Field Marshal Khalifa Haftar, commander of the Libya National Army, enjoys widespread support in the east.
Field Marshal Khalifa Haftar, commander of the Libya National Army, enjoys widespread support in the east.

The long road to peace and reconciliation in Libya



"The cause of peace has made a great deal of progress today", French president Emanuel Macron declared on Tuesday, referring to the outcome of the deliberations between Libya's prime minister and its most powerful general. Mr Macron had brought together Fayez Al Sarraj, head of the UN-backed Libyan unity government, and Field Marshal Khalifa Haftar under one roof to negotiate an end to Libya's years-long conflict. The agreement that emerged from their talks, building on their last meeting in Abu Dhabi on May 3, merits the solemn praise lavished on it by Mr Macron.
The joint declaration signed by Field Marshal Haftar and Mr Al Sarraj is both comprehensive and visionary. Both sides agree that only a political solution accompanied by a national reconciliation process can rescue Libya from the ongoing crisis. To achieve this, both men have committed themselves to a ceasefire; arms will not be used for any purpose that does not strictly constitute counterterrorism. The two sides have agreed to work in earnest on drafting a new constitution, building democratic institutions, and instituting the rule of law. They have pledged to begin work on unifying Libya, and to make efforts to integrate freelance fighters into regular forces or disarm and help them rejoin civilian life. Parliamentary and presidential elections will be held as soon as possible, and further talks will be pursuant to the deal brokered by Mr Macron.
After three years of conflict, this agreement represents the opening of a pathway for peace. But the magnitude of this moment must not blind us to the enormity of the challenges that lie ahead. Field Marshal Haftar and Mr Al Sarraj have not just committed to ending the bitter war raging in Libya. They have embarked on a nation-building project. Libya's history makes it inimical to such ambitions.
Muammar Qaddafi diligently hollowed out the country's institutions during his long decades of misrule. Libya's new leaders have no native inheritance to build upon. They must start from scratch. The Libyan's state's loss of legitimacy under Mr Gaddafi will only add to the difficulty of convincing Libyans to place renewed trust in the state. Will the militiamen who run the myriad warring outfits that have sprung up across Libya give up their arms to unify behind a single source of power? Will ordinary Libyans, who were brutally betrayed by the ancien regime, feel secure enough to engage freely and openly in a reconciliation process set in motion by a new government?
Field Marshal Haftar and Mr Al Sarraj have shown great courage in burying their differences for the good of Libya. Each needs the other, and their joint efforts, if sustained and supported by the world, can yield genuinely positive results for Libya. But the road to peace is a long one. As they put their plan into action, it might be prudent to temper our expectations.

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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.”

Ultra processed foods

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

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Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

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Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

RESULT

Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')

Man of the match Nathan Redmond (Southampton)

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The Scale for Clinical Actionability of Molecular Targets
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.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

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'The Sky is Everywhere'

Director:Josephine Decker

Stars:Grace Kaufman, Pico Alexander, Jacques Colimon

Rating:2/5

Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.