Libyan fighters take over airport



CAIRO // A militia group stormed Tripoli's commercial airport yesterday, halting flights, spreading panic and highlighting the precarious security in the Libyan capital, where state forces are weak and revolutionary fighters still dominate.

Fighters from the town of Tarhona, south-east of Tripoli, took over the airport to protest against the disappearance of their commander, according to Mohamed Sadda, a media spokesman for the Tripoli Local Council.

Col Abu Ajela Al Habshi was kidnapped on Sunday on the road leading to the airport by "unknown individuals", said Mr Sadda.

This prompted his fighters to demonstrate later that day outside the Tripoli offices of the transitional council now governing the country, calling for an investigation,

When none was launched, the group took over the airport and burnt tyres to put pressure on the government, said Mr Sadda, who insisted that the men were not armed, though local media showed footage of at least one tank on a runway.

Since an internationally backed armed uprising swept Libya's autocratic leader, Muammar Qaddafi, from power in August, militia groups, known as thuwar or revolutionaries, have controlled patches of territory in Tripoli and the rest of the country.

Since Qaddafi's removal, armed tussles over turf have been frequent.

Despite much-touted government programmes to integrate the fighters into a nascent national army and other security forces, many men are still part of armed groups.

The commercial airport, which was controlled by a militia from the western mountain town of Zintan, was handed over to state security forces in April, according to media reports.

The inability of these security forces to stop the gunmen raises serious questions about the Libyan authorities' ability to maintain stability, said Shashank Joshi, of the Royal United Services Institute, a think tank in London.

He said a crucial question for Libya was whether a government elected in a poll scheduled for June 19 would be able to create a coherent security force.

The airport incident shook the business community, which had been hoping that increased stability would attract international investment to Libya, said Sami Zaptia, who heads the Know Libya consulting company.

"It sends wrong signals to all the businesses in Libya," Mr Zaptia said, adding that the unelected transitional government's mandate was not strong enough to build an effective army and police force.

"I think the new government will have to be much bolder."

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
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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.”

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

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Started: 2018
Based: Dubai
Founders: Omar Almheiri, Hamza Khan
Sector: co-working spaces
Investment stage: $2.1 million in a seed round with investors including 500 Global, The Space, DTEC Ventures and other angel investors
Number of employees: about 20

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COMPANY PROFILE

Company name: Almouneer
Started: 2017
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