Taking the fight to ISIL in Africa

This week, American drones and manned aircraft hit ISIL targets in Libya. It was the first time since the Nato-led intervention that toppled former president Muammar Qaddafi in 2011 that United States warplanes carried out strikes in the country. And it could not have come at a better time in the global fight against ISIL, as the group has suffered various setbacks in their strongholds.

While the militants have ramped up attacks in Europe on civilian targets, they are under pressure in Iraq and Syria. The city of Fallujah has been wrestled from ISIL’s grip by Iraqi security forces as part of a larger bid to retake Mosul, the country’s second largest city. There is more work to be done in weeding out collaborators but the direction of travel is clear. On the back foot, ISIL is redoubling efforts to increase its presence in Libya.

Senior Pentagon officials have confirmed that the United States has been planning action in Libya for some time in consultation with their French counterparts. Washington is looking to expand the model it has employed in Iraq and Syria, where US planes provide air support for allied groups fighting ISIL on the ground.

Since the fall of Qaddafi, Libya has been a broken state at war with itself and various rebel groups. American air strikes run the risk of emboldening groups that might end up proving harmful to the long-term security of Libya and the region. That being said, the war on ISIL is a multi-faceted endeavour. The militants are trying to establish a large base of operation in the country, which could be the starting point for new attacks on European targets.

As Turkey, a key Nato ally and critical member of the US-led coalition against ISIL, continues to rout out suspected coup plotters inside its military, it is critical for the US to send a strong message to ISIL’s leadership that the fight continues.

President Barack Obama has tried to avoid renewed military conflict in Libya since 2011 but the reality is that America can’t turn its back on this important front in the larger war. The air strikes must continue against the militants but now it is time for the US and its allies to draft a realistic plan for Libya’s future. The rebuilding of the country is critical for the safety of the region and the world.

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

Company%20Profile

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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.”

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Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.

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