Fighters loyal to Libya's UN-recognised Government of National Accord secure the area of Abu Qurain, half-way between the capital Tripoli and Libya's second city of Benghazi. AFP
Fighters loyal to Libya's UN-recognised Government of National Accord secure the area of Abu Qurain, half-way between the capital Tripoli and Libya's second city of Benghazi. AFP
Fighters loyal to Libya's UN-recognised Government of National Accord secure the area of Abu Qurain, half-way between the capital Tripoli and Libya's second city of Benghazi. AFP
Fighters loyal to Libya's UN-recognised Government of National Accord secure the area of Abu Qurain, half-way between the capital Tripoli and Libya's second city of Benghazi. AFP

UN: Libya at a 'turning point' amid war and pandemic


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Libya is at “a decisive turning point” as foreign powers pour weapons into the conflict and its coronavirus outbreak appears to be “spiralling out of control”, the top UN official for the country said.

The acting special representative to Libya, Stephanie Williams, told the UN Security Council on Wednesday that its actions would “help to determine whether the country descends into new depths of fragmentation and chaos, or progresses towards a more prosperous future”.

Libya was plunged into chaos when the 2011 uprising that drew Nato intervention toppled longtime dictator Muammar Qaddafi, who was later killed.

Control of the country is divided between rival administrations based in the east and west, each backed by armed groups and foreign governments.

Fighting has died down in recent weeks but both sides are preparing for a battle over the strategic city of Sirte, the gateway to Libya’s major oilfields and export terminals.

Ms Williams told the council in a video briefing that “an uneasy stand-off continues around Sirte, imperilling the lives of the city’s 130,000 vulnerable inhabitants as well as the country’s vital oil infrastructure, which comprises its economic lifeline”.

Although front lines have remained relatively quiet since June, both sides appear to have received substantial military reinforcement since the last UN briefing on July 8, she said.

Seventy flights landed at eastern airports and three cargo vessels reportedly docked at eastern ports, all carrying advanced weapons and military equipment, Ms Williams said.

At the same time, 30 resupply flights arrived at airports in western Libya, along with nine cargo vessels carrying military hardware for forces allied to the government in Tripoli.

Ms Williams said the shipments were “an alarming breach of Libya’s sovereignty, a blatant violation of the UN arms embargo”.

They were also a breach of commitments by leaders of 12 world powers and other key countries that approved a 55-point road map to peace in Libya at a Berlin conference on January 19.

The UN mission in Libya, whose mandate is up for renewal in mid-September, "continues to receive reports of large-scale presence of foreign mercenaries and operatives," Ms Williams said.

She said their presence complicated "chances of a future settlement".

Meanwhile, the misery of the Libyan people “is further compounded by the debilitating effect of the Covid-19 pandemic", Ms Williams said.

The number of confirmed coronavirus cases “more than doubled in the past two weeks", with 15,156 cases and 250 recorded deaths as of September 1.

“Exponential increases are a worrying trend, with community transmission now reported in some of Libya’s main cities including Tripoli and Sebha,” Ms Williams said.

The extent of the coronavirus outbreak was "likely to be much higher” because of testing shortages and inadequate healthcare facilities in Libya, which suffers an "extreme shortage of medical supplies and workers”.

Several Council members called for a quick nomination of a permanent UN special envoy for Libya.

Ms Williams has held the post in an acting capacity since Ghassan Salame stepped down in March for health reasons,.

Bickering between the US and other members on how the role should be defined has delayed the appointment of a successor.

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Rating: 4/5

Islamophobia definition

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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Rating: 4/5

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
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Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

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Power: 400hp

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AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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Men's football draw

Group A: UAE, Spain, South Africa, Jamaica

Group B: Bangladesh, Serbia, Korea

Group C: Bharat, Denmark, Kenya, USA

Group D: Oman, Austria, Rwanda

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.”

CHELSEA'S NEXT FIVE GAMES

Mar 10: Norwich(A)

Mar 13: Newcastle(H)

Mar 16: Lille(A)

Mar 19: Middlesbrough(A)

Apr 2: Brentford(H)

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

FA Cup quarter-final draw

The matches will be played across the weekend of 21 and 22 March

Sheffield United v Arsenal

Newcastle v Manchester City

Norwich v Derby/Manchester United

Leicester City v Chelsea