Troops loyal to Libya's internationally recognized government patrol the area in Zamzam, near Abu Qareen, Libya September 15, 2020. Picture taken September 15, 2020. REUTERS/Ayman Al-Sahili
Troops loyal to Libya's eastern government patrol the area in Zamzam, near Abu Qareen, Libya. Reuters  

UN: Libya rivals reach preliminary pact on prisoner exchange


The National

The UN said talks between Libya's rival factions concluded with preliminary agreements to exchange prisoners and open up travel between divided territories.

The face-to-face military talks, which started on Monday in the Egyptian Red Sea resort city of Hurghada, took place in the face of international pressure on both sides and their backers to prevent an escalation of violence.

The UN support mission in Libya said the two days of talks, conducted in “a spirit of responsibility, transparency and mutual trust”, had resulted in progress on several of the lingering issues between the war’s two parties.

It said that both sides agreed they should take steps to ensure that prisoners taken in military operations are released within a month.

They also agreed to expedite the opening of transport links.

The outcomes of the negotiations will be incorporated into UN-brokered military talks set to take place soon, the UN mission said.

The two sides also agreed that the protection of the country’s oil and gas installations should be a priority so that full production and exports can resume.

The majority of the installations are under the control of tribal fighters and forces that support Libyan National Army head Field Marshal Khalifa Haftar in the east.

Oil-rich Libya was plunged into chaos after an uprising in 2011 that toppled longtime dictator Muammar Qaddafi, who was later killed.

The country has since been split between rival administrations in the east and west, each backed by armed groups.

Field Marshal Hafter’s forces launched an offensive in April last year to try to expel militias from Tripoli, the seat of the western government.

But his campaign stalled in June after Turkey sent weapons and Syrian mercenaries to support the militias fighting for the Government of National Accord.

Fighting has died down in recent months, but both sides were preparing for a possible battle over Sirte, the gateway to Libya’s major oilfields and export terminals.

The Egypt talks also reportedly discussed the idea of Field Marshal Haftar leading a national military in the event that talks result in a reconciliation agreement between east and west.

Khalid Al Mishri, who leads the High Council of State that advises the western administration, is expected to take part in political talks with the eastern House of Representatives Speaker Aguila Saleh, in Morocco this week.

The talks were slated for Sunday but were pushed back to Thursday.

It will be the second meeting in Morocco between the two sides in recent months as the UN and the international community push for reconciliation. 

In June, as fighting raged and the eastern forces made gains, Egyptian President Abdel Fattah El Sisi laid out a framework for talks in the Cairo Declaration. 

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Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
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December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

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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.

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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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