Egyptian Prime Minister Mostafa Madbouly received Osama Hamad, the Prime Minister of Libya's Government of National Solidarity Photo: Osama Hamad.
Egyptian Prime Minister Mostafa Madbouly received Osama Hamad, the Prime Minister of Libya's Government of National Solidarity Photo: Osama Hamad.
Egyptian Prime Minister Mostafa Madbouly received Osama Hamad, the Prime Minister of Libya's Government of National Solidarity Photo: Osama Hamad.
Egyptian Prime Minister Mostafa Madbouly received Osama Hamad, the Prime Minister of Libya's Government of National Solidarity Photo: Osama Hamad.

Libya's Tripoli-based government rejects Egypt's hosting of rival Prime Minister


Kamal Tabikha
  • English
  • Arabic

The Libyan Government of National Unity has strongly condemned Egypt's decision to receive Osama Hamad, the Prime Minister of the rival Government of National Stability, for an official visit on Sunday.

The GNU, based in Tripoli and backed by the UN, stated through its Ministry of Foreign Affairs and International Co-operation that Egypt's move “is not of any real impact, but it is considered a departure from the unity of the international position that rejects the country's return to a state of division and infighting”.

The ministry's sharp rebuke underscores the heightened tensions between the GNU and the GNS – which is backed by the Commander of the Libyan National Army, Khalifa Haftar, in the eastern city of Tobruk.

Hamad's visit marked a provocative step by Egypt into Libya's complex political landscape, where militias have become a dominant force since the fall of Muammar Qaddafi in 2011.

According to the Egyptian government, Prime Minister Mostafa Madbouly met with Mr Hamad and his delegation, including Belqasim Haftar, the son of Khalifa Haftar and director general of the Libyan Development and Reconstruction Fund, in the New Alamein city.

The discussions focused on enhancing bilateral co-operation and Egypt's role in rebuilding Libya, Mr Madbouly said.

Mr Hamad praised Egypt's constant support for the Libyan people and the significant efforts of Egyptian companies in Libya's reconstruction.

He also highlighted the recent aid provided by Egypt under the directives of President Abdel Fattah El Sisi after Storm Daniel hit Libya last year.

However, the GNU views Egypt's engagement with the rival government as a dangerous escalation.

Jalel Harchaoui, a North Africa expert at the Royal United Services Institute, warned that this “slide towards overt diplomatic assault from abroad against Dbeibah's government is profoundly dangerous” and “jacks up the probability of a hot war across the greater Tripoli area between pro- and anti-GNU factions”.

The move coincides with Egypt's emergence as a strategic regional power due to its role in crises such as Gaza and Sudan.

Mr Harchaoui noted that by confronting Egypt, GNU Prime Minister Abdul Hamid Dbeibah “has chosen to escalate rather than maintain a low profile, as he did when Ankara welcomed Belqasim Haftar as royalty two weeks ago”.

Turkey, which has thus far supported the GNU, also recently hosted Belqasim Haftar, signalling a potential shift in its Libya policy.

The shift to a position that is markedly closer to Egypt’s stance on Libya was highlighted during a visit by Turkish Foreign Minister Hakan Fidan to Egypt last week during which he announced increased co-operation between Cairo and Ankara on trade, foreign policy and regional security.

Egyptian Foreign Minister Badr Abdelatty noted that Cairo and Ankara have “a new joint vision” on several regional matters including Libya, Syria and Sudan.

Since the fall of Gaddafi in 2011, numerous armed groups have emerged in Libya, filling the power vacuum and operating under the guise of state legitimacy while primarily defending their leaders' and social base's interests.

The militias have undergone consolidation and institutionalisation, with their leaders acquiring top government and military posts, which has, in turn, blurred the lines between militias and state forces, diminishing prospects for disarmament and reintegration into a unified army under state control.

As militia leaders use their military power for political and financial gain, they have become poised to heavily influence any future elections, creating a challenging environment for civilian political forces in Libya's fractured landscape.

Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

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.”

Friday's schedule in Madrid

Men's quarter-finals

Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time

Roger Federer (4) v Dominic Thiem (5) from 7pm

Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm

Stan Wawrinka v Rafael Nadal (2) from 11.30pm

Women's semi-finals

Belinda Bencic v Simona Halep (3) from 4.30pm

Sloane Stephens (8) v Kiki Bertens (7) from 10pm

How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

UAE currency: the story behind the money in your pockets
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Favourite things

Luxury: Enjoys window shopping for high-end bags and jewellery

Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount

University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China

Masters: Studying part-time for a master’s degree in international business marketing in Dubai

Vacation: Heads back home to see family in China

Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Updated: August 12, 2024, 10:07 AM