Members of Libyan special forces have been trained by the Turkish military. The Libya Quartet said that all external military intervention in Libya is unacceptable. AFP
Members of Libyan special forces have been trained by the Turkish military. The Libya Quartet said that all external military intervention in Libya is unacceptable. AFP
Members of Libyan special forces have been trained by the Turkish military. The Libya Quartet said that all external military intervention in Libya is unacceptable. AFP
Members of Libyan special forces have been trained by the Turkish military. The Libya Quartet said that all external military intervention in Libya is unacceptable. AFP

UN, EU and others push ahead with Libya ceasefire monitors


James Reinl
  • English
  • Arabic

The UN, the European Union and others on Tuesday voiced support for the sending of ceasefire monitors to Libya and called for the swift exit of foreign forces from the North African oil exporter.

A statement from the Libya Quartet, a grouping of the UN, EU, the Arab League and the African Union, backed sending the monitors as well as efforts towards holding national elections in Libya in December.

"The Quartet condemned the continued violations of the UN arms embargo and emphasised that all external military intervention in Libya is unacceptable," the group said in a statement.

“They called in this regard for full compliance with the arms embargo and the immediate and unconditional withdrawal of all foreign forces and mercenaries from the entirety of Libya’s territory.”

The virtual meeting brought together UN Secretary General Antonio Guterres, EU foreign policy chief Josep Borrell, Arab League Secretary General Ahmed Aboul Gheit and Monique Nsanzabaganwa, deputy chair of the African Union Commission.

Mr Borrell wrote on Twitter that the group would “do everything possible to strengthen the current positive momentum” in Libya.

The UN Security Council on Friday voted unanimously to send up to 60 international monitors to Libya to oversee a ceasefire agreed to in October between two warring administrations that had ruled the country's eastern and western regions.

The ceasefire in October was followed by the establishment on March 15 of a new unity government led by interim Prime Minister Abdul Hamid Dbeibah, raising hopes of an end to a decade of conflict.

The ceasefire has largely held since then but the main road across the front lines from Sirte to Misurata along the country’s Mediterranean coastline remains closed.

Still, the presence of some 20,000 foreign fighters and mercenaries on Libya's territory is seen as a threat to the UN-backed transition leading to December 24 elections.

The ceasefire monitoring mission will start with a small deployment in the capital, Tripoli, before expanding to Sirte, near the front lines of fighting.

UN spokesman Stephane Dujarric on Tuesday told reporters the UN would send the team “as soon as we can”.

“After years of violence and suffering, there is a window of opportunity in Libya, but urgent and immediate actions are needed to make use of this window,” added Mr Dujarric.

Libya descended into chaos after the Nato-backed overthrow of leader Muammar Qaddafi in 2011.

The country was then divided in 2014 between an internationally recognised government in Tripoli and a rival administration in the west, each backed by various local militias and foreign forces from Turkey, Russia, Egypt and elsewhere.

Islamic%20Architecture%3A%20A%20World%20History
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Countdown to Zero exhibition will show how disease can be beaten

Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a  month before Reaching the Last Mile.

Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.

 

Gulf rugby

Who’s won what so far in 2018/19

Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain

What’s left

UAE Conference

March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers

March 29, final

UAE Premiership

March 22, play-offs: 
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes

March 29, final

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.”

Scoreline

Abu Dhabi Harlequins 17

Jebel Ali Dragons 20

Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson

Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2

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Strait of Hormuz

Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.

The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.

Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.

Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.

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Brahmastra%3A%20Part%20One%20-%20Shiva
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