On Sunday, Libya's unity government said it had reopened the coastal highway linking the country's east and west. AFP
On Sunday, Libya's unity government said it had reopened the coastal highway linking the country's east and west. AFP
On Sunday, Libya's unity government said it had reopened the coastal highway linking the country's east and west. AFP
On Sunday, Libya's unity government said it had reopened the coastal highway linking the country's east and west. AFP

Berlin II talks on Libya seek to give a lift to push for December elections


Damien McElroy
  • English
  • Arabic

Anthony Blinken, the US Secretary of State, is to attend a Berlin summit on resolving Libya's political divisions on Wednesday as the country's factions look to hold unified elections for a new leadership by the end of 2021.

Under the chairmanship of Heiko Maas, the German foreign minister, and with Antonio Guterres attending, the goal of the meeting is to gain further progress towards stabilisation of the country following a decade of turmoil since the overthrow of Muammar Qaddafi.

Mr Blinken talked with his Libyan counterpart interim foreign minister Najla Mangoush late last week ahead of a visit she made to Egypt as part of preparations for the conference. "[Mr Blinken] stressed the United States' commitment to increasing diplomatic engagement to promote international efforts supporting progress in Libya," a State Department statement said.

German diplomats have framed the meeting as Berlin II and see it as a chance to push forward the process that led to all sides in the country's conflict agreeing to a ceasefire late last year. The UN-led political talks process then subsequently produced a deal on a  transitional government under Prime Minister Abdul Hamid Dbeibah and a presidential council headed by Mohammad Younes Menfi. The interim leadership has since pledged to adopt a constitutional framework in the coming weeks ahead of the year-end election.

The European Council on Foreign Relations (ECFR) think tank wrote in a report last week that the Libya situation was a beneficiary of changing diplomatic pressures, including those surrounding Turkey's position in the Mediterranean. It contended regional diplomacy was gaining an upper hand broadly on the trend to resort to the gunboat.

"Libya has been the key theatre for this Turkish-focused rivalry and is now witnessing the fruits of the emerging detente," the report, titled Cooling-off, said.

Jalel Harchaoui, a Libyan senior fellow at the Global Initiative think tank, said the key test was how to keep the political track on course for the elections. "I think there's a good chance and the Berlin process could help," he said.

The battle to quash the rise of extremist movements in Libya after Qaddafi was overthrow in 2011 was eclipsed in recent years by the intervention of Turkey to shore up its allies. Its presence has been a sticking point to full implementation of the ceasefire.

Last month Ms Mangoush publicly urged Turkey to "co-operate" over the withdrawal of foreign troops and mercenaries from the country.

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While the security situation in Libya has been slowly improving, diplomats including Jan Kubris, the UN envoy, have warned the process remains a delicate balancing act in which both sides need to ensure that neither side feels it is losing out by withdrawing.

Mr Dbeibah led a ceremony on Sunday for the government reopening of the coastal highway linking the country's east and west, which had been closed for two years due to fighting.

Mr Kubris announced a meeting of the Libyan Political Dialogue Forum in Switzerland from June 28 to July 1 for members of the group "to develop proposals to further facilitate the holding of national elections".

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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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Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari

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Cost: 1.05 billion pounds (Dh 4.8 billion)

Number in service: 6

Complement 191 (space for up to 285)

Top speed: over 32 knots

Range: Over 7,000 nautical miles

Length 152.4 m

Displacement: 8,700 tonnes

Beam:   21.2 m

Draught: 7.4 m

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

The specs: 2019 BMW X4

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Engine: 3.0-litre turbocharged in-line six-cylinder

Transmission: Eight-speed automatic

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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.

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
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6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m

7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m

7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m

8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m

9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m

9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m