting in the Moroccan capital, Rabat.
According to the Moroccan Press Agency and the North African Post, the speaker of the east-based parliament, Aguila Saleh, and the head of the Supreme Council, Khaled Al Meshri, agreed to implement a mechanism on criteria for leadership positions agreed to at talks in Morocco in October 2020.
Mr Saleh was quoted as saying the rivals also agreed “to ensure that there is a single executive power in Libya as soon as possible” and to relaunch dialogue to achieve an agreement about the holding of presidential and parliamentary elections.
The elections need to respect “a clear road map and legislation, on the basis of which the polls will be held”, he was quoted as saying at a press briefing after the meeting.
The Security Council’s resolution underlined “the importance of an inclusive, comprehensive national dialogue and reconciliation process.”
Council members expressed concern at the security situation in Libya, particularly recurring clashes between armed groups in the Tripoli region that have caused civilian casualties and damaged civilian infrastructure.
They said “that there can be no military solution in Libya” and called on all parties to refrain from violence.
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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In Full Flight: A Story of Africa and Atonement
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RESULTS
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
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6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar
Griselda
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
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