Libyan Prime Minister Abdul Hamid Dbeibah and Tunisian President Kais Saied meet in Tunis. Tunisian Presidential office
Libyan Prime Minister Abdul Hamid Dbeibah and Tunisian President Kais Saied meet in Tunis. Tunisian Presidential office
Libyan Prime Minister Abdul Hamid Dbeibah and Tunisian President Kais Saied meet in Tunis. Tunisian Presidential office
Libyan Prime Minister Abdul Hamid Dbeibah and Tunisian President Kais Saied meet in Tunis. Tunisian Presidential office

Libya's Abdul Hamid Dbeibah makes official state visit to Tunisia


Ghaya Ben Mbarek
  • English
  • Arabic

Tunisian President Kais Saied welcomed Libyan Prime Minister Abdul Hamid Dbeibah for an official two-day visit on Wednesday.

Mr Saied met the Libyan leader in Tunis during a high-level meeting that involved Prime Minister Najla Bouden, Central Bank of Libya Director Seddik Kebir and other officials from both countries.

The President confirmed “Tunisia's firm belief in the common destiny and future of both countries” and reiterated calls for a solution to the Libyan political situation to safeguard the stability and territorial integrity of the country.

In a statement published on Facebook, Ms Bouden called the visit “a renewed occasion for further strengthening the relations of solidarity and co-operation between Tunisia and Libya, in light of a regional and international context that requires uniting efforts to increase rapprochement and co-operation, in order to confirm the strategic nature of Tunisian-Libyan relations”.

Libyan Prime Minister Abdul Hamid Dbeibah and Tunisia's Prime Minister Najla Bouden in Tunis. AFP
Libyan Prime Minister Abdul Hamid Dbeibah and Tunisia's Prime Minister Najla Bouden in Tunis. AFP

Ms Bouden said Tunisia maintains its position of standing by Libya and supporting their efforts to find a sustainable settlement of the political situation in the country that restores security and stability.

She added that Tunisia will spare no effort to help the country move towards a Libyan-Libyan dialogue and achieve reconciliation in a way that preserves Libya’s unity and national sovereignty.

Mr Dbeibah echoed the same sentiments, stressing the “untouchable”, distinguished relations between Libya and Tunisia, reiterating the importance of joint action between the two countries in the face of growing global challenges.

Libya has been in political deadlock since the 2011 overthrow of Muammar Qaddafi. But it's most recent turmoil was sparked by December 2021 elections after which Mr Dbeibah, then head of the transitional government in Tripoli, refused to step aside.

The country's eastern-based parliament then appointed Fathi Bashaga as a rival priem minister.

The UN has called for renewed elections.

It's Special Representative Abdoulaye Bathily, on a visit to Libya in October, said a "consensus State re-legitimation proces" is needed.

"Legitimate institutions capable of providing for the basic needs of the people must be established on the basis of a genuine political will. In this process, the conduct of legislative and presidential elections is paramount,” he said.

The Tunisian Prime Minister also expressed her satisfaction with attempts to restore the normal flow of economic and trade co-operation with Libya, despite the negative effects of the Covid-19 pandemic and the war in Ukraine.

Ms Bouden said that Tunis aims to strengthen co-operation between the two sides in the health and security fields, as well as achieve food and energy security.

Stability in the Maghreb was at the centre of the meeting at Kasbah Palace, as Mr Dbeibah said that “any danger or destabilisation in Libya represents a threat to Tunisia”.

He said the common goal for the two countries is to ensure a free and decent life for their peoples and to pave the way for building a prosperous future.

RESULTS
%3Cp%3E3.30pm%3A%20Al%20Maktoum%20Challenge%20Round%203%20%E2%80%93%20Group%201%20(PA)%20%2475%2C000%20(Dirt)%202%2C000m%3Cbr%3EWinner%3A%20Jugurtha%20De%20Monlau%2C%20Pat%20Dobbs%20(jockey)%2C%20Jean-Claude%20Pecout%20(trainer)%3C%2Fp%3E%0A%3Cp%3E4.05pm%3A%20Dubai%20City%20Of%20Gold%20%E2%80%93%20Group%202%20(TB)%20%24250%2C000%20(Turf)%202%2C410m%3Cbr%3EWinner%3A%20Global%20Storm%2C%20William%20Buick%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E4.40pm%3A%20Burj%20Nahaar%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(D)%201%2C600m%3Cbr%3EWinner%3A%20Discovery%20Island%2C%20James%20Doyle%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A%3Cp%3E5.15pm%3A%20Nad%20Al%20Sheba%20Turf%20Sprint%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(T)%201%2C200m%3Cbr%3EWinner%3A%20Al%20Dasim%2C%20Mickael%20Barzalona%2C%20George%20Boughey%3C%2Fp%3E%0A%3Cp%3E5.50pm%3A%20Al%20Bastakiya%20%E2%80%93%20Listed%20(TB)%20%24170%2C000%20(D)%201%2C900m%3Cbr%3EWinner%3A%20Go%20Soldier%20Go%2C%20Adrie%20de%20Vries%2C%20Fawzi%20Nass%3C%2Fp%3E%0A%3Cp%3E6.25pm%3A%20Al%20Maktoum%20Challenge%20Round%203%20%E2%80%93%20Group%201%20(TB)%20%24450%2C000%20(D)%202%2C000m%3Cbr%3EWinner%3A%20Salute%20The%20Soldier%2C%20Adrie%20de%20Vries%2C%20Fawzi%20Nass%3C%2Fp%3E%0A%3Cp%3E7.10pm%3A%20Ras%20Al%20Khor%20%E2%80%93%20Conditions%20(TB)%20%24300%2C000%20(T)%201%2C400m%3Cbr%3EWinner%3A%20Al%20Suhail%2C%20William%20Buick%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E7.45pm%3A%20Jebel%20Hatta%20%E2%80%93%20Group%201%20(TB)%20%24350%2C000%20(T)%201%2C800m%3Cbr%3EWinner%3A%20Alfareeq%2C%20Dane%20O%E2%80%99Neill%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E8.20pm%3A%20Mahab%20Al%20Shimaal%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(D)%201%2C200m%3Cbr%3EWinner%3A%20Sound%20Money%2C%20Mickael%20Barzalona%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A

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.”

Updated: November 30, 2022, 8:12 PM