Libya's interim Prime Minster Abdul Hamid Dbeibah met Britain's Boris Johnson and US Secretary of State Antony Blinken on Thursday as he sought to entrench agreement on political dialogue and elections before the end of the year.
"The Secretary and interim Prime Minister also emphasised the importance of full implementation of the October 23, 2020 ceasefire agreement, including the immediate withdrawal of all foreign forces and mercenaries from Libya," a State Department spokesman said. "Secretary Blinken reiterated the US commitment to increasing diplomatic support for progress in Libya."
Jan Kubis, the special envoy of the UN Secretary General for Libya, praised the collective effort made in Berlin to reach a consensus.
"This conference represents an important opportunity to renew the international community's commitment to Libya's independence, sovereignty and territorial integrity," Mr Kubis said.
“Significant progress has been made since the holding of the first Berlin Conference in January 2020, resulting in ending the armed conflict in Libya; signing a ceasefire agreement and the establishment of a unified interim executive authority. However, more needs to be done to consolidate this progress and ensure sustainable stability and peace in Libya."
Western diplomats have hailed the first appearance of a "more or less united" Libyan government for many years after the first day of talks in Berlin that seek to build on the ceasefire agreed to last year.
A senior official highlighted the importance of elections expected in December to support the process of removing foreign fighters from Libya.
The interim Government of National Unity was formed in February, taking over from the five-year-old Government of National Accord and a separate eastern-based administration, but an election is scheduled for December 24 to establish a unified administration for the country.
"The Libyans joined as participants in the Berlin process for the first time, they were represented by government of national unity Prime Minister Abdul Hamid Dbeibah and Foreign Minister Najla Mangoush," said Joey Hood, acting assistant secretary for Near Eastern affairs. "Issues surrounding military de-escalation were highlighted and while still unresolved, most useful bilateral discussions were held on how to begin to operationalise the departure of foreign fighters."
The first day of talks was attended by representatives from several countries and the unity government's prime minister and foreign minister.
December elections were important “not just to legitimise a long-term, credible Libyan government” but also with regard to “foreign forces, mercenaries, and fighters”, the diplomat said.
Mr Hood said it should be up to the new Libyan government to decide which countries would be granted security co-operation relationship agreements.
"The US supports a sovereign, stable, unified Libya with no foreign interference, and a state that's capable of combating terrorism within its borders," he said. "We firmly oppose all military escalation and all foreign military intervention, which only deepen and prolong the conflict."
Years of factional warfare in the oil-rich North African state have led to the presence of thousands of foreign mercenaries.
This week's meetings did not produce a concrete agreement on how to approach the withdrawal of foreign fighters, however, with Turkey entering a reservation to the 58-paragraph document on conference conclusions.
It called for the withdrawal of all mercenaries and foreign fighters from Libyan territory. Representatives at the talks included ministers from the UK and the UAE where a discussion on the two countries' "vital partnership" took place on the sidelines, British minister James Cleverly said.
The Turkish Parliament approved Ankara’s military intervention in January 2020 after an appeal for help from the Tripoli-based GNA, as rival factions attacked the capital.
Although a ceasefire has since been agreed to, the Turkish military remains in western Libya, with officials claiming this is by invitation and in a training capacity.
Also reported to be in the country are mercenaries belonging to the Russian Wagner Group who fought alongside forces aligned with eastern commander Field Marshal Khalifa Haftar.
“The Turks did a footnote on the language that relates to foreign forces because the Turks believe their trainers are there with a … viable agreement with a legitimate Libyan government, the previous Government of National Accord,” the US official said.
“So they don’t like being equated with foreign fighters and mercenaries, and the German foreign minister, I noticed at their press conference, made that point publicly.”
Turkey also sent thousands of Syrian mercenaries to bolster western Libyan forces.
The October 2020 ceasefire included a demand that foreign fighters leave Libya within 90 days and paved the way to the unity government.
German Foreign Minister Heiko Maas said the meeting “marked a new phase" and that “we are no longer only talking about Libya, but above all with Libya".
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Bournemouth 0
Manchester United 2
Smalling (28'), Lukaku (70')
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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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.”
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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UAE currency: the story behind the money in your pockets
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.
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports