The home of Libya's disputed Prime Minister Abdul Hamid Dbeibeh was reportedly set on fire on Monday during protests triggered by reports that his Foreign Minister Najla Mangoush met her Israel counterpart Eli Cohen last week.
Mr Dbeibeh, who heads the Government of National Unity, suspended Ms Mangoush on Monday and ordered an investigation after Israel's Foreign Ministry claimed the two met in Italy.
As speculation mounted later on Monday that Ms Mangoush had been fired, and of her whereabouts, protestors blocked roads, burnt tyres and waved Palestinian flags in Tripoli and other western cities.
Mr Cohen said earlier he had spoken to Ms Mangoush about “the great potential for the two countries from their relations, as well as the importance of preserving the heritage of Libyan Jews, which includes renovating synagogues and Jewish cemeteries in the country”, Israel's Foreign Ministry cited him as saying on Sunday.
The meeting was reportedly organised by the Italy's Foreign Minister Antonio Tajani.
The announcement triggered protests across the country and gunfire was heard near the GNU's Ministry of Foreign Affairs in Tripoli.
In other cities, protesters gathered outside government buildings and blocked roads.
Initial reports claimed the UN's headquarters in Tripoli's densely populated Janzur district had been set on fire. However, an official close to the world body, speaking to The National, denied the claims.
Libya has never had any diplomatic ties with Israel.
The GNU's Foreign Ministry insisted that the meeting had been “unprepared and casual” but Libya's Presidential Council said it was not representative of Libyan foreign policy.
Council spokeswoman Najwa Wheba told The National that the meeting was in “breach of Libyan laws and legislations that criminalise dealing with the Israeli entity”.
“We had asked for an official clarification from the head of government to clarify how such a meeting was held and to take the subsequent steps according to laws and legislations,” she said.
A decision was subsequently taken to put Ms Mangoush in custody pending an investigation.
However, the minister has reportedly fled the country, with Ms Wheba saying she had “no knowledge” of her whereabouts.
Libya's Internal Security Agency denied claims it had allowed Ms Mangoush, who has a travel ban issued against her, to leave the country through Mitiga Airport.
Yair Lapid, leader of Israel’s opposition, criticised Mr Cohen for revealing details about the meeting.
“Countries of the world this morning are looking at the irresponsible leak of the meeting of the Israeli and Libyan foreign ministers and asking themselves: Is it possible to manage foreign relations with this country? Is it possible to trust this country?” he said.
However, diplomatic Israeli sources said Libyan officials had agreed to publicly announce details of the two-hour meeting, The Times of Israel reported.
On Monday afternoon Israel’s Foreign Ministry distanced itself from its earlier statement announcing the meeting.
"Contrary to reports, the leak about the meeting with the Libyan Foreign Minister did not come from the Foreign Ministry," it said.
Libya has a rich Jewish heritage, as is the case with other north African countries.
However, during the rule of Muammar Qaddafi, an estimated 38,000 Jews were expelled and most synagogues were destroyed and later turned into mosques.
Mr Qaddafi was a known antagonist of Israel and a champion for Palestinians, including armed militant groups.
After his removal and killing in 2011, Libya was plunged into a civil war that has left the country divided between rival governments in Benghazi, in the east, and Tripoli, in the west.
Mr Dbeibeh, who leads the government in Tripoli, is known for his close relations with Italy.
However, Ms Mangoush's meeting with Mr Cohen and what it entails could bring changes to domestic politics in Libya and a geopolitical shift in North Africa.
COMPANY%20PROFILE
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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.”
UAE currency: the story behind the money in your pockets
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BABYLON
%3Cp%3EDirector%3A%20Damien%20Chazelle%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Brad%20Pitt%2C%20Margot%20Robbie%2C%20Jean%20Smart%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
