BENGHAZI // The battle for Libya is far from over as brigades of NTC fighters close in on two major cities and move to control thousands of square kilometres of desert believed to be occupied by pockets of African mercenaries and Qaddafi loyalists, said one of the Libyan rebels top military commanders.
Fawzi Bukatif, the head of the Union of Revolutionary Forces on the eastern side, the director of the rebel army control room and top commander with the powerful February 17 brigade, spoke during an interview late on Saturday.
"Ours is a big country," he said. "We have information about a lot of troops still out there, but we are moving in on them. Once we gain control of the coast, we will push south."
Mr Bukatif said he was personally involved, along with the minister of defence, with negotiations for the surrender of Sirte and several small villages on the eastern side of the city. He said that the villages of Umm El Ghindel and Harawa have agreed to lay down their weapons, leaving only Qaddafi's hometown of Sirte as the final obstacle to linking up Tripoli and Benghazi.
NTC officials were also in direct talks with tribal leaders in Bani Walid, Reuters reported, although a Qaddafi spokesman told the news agency that the city would never surrender. On Saturday, the NTC moved Bani Walid's deadline to surrender up to Sunday at noon. An hour after the deadline passed, there were no reports of NTC forces moving on the city, located 150 kilometres south-east of Tripoli.
The National Transitional Council has yet to open formal dialogues with Sirte, but Mr Bukatif said that Qaddafi loyalists from outside the country had notified officials in Benghazi that they would like to negotiate the terms of a surrender. This prompted Mustafa Abdul Jalil, the head of the NTC, to push up a deadline before military action by a week to September 10. The NTC also dispatched several lorries of food supplies for the civilians in the city that were expected to arrive imminently.
"We will know in or three days whether they are serious," Mr Bukatif said of the possible negotiations. He said a battle would not be difficult because Sirte was defended by the remnants of several pro-Qaddafi brigades who had seen their morale sunk in the last two weeks after rebels stormed the capital. There were also rebels hidden in the city, ready to help take the city, he said.
"The end is obvious for them and for us," Mr Bukatif said. "We could take the city easily."
Omar Ishkal and Ahmed Ibrahim, cousins of Colonel Muammar Qaddafi, were believed to be in Sirte, he said. Abu Bakr Yunis Jabr, the minister of defence under Col Qaddafi, is believed to be in either Waddan or neighbouring Hun in the desert.
Another concern for the new government were the porous border regions near Chad, Sudan and Niger. Mr Bukatif said he could not reveal the source of the military's intelligence on mercenary groups crossing back and forth over the borders.
A southward conquest to stabilise the entire country was the next item on the agenda, after liberating Sirte, Bani Walid and Sabha, he said.
The fear is "they can smuggle out figures of the Qaddafi regime" through the borders, he said. Several members of the Qaddafi regime already escaped the country through the western border into Algeria, including Qaddafi's wife and daughter.
Rebel brigades had pushed nearly to Zillah in the desert, securing crucial oilfields in Maradah on the way. Sirte was surrounded on both sides and soldiers were crossing the desert to cut off the city's southward road toward Sabha, Mr Bukatif said.
The complete security of the country could take months, giving the thousands of armed rebels plenty of work in the coming months. "We still have a lot of work to do," he said.
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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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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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