The US, European powers, Egypt, Jordan and the UN Security Council hailed a vote by Libya's parliament to approve a unity government to lead the North African nation to elections in December.
In a joint statement, the foreign ministers of France, Germany, the US, Italy and Britain said: "We applaud the Libyan people for their determination to restore unity to their country."
They reiterated a call for "the withdrawal of all foreign fighters and mercenaries from all of Libya".
"This outcome is a fundamental step on the path towards the unification of Libyan institutions and a comprehensive political solution to a crisis that has tested Libya and its people," the joint statement said.
Similar comments were made earlier at a joint news conference by the foreign ministers of France, Germany, Egypt and Jordan.
France's Jean-Yves Le Drian called it a "major advance" while his German counterpart Heiko Maas said it was an "excellent development".
Egypt's Foreign Minister Sameh Shoukry called the development "good news".
"The fact that yesterday there was a vote of confidence concerning the political process that has been started ... that's an important point," he said.
"It's a step towards stability, security and the sovereignty of Libya."
UK Foreign Minister Dominic Raab congratulated Libya "on an important step towards a more stable future."
"The priority now must be implementing the ceasefire, holding elections and delivering essential services for Libyans," Mr Raab said.
The EU also welcomed the new government, but said it could impose sanctions on foreign or domestic spoilers who undermine peace efforts.
"This is a significant breakthrough that creates the conditions to reunify institutions in Libya and lead the country towards national elections on December 24," EU foreign policy chief Josep Borrell said on behalf of the 27 member states.
"We call on all Libyan stakeholders to ensure a timely and seamless transfer of power to the Government of National Unity."
Later on Friday in New York, the UN Security Council agreed on a statement in support of Libya’s new unity government and urged it to pave the way for national elections on December 24 this year.
The 15-member body urged all Libyan forces to stick to the ceasefire deal, called for all foreign forces and mercenaries to exit the country and pushed for progress on a UN team to monitor the truce.
Oil-rich Libya descended into conflict after dictator Muammar Qaddafi was killed in a Nato-backed uprising in 2011, resulting in the rise of forces backed by competing foreign powers vying for control.
After two days of intense debate under heavy security in the central coastal city of Sirte, parliament on Wednesday approved the Cabinet of interim prime minister Abdul Hamid Dbeibah.
Mr Dbeibah will take the oath of office on Monday in Benghazi.
Libya was split between the Government of National Accord, based in the capital Tripoli and backed by Turkey, and an administration in the east supported by Field Marshal Khalifa Haftar, with the backing of Egypt and Russia.
"This is a historic opportunity for the Libyans to come together in a joint effort to rebuild their country as peaceful, stable and united, and restore Libya's national sovereignty and territorial integrity," the EU said.
It called for a truce deal and arms embargo, and that demands for the withdrawal of all foreign fighters and mercenaries be respected.
"In this regard, the European Union recalls its instrument of sanctions against possible spoilers," it said.
"We also invite the leadership of the Government of National Unity to demonstrate its strong resolve towards laying the foundations for a comprehensive reform in the security sector, including through genuine efforts to dismantle militias and unify armed forces under a civilian oversight."
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Poacher
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MEDIEVIL%20(1998)
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Killing of Qassem Suleimani
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
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.”
GRAN%20TURISMO
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Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Voy!%20Voy!%20Voy!
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
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