Pressure for a political settlement of the conflict in Libya intensified yesterday as Britain and France called on Col Muammar Qaddafi's own supporters to "drop him before it is too late".
David Cameron, the British prime minister, and Nicolas Sarkozy, the French president, issued a joint appeal to Col Qaddafi's partisans on the eve of today's London meeting of European, American, Arab and African representatives.
In a joint statement urging regime loyalists to side with the rebels, they said: "Qaddafi must go immediately. We call on all his supporters to drop him before it is too late."
They appealed for the start of "a national political dialogue, leading to a representative process of transition, constitutional reform and preparation for free and fair elections".
The two leaders added: "Military action is not an objective as such. A lasting solution can only be a political one that belongs to the Libyan people. That is why the political process that will begin in London is so important."
Their intervention coincided with signs of further advances by rebels fighting to end the Libyan dictator's 41-year rule. Though disjointed and relatively ill-equipped, opposition forces were said to be on the verge of mounting a battle for control of Colonel Qaddafi's birthplace, the port of Sirte.
In seizing a string of key towns including Ajdabiya, Brega and Ras Lanuf, insurgents have taken advantage of coalition air strikes, now being transferred to Nato command, to continue their unsteady march on the capital Tripoli.
The capture of Sirte, more than 400km to the east, would be a breakthrough of huge symbolic value, shaking remaining loyalty to Colonel Qaddafi. One rebel spokesman was reported yesterday as saying the city had already fallen, but this claim appeared premature.
Today's London conference follows a flurry of diplomatic activity aimed, in part, at persuading Colonel Qaddafi to end the conflict by accepting exile.
The Italian foreign minister, Franco Frattini, said yesterday: "Qaddafi must understand that it would be an act of courage to say 'I understand that I have to go'." Mr Frattini has discussed with several European counterparts outline proposals for Colonel Qaddafi's departure, a UN-monitored ceasefire and the a "humanitarian corridor".
The Italians regard the Arab League and African Union, both taking part in the summit, as vital to the success of such a deal. Mr Frattini had talks yesterday with Turkish officials whose support is also considered essential.
But until a political solution appears, the military action continues. Qaddafi forces, stubbornly refusing to give up easily, were said to be in control of part of Misurata, which lies between Sirte and Tripoli. The Libyan foreign ministry later said that the government would observe a ceasefire in its struggle against what it called "terrorist elements" in the city, where food, water and medical provisions have been in short supply.
Amid the confusion, Libyan officials accused coalition forces of killing civilians in strikes on the southern desert city of Sabha. Britain's defence ministry confirmed that Royal Air Force Tornado aircraft had carried out attacks but said the targets were ammunition bunkers.
Correspondents in the Sirte area said yesterday that rebel forces gathered almost 100km to the east seemed to be awaiting further coalition strikes before proceeding.
That advance is unlikely to be delayed for long and may already have been preceded by rocket attacks. The Agence France-Presse news agency reported at least nine explosions in Sirte yesterday morning.
Last night, the US president, Barack Obama, was hoping to rally American support for his approach to the crisis in a televised keynote speech at the National Defense University in Washington, DC. The administration's undisguised efforts to limit involvement in a third conflict in Muslim territory have so far failed to silence critics. Public support for Mr Obama's actions is lukewarm, though opinion polls suggest that more people back US air strikes than oppose them.
Whatever arguments have been raised about the scope and effects of military action undertaken since UN resolution 1973 was passed, it is clear Col Qaddafi forces have been severely weakened by 10 days of strikes from air and sea.
Analysts have argued throughout that the terms of the resolution allow the coalition wide flexibility in their interpretation.
But Nato's secretary general, Anders Fogh Rasmussen, insists that the intention was to implement the Security Council resolution, "nothing more and nothing less".
At the Allied joint force command in Naples, southern Italy, Lt General Charles Bouchard said Nato aircraft had flown in their first no-fly zone enforcement mission on Sunday.
General Bouchard, tye Canadian head of the operation, code-named Unified Protector, said the transition from coalition command was not complete but added: "Nato will soon be implementing all military aspects of the UN resolution."
After the decisions of the UAE and Qatar to commit fighter jets, General Bouchard said Nato would welcome further international partners. "The broader the effort, the more powerful the message we send to the Libyan people who are desperate for our help," he said.
The 12 UAE fighter jets due to help patrol the Libyan no-fly zone flew to the Italian island of Sardinia on Sunday.
The decision to involve UAE aircraft in the coalition was announced last Friday by the Minister for Foreign Affairs, Sheikh Abdullah bin Zayed.
crandall@thenational.ae
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
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Haemoglobin disorders explained
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
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.”
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Bawaal%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nitesh%20Tiwari%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Varun%20Dhawan%2C%20Janhvi%20Kapoor%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201%2F5%3C%2Fp%3E%0A