Storage tanks at Libya's El Sharara oil field. The country's oil production was about 1.3 million barrels a day before the closure of oil ports in the east. Reuters
Storage tanks at Libya's El Sharara oil field. The country's oil production was about 1.3 million barrels a day before the closure of oil ports in the east. Reuters
Storage tanks at Libya's El Sharara oil field. The country's oil production was about 1.3 million barrels a day before the closure of oil ports in the east. Reuters
Storage tanks at Libya's El Sharara oil field. The country's oil production was about 1.3 million barrels a day before the closure of oil ports in the east. Reuters

Berlin talks seek to secure ceasefire and peace in Libya


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Eastern Libyan tribesmen stormed oil export ports and closed terminals on Saturday, cutting the country’s oil exports by more than half.

The dramatic move increased tension before a summit today in Berlin, Germany, that aims to resolve the conflict.

The talks are expected to try to formalise a ceasefire in the battle for control of Tripoli between the UN-recognised Government of National Accord, which is based in the Libyan capital, and forces led by Field Marshal Khalifa Haftar, who leads the Libyan National Army and backs a parallel government based in eastern Libya.

The ceasefire declared by Turkey and Russia, who support the GNA and Field Marshal Haftar respectively, has reduced the fighting for Tripoli since it started on January 12, but it has not been signed by both sides.

The closure of the ports highlights the challenges facing the Berlin conference where Field Marshal Haftar, Fayez Al Sarraj, Prime Minister of the GNA, as well as a number of countries with interests in Libya, are expected to attend. Germany is seeking to get a political road map agreed during the conference.

The UN special envoy for Libya, Ghassan Salame, said the summit was likely to discuss the port closures. “If the thing is not solved between today and tomorrow I expect the issue to be raised, yes,” Mr Salame told Reuters in Berlin. UN Secretary General Antonio Guterres is also expected to attend to lend support to the conference.

The tribesmen took over the eastern Zueitina oil port on Friday and announced the closure of all terminals in areas under the control of Field Marshal Haftar’s Libyan National Army.

LNA spokesman Ahmed Mismari said that the “Libyan people” had closed the oil ports.

Libya’s National Oil Company declared force majeure on exports from the eastern ports of Brega, Ras Lanuf, Hariga, Zueitina and Es Sider after the seizures, which it said would reduce Libya’s oil exports by 800,000 barrels per day. The country’s oil production was about 1.3 million bpd in the week before the closures.

The NOC chairman Mustafa Sanalla criticised the closure saying: “The oil and gas sector is the lifeblood of the Libyan economy.”

The Al Sarraj government has been using oil revenues to pay militiamen that support it

The NOC has sought to stay out of Libya’s conflict but faces pressure from the LNA, which controls most of the country’s oil ports. It channels oil and gas revenues through the central bank, which mainly works with the Tripoli government but also pays some public servants in the east.

Earlier, the eastern tribesmen, who are allies of Field Marshal Haftar, accused the Tripoli government of using oil revenue to pay foreign fighters. This was in reference to Turkey’s decision at the start of this year to send Turkish troops and fighters from Syria’s war to Libya to prop up Al Sarraj’s government.

There are increasing reports that Ankara’s proxy forces in Syria also sent fighters who are paid up to $2,000 (Dh7,346) a month and have been offered Turkish nationality.

The one-day summit in Berlin is the latest in a series of attempts to stabilise Libya, which has witnessed chaos since the toppling of Muammar Qaddafi in 2011.

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The specs

Engine: 2.2-litre, turbodiesel

Transmission: 6-speed auto

Power: 160hp

Torque: 385Nm

Price: Dh116,900

On sale: now

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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.”

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

T20 World Cup Qualifier

Final: Netherlands beat PNG by seven wickets

Qualified teams

1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman

T20 World Cup 2020, Australia

Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

Scores in brief:

  • New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
  • William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
  • Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
  • Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

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

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

W.
Wael Kfoury
(Rotana)

MATCH INFO

Newcastle United 3
Gayle (23'), Perez (59', 63')

Chelsea 0

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Results

7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash

8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel

8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel

9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel

9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar

10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

South Africa squad

Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.