BENGHAZI // There was a ghostly calm to the sooty rooms and shattered chandeliers of the US consulate in Benghazi yesterday.
But frantic activity rippled from the centre of the disaster as investigators, diplomats and locals sought answers about Tuesday's attack that killed the US ambassador to Libya, J Christopher Stevens, and at least three others.
Reasons for the attack remained murky, but accounts by witnesses and the head of investigations did not rule out an organised strike by an extremist group.
A team led by Wanis Al Sharif, the interior ministry deputy for eastern Libya, has drawn together several branches of the security forces, but as yet no US team, to investigate.
Mr Al Sharif says arrests have been made and that more people are being monitored.
Mustafa Abu Shagur, Libya's prime minister, told AFP yesterday that "big advances have been made" in the investigation.
On some details, several accounts seem to tally.
About the time of the sunset prayer on Tuesday, three or four cars of armed men arrived on the rutted road leading to the compound, according to a consulate worker who saw the event, and Mr Al Sharif, who said he had a phone call telling him of the situation.
The employee, who asked to be identified as Mohammed, said about 20 men with big beards and cropped robes left the cars.
He said they made their way along the side of the compound, where they scaled the walls, crying "God is greatest".
The men crossed the front garden of the compound, and immediately began firing rocket-propelled grenades at a small building that held about five members of the Libyan security forces, who returned fire.
The clash set ablaze the security forces' quarters, and then the house where the ambassador and an unknown number of consulate staff were situated.
As the clashes continued and reinforcements to the security forces arrived, some Americans were evacuated from the back of the building by soldiers, said Mohammed.
But more and more armed supporters of the men described as extremists arrived and came into the compound, overpowering the security forces and beginning a frenzy of burning and looting.
Mr Al Sharif's version differed in that he described, from the vantage point of a control room in which members of various security force branches supplied him with information, a gathering crowd outside the consulate.
They condemned the film defaming the Prophet Mohammed and the failure of US authorities to apologise for it. The crowd grew out of control and stormed through the gates after hearing gunshots from inside.
Most had sidearms or rifles, Mr Al Sharif said, and a few had RPGs. It was at this time that two unidentified Americans were killed.
He said he had warned US officials to evacuate the compound but they ignored him, and that he told about 15 members of the Libyan security forces outside the compound to withdraw, fearing that they would provoke the rioters.
Mr Al Sharif said he was trying to avoid a repeat of an attack on the Italian Embassy, at the height of a scandal over a cartoon depicting the Prophet, in which several people died.
Later he sent local security forces in plain clothes to help to evacuate the Americans, but the ambassador never left the compound.
The owner of the house, Mohammed Al Breshi, suggested it had been impossible to reach the ambassador's quarters, which had a wrought-iron door that was still locked, and that Stevens had become unconscious as a result of smoke inhalation.
Mr Al Sharif said members of the security forces removed the ambassador from the house and he was taken to the nearby Benghazi Medical Centre.
Doctors at the centre confirmed that the ambassador had been admitted about 1am, all but dead, and did not respond to attempts to resuscitate him. Looters had long since overrun the compound when morning came, but the ordeal was not over.
Mr Al Sharif said marines arrived by plane to evacuate consulate staff hiding in nearby a safe house, but as they and a Libyan escort approached the house, an ambush attack using RPGs killed two Americans, injured 12 more and 17 of the Libyan security forces.
By no means could all the violence be blamed on a protest that got out of hand, he conceded.
"The first part was chaotic, and disorganised. The second part was organised and planned," said Mr Al Sharif.
He denied that local hardliners, Ansar Al Sharia, were involved, despite some rioters claiming allegiance to the group.
But he said: "There are millions of weapons across the country … and there are a lot of groups with different agendas. There are criminals among them, individual acts, group acts, and us as the government, we are still weak - we could be outgunned and outnumbered."
Mr Al Sharif added sadly that he thought it was more than likely such groups had infiltrated the security services.
It is a concern among the international community that violent and anti-western groups have been able to grow after what seemed to be pro-democratic revolutions last year.
"This shows you that there are going to be a lot of bad derivatives of the revolutions … but the power of the Libyan government to keep such elements in check remains weak, especially in the east of the country," said Andrew Tabler of the Washington Institute for Near East Policy
Peter Cole, an expert on Libyan security, said the uneasy transfer of groups from rebel militias to security forces has seen at least four often competing branches of the security services created in Benghazi.
With recent car bombs in Tripoli and the demolition of Sufi shrines by extremists, the signs are that extremist violence could be allowed to become more prevalent.
"This is not a new thing, it's just a shocking thing," said Mr Cole.
afordham@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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 bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Company%20profile
%3Cp%3ECompany%20name%3A%20Shipsy%3Cbr%3EYear%20of%20inception%3A%202015%3Cbr%3EFounders%3A%20Soham%20Chokshi%2C%20Dhruv%20Agrawal%2C%20Harsh%20Kumar%20and%20Himanshu%20Gupta%3Cbr%3EBased%3A%20India%2C%20UAE%20and%20Indonesia%3Cbr%3ESector%3A%20logistics%3Cbr%3ESize%3A%20more%20than%20350%20employees%3Cbr%3EFunding%20received%20so%20far%3A%20%2431%20million%20in%20series%20A%20and%20B%20rounds%3Cbr%3EInvestors%3A%20Info%20Edge%2C%20Sequoia%20Capital%E2%80%99s%20Surge%2C%20A91%20Partners%20and%20Z3%20Partners%3C%2Fp%3E%0A
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EMascotte%20Health%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EMiami%2C%20US%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Bora%20Hamamcioglu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EOnline%20veterinary%20service%20provider%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%241.2%20million%20raised%20in%20seed%20funding%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
MATCH INFO
Liverpool v Manchester City, Sunday, 8.30pm UAE
Honeymoonish
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ABU%20DHABI%20CARD
%3Cp%3E%0D%3Cstrong%3E5pm%3A%3C%2Fstrong%3E%20Al%20Rabi%20Tower%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400%0D%3Cbr%3E%3Cstrong%3E5.30pm%3A%3C%2Fstrong%3E%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(PA)%20Dh180%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6.30pm%3A%3C%2Fstrong%3E%20Hili%20Tower%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7pm%3A%20%3C%2Fstrong%3EUAE%20Arabian%20Derby%20%E2%80%93%20Prestige%20(PA)%20Dh150%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7.30pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(TB)%20Dh380%2C000%20(T)%202%2C200m%3C%2Fp%3E%0A
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request