BENGHAZI // The sun is setting on the scruffy seafront of Benghazi, casting copper light over hundreds of overlapping posters of electoral candidates, who gaze down on the strolling families below.
Libya's first elections since the fall of Muammar Qaddafi's regime are set for tomorrow, and many say they are excited to vote, discussing their choices at length.
Most also grumble about perceived discrimination against their city, a widely felt grudge that is fuelling a violent movement calling for autonomy for eastern Libya and a wholesale boycott of the election.
"People want decentralisation," said Abdulaziz Shelmani, an engineer sitting on the sea wall with his family, who is discontented with the disproportionate number of businesses and government projects in the capital more than 600 kilometres away.
Others in the city mention the allocation of seats in the assembly for which they will vote. About half the 200 seats are allocated to the more populous west of the country, which includes Tripoli, about 60 to the east, including Benghazi, and about 40 to the sparsely inhabited south.
The discontent has led to violence. The vital coastal road has been closed by armed groups calling for autonomous, federal status for the east of the country intermittently for weeks, according to local media. On July 1, hundreds of men burst past guards at the election authority's office outside Benghazi and began smashing computers and windows, burning papers and spraying pro-federalist graffiti on the walls. A fire at the storage centre for electoral materials in the eastern city of Ajdabia yesterday may have been started deliberately, a security source told Reuters.
There are those who support such moves, and are preparing for a federal state, with control over revenue from the region's hefty oil resources and its own security forces.
"Welcome to Benghazi, capital of Cyrenaica!" cries Ahmed Al Senussi using the historical name of Libya's eastern region, as visitors enter his office in the city centre. By his desk is the black flag with a white crescent that flew when Libya's east briefly declared itself an emirate in 1949, under the rule of Mr Al Senussi's great uncle, King Idriss.
Although he denies giving direct orders to the young men in mismatched uniforms hanging around his office to close roads or burn ballots, Mr Al Senussi said that it was natural for people to express their frustration at unfair treatment.
He said he has recruited to his cause dozens of tribal sheikhs and urban professionals as well as some brigades of fighters who fought in the city as part of last year's revolution that engulfed the country. These backers, he said, support his claim to be governor of Cyrenaica and his call for people to boycott elections.
"We want federalism," he said, "to unite Libya on a strong basis." He wants the oil-rich east to have control over its revenues.
Some hope Mr Al Senussi, who spent 31 years in jail under Qaddafi and was widely respected when the revolution began last year, will have little impact.
"The federalists are outlaws and do not represent Benghazi," said Mohammed Muna, a 42-year-old archaeologist. He said that he respected
Mr Al Senussi, who spent nine of the years in prison in solitary confinement. "But now he is moving for federalism, imposing it on people and I don't like him."
At the electoral office the day after the attack, security had been bolstered and a cleaning operation was under way. Employees of the High National Election Commission had arrived for work determined, they said, to make sure that the poll would go ahead.
Unfurling maps with complicated diagrams of seat allocation, a one-time schoolteacher who gave just his first name - Abdelaziz - insisted that the gunmen were not representative of the people of Benghazi.
"Most people are looking forward to voting day," he said. "They talk about the candidates, which one is well-educated, which one is religious." Most people eligible to vote have registered, he added.
Omar Wuhayshi, a local candidate with the Justice and Development Party, a Muslim Brotherhood-linked outfit, steered a tactful middle path on pre-election violence in Benghazi.
"We think that the problem is that people don't understand how the seats are allocated," he said from campaign headquarters. "The interim government did not raise awareness of what's going on and this is a natural outcome."
His party, he said, consulting a manifesto, wants to seek guarantees of decentralisation once the new national assembly begins its one official task of appointing a body to write constitution.
Federalism would not work in Libya, he said, in part because of the huge area over which its sparse population is spread. "So what we are aiming for is real representation," he said, citing the possible relocation of aviation companies as an example.
On July 2, thousands of people rallied in Benghazi to condemn federalism and call for the vote to go ahead smoothly. "The Arab world is already divided enough," said Noura Buzgeia, 16, as cheers and chants echoed in the background. The armed federalists, she said vehemently, acted alone.
"They didn't ask the people what they wanted. They just declared this army of Barqa," she said, referring to the Arabic name used for the east of Libya.
Amina Magherbi, an academic standing as an independent candidate in tomorrow's poll, acknowledged that electoral problems had arisen because of the use of different systems in various parts of the country.
"But the process of democracy has to go on," she said. "The election has so many flaws but if we stop, it is worse than if we carry on."
foreign.desk@thenational.ae
UAE currency: the story behind the money in your pockets
CONFIRMED%20LINE-UP
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
More from Neighbourhood Watch
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Company%20Profile
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States of Passion by Nihad Sirees,
Pushkin Press
WHAT%20START-UPS%20IS%20VISA%20SEEKING%3F
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Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
SPECS
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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.”
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Diriyah%20project%20at%20a%20glance
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