UAE diplomat Mohamed Abushahab on Wednesday pushed for “restraint” to help "unity" in Libya, where a political crisis threatens to send the country back into warfare and division.
Mr Abushahab, the UAE's deputy ambassador to the UN, said Libyan politicians should eschew “partisan interests and disputes” and instead focus on “national reconciliation” to avoid the country spiralling back into parallel governments.
He addressed the Security Council against a backdrop of tension in Libya, where the collapse of planned elections in December dented hopes of reunifying the country after more than a decade of instability following the 2011 Nato-backed uprising.
“All concerned parties should exercise restraint and avoid taking any measures that may undermine the progress made in resolving the Libyan crisis,” Mr Abushahab told the UN's top body in New York.
“This would maintain the country's unity and its national institutions away from any partisan interests and disputes.”
He also called for “concrete steps to unify the Libyan military and security institutions”, which have for years been splintered between rival factions, and avoid a “security vacuum” that allows ISIS terrorists to regroup.
Abdul Hamid Dbeibah, the embattled prime minister for Libya’s unity government, has vowed to hang on to office in the capital, Tripoli, despite Parliament swearing in a rival government earlier this month.
The UN’s political chief Rosemary DiCarlo said armed factions for the rival camps were mobilising in and around Tripoli and that the crisis over executive power in Libya could lead to instability and parallel governments.
“Libya is now facing a new phase of political polarisation, which risks dividing its institutions once again and reversing the gains achieved over the past two years,” Ms DiCarlo told diplomats.
The UN and western powers have avoided backing either Mr Dbeibah or his Parliament-appointed rival, Fathi Bashagha, and are instead pushing for new elections as a way to ease tension.
The UN has asked political bodies to join a committee to resolve constitutional and legal questions that led to the collapse of December's planned vote.
UN spokesman Farhan Haq on Wednesday said he hoped the committee would begin work before the start of Ramadan, early next month.
The UAE and four other nations joined the UN Security Council for two-year terms beginning in January, meaning they can take part in meetings, vote on resolutions and share the rotating presidency of the 15-nation body.
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Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
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Rat:witty, creative, charming
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Rooster:honest, confident, pompous
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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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.”
