The next round of talks on Libya's political future will be determined in the Swiss city of Geneva at the beginning of February, officials told The National.
Dialogue between the country’s warring sides has recently progressed after talks were held in Tunisia, Egypt, Morocco and Switzerland during the last few months.
The talks have been based on constitutional arrangements to lay down the legal groundwork for presidential and parliamentary elections later this year.
“I think a new executive will be formed during the talks in Geneva,” Lamees BenSaad, a member of the political dialogue, said.
“All is moving forward,” she said.
The discussion is set to start on February 1 and expected to last for five days.
The talks are part of a wider peace process, after years of chaos and warfare, which also involves a military ceasefire and an economic track.
Oil-rich Libya has been driven by civil war since the uprising that ousted long-time dictator Muammar Qaddafi in 2011. The Government of National Accord is based in the capital Tripoli, while the House of Representatives is based in the east.
A fragile ceasefire between the two sides, agreed in Geneva last October, has largely held.
The initiative began in November when the UN gathered 75 Libyan participants in a political dialogue in Tunis aimed at setting a roadmap to the national elections.
First the warring sides will agree to establish a transitional government that will be responsible for preparing the elections, combating corruption and restoring public services across the country.
Three rounds of talks took place last week.
Libyan envoys at UN-backed talks in Egypt agreed last Wednesday to hold a constitutional referendum before the planned elections.
The talks held at the Red Sea resort of Hurghada included 10 members from the eastern Libya-based parliament and the same number from the High Council of State, an advisory body to the UN-supported government in the capital, Tripoli.
At separate talks in Geneva, the representatives agreed on rules for selecting a new three-member presidential council and a prime minister to oversee the run-up to the election.
The third was in the Moroccan city of Bouznika which were “based on the roadmap that emerged from the dialogue” that the UN had pushed for, Ms BenSaad said.
“The talks were concerned about the sovereign positions of the upcoming transitional government,” she said.
For Ahmed Al Bunduq, a member of the Libyan Parliament, the talks in Morocco played an important role in attempts to solve the crisis.
“All locations and areas of Libya will be taken into account when appointing the interim government,” Mr Al Bunduq said.
The sovereign positions in government include the heads and deputies of the central bank of Libya, the administrative control authority, anti-corruption commission and High Electoral Commission.
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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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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Sector: E-commerce
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Investment stage: Pre-seed
Initial investment: Undisclosed
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