A man waves a Libyan flag during celebrations commemorating the second anniversary of the February 17 revolution in Tripoli. Ismail Zitouny / Reuters
A man waves a Libyan flag during celebrations commemorating the second anniversary of the February 17 revolution in Tripoli. Ismail Zitouny / Reuters
A man waves a Libyan flag during celebrations commemorating the second anniversary of the February 17 revolution in Tripoli. Ismail Zitouny / Reuters
A man waves a Libyan flag during celebrations commemorating the second anniversary of the February 17 revolution in Tripoli. Ismail Zitouny / Reuters

Security tight as Libya marks second anniversary of Qaddafi overthrow


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BENGHAZI // Libya's leader called yesterday for unity in the North African nation as it celebrates the second anniversary of the uprising that toppled longtime dictator Muammar Qaddafi but plunged the country into lawlessness and economic woes.

Addressing thousands of flag-waving Libyans, Mohammed El Magariaf urged his countrymen to "join ranks and resolve our differences to build our nation."

He also promised to fight poverty and "marginalisation", and to give Libyans extra cash to mark the occasion. He did not say how much money he meant, or how it would be distributed.

Mr El Magariaf spoke at a rally in Benghazi, the eastern Libyan city that was the birthplace of the anti-Qaddafi uprising in 2011.

Libya has been roiled by instability and violence since the ouster of the regime. Benghazi has been among the worst-hit parts of the country, falling prey to armed militiamen and Muslim militants.

Mr El Magariaf alluded to the rise of radical Islam in the energy-rich nation, vowing that he would not allow Libya to become "an incubator of terrorism and violence."

In what appeared to be an attempt to assuage the militants, the Libyan leader promised that the nation's next constitution would explicitly declare Islam as the country's religion and that Islamic law, or Sharia, would be the main source of legislation.

He also vowed to push for laws that would "isolate" remnants of the old Qaddafi regime, another bid to appease militants who claim that members of the ousted regime remained in charge of many government departments as well as the security forces.

Yesterday's celebration was held amid tight security precautions. Army vehicles blocked roads leading to the site and snipers roamed nearby rooftops. Libya's borders with Egypt and Tunisia have been closed since Thursday, for four days, and all international flights were suspended except at the airports of Tripoli and Benghazi. Checkpoints have been set up around the two cities.

"We emphasise to our partners our determination that Libya does not become a base for or source of terrorism," said Mr El Magariaf, who is president of the national assembly.

Prime minister Ali Zeidan has hailed the Libyan people's rejection of "injustice and tyranny."

A number of opposition groups and civil society organisations, including those calling for federalism in eastern Libya, have temporarily suspend their calls to protest, initially planned for Friday, for fear of stoking violence.

* With additional reports from Agence France-Presse

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

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.”

Basquiat in Abu Dhabi

One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi. 

The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier. 

It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.  

“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi. 

Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press