ABU DHABI // The prime minister of Libya on Wednesday rebutted rumours that there was any engagement of the UAE and Egypt in military action taken in his country two weeks ago.
“We unequivocally deny that the UAE and Egypt had any involvement in the strikes in Libya,” said Abdullah Al Thani. “It is tarnishing their image.
“The Emirates’ involvement in the military strike is a falsification of the situation and this incident was abused by the Islamists. There were far greater crimes, such as theft and the destruction of homes, including my own.”
US officials claimed last month that the UAE and Egypt were behind air strikes on Islamist militia targets in Libya. They said UAE pilots had twice flown over Tripoli from Egyptian air bases.
Mr Al Thani said the “false events” were a misrepresentation of the positive role played by the UAE and Egypt.
“I am absolutely sure that Egypt and the UAE are not implicated in this and that there is no evidence,” he said. “Whoever has evidence should present it to us.”
Mr Al Thani was on an official visit to the UAE to meet Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. He was joined by his own delegation, headed by Ageela Saleh, the speaker of the house of representatives.
Mr Al Thani confirmed that seven Libyans had been arrested in the UAE shortly after the raid on Tripoli.
“Our embassy has undertaken all legal measures and I trust the UAE judiciary,” he said. “If they are guilty, they will be given due process. If they are innocent, we most definitely trust the UAE judiciary and the UAE Government, and we trust that they will be set free.
“Just as we do not compromise on our sovereignty, we do not allow our own citizens to infringe the sovereignty of any other country and it is an obligation to respect the sovereignty of other countries.”
Asked about the threat of Islamist extremists, Mr Al Thani said terrorism was a worldwide phenomenon that had to be fought.
“We ask the international community to support us in our fight against terrorism,” Mr Al Thani said. “That is the support we need.”
He said the strategy to get Libya out of its crisis involved militants laying down their weapons and leaving the capital.
“Tripoli will be freed in the coming days,” he said. “If they lay down their weapons and return to their homes, they will be pardoned. Libya will be freed by the hands of Libyans and the Libyan youth will liberate their country.”
Mr Al Thani said international military intervention in Libya was a topic of discussion with the country’s parliament and government. “The Libyan people will give their final word.”
He also confirmed that oil companies were completely under the control of the government.
“Rates of production have reached 750,000 barrels a day,” he said. “The situation is headed towards prosperity. I expect the rate to jump to one million barrels per day by next October.”
Sheikh Mohammed said the UAE looked forward to a unified Libya that occupied its natural position in the Arab world and its regional sphere.
He stressed the UAE’s support for all efforts aimed at backing the Libyan people to achieve peace and stability and wished for stability in Libya to be followed by reconstruction and development.
cmalek@thenational.ae
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In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Planes grounded by coronavirus
British Airways: Cancels all direct flights to and from mainland China
Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30
Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong
Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
Indonesia's Lion Air: Suspending all flights to China from February
South Korea's Asiana Airlines, Jeju Air and Jin Air: Suspend all flights
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
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.”
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
