EU welcomes Libya’s UN deal as step toward stability



TRIPOLI // European states on Sunday welcomed a UN peace deal initialled by some Libyan factions – despite a boycott by the opposition parliament – as a step towards restoring stability in the North African country.

Plunged into chaos since the 2011 overthrow of dictator Muammar Qadhafi, Libya has two parliaments and governments vying for power, as a slew of armed groups battle for control of its oil wealth.

The elected parliament which initialled Saturday’s agreement in Morocco along with some members of political parties and civil society and local officials, is based in the eastern city of Tobruk.

The rival General National Congress (GNC) is based in Tripoli and was set up by a militia alliance, including hardliners Fajr Libya, after it seized the capital last August.

The two sides have been locked in months of negotiations brokered by UN envoy Bernardino Leon who has struggled to clinch a deal to set up a national unity government and hold fresh polls.

The GNC boycotted Saturday’s ceremony in the Moroccan resort of Skhirat, after having said Mr Leon’s draft deal was not “satisfactory”.

The European Union and Italy welcomed the agreement as a step toward restoring peace in Libya.

The UN security council has urged Libyan factions to sign on to Mr Leon’s proposals in a bid to stem rising violence and the spread of radical organisations such as ISIL.

The extremists have taken advantage of the Libya’s divisions to establish itself in the country.

Italian prime minister Matteo Renzi said on his Twitter account that the agreement was an “important step in efforts to stabilise the region and re-establish peace in this great country”.

Mr Renzi said that a solution to the conflict in Libya was a “central” to battling “terrorism and [illegal] immigration”.

Italy has repeatedly said an accord would help stem the flow of migration to Europe from Africa via Libya – where people smugglers have stepped up their lucrative business.

EU foreign policy chief Federica Mogherini also welcomed Saturday’s deal as “an important step towards restoring peace and stability in Libya” and urged the GNC to initial the agreement as well.

The Tobruk government, recognised internationally and known as the House of Representatives, has welcomed what it called a “huge breakthrough”, urging all parties in Libya to overcome their differences and finalise the deal.

“What happened in Morocco is positive,” said political activist Othman Al-Sassi, stressing that Libya needs a national unity government.

“The Congress was not present but other parties to the Libyan conflict initialled the political agreement and that is a breakthrough,” said Mr Al-Sassi, himself a former GNC member.

Mr Leon told Saturday’s ceremony in Morocco that the door to further negotiations would remain open, expressing confidence that the GNC will return to the negotiations.

“This is one but a very important step on the road to peace ... a peace, which all Libyans have been long seeking to achieve,” he said.

“The door remains open for those who chose not to be here today... I am confident that in the weeks ahead we will try to clarify the issues that remain contentious and address the outstanding concerns,” he added.

The deal initialled on Saturday was the fourth draft proposed by Mr Leon to Libya’s warring factions.

Under the plan, Libya will get a one-year government of national accord. A council of ministers headed by a prime minister and two deputies would have executive authority. The House of Representatives would be the legislative body, a plan meeting opposition from the GNC.

The factions have yet to agree on details.

* Agence France-Presse, with additional reporting from Reuters

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

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The%20specs
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Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

UAE currency: the story behind the money in your pockets
Specs

Engine: 2-litre

Transmission: Eight-speed automatic

Power: 255hp

Torque: 273Nm

Price: Dh240,000

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs

Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

On Sale: Now

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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
MATCH INFO

Uefa Champions League quarter-final, second leg (first-leg score)

Porto (0) v Liverpool (2), Wednesday, 11pm UAE

Match is on BeIN Sports

Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

EA Sports FC 25
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

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Company%20Profile
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How to vote in the UAE

1) Download your ballot https://www.fvap.gov/

2) Take it to the US Embassy

3) Deadline is October 15

4) The embassy will ensure all ballots reach the US in time for the November 3 poll

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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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.

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47