British businesses should "take a risk on Libya" and get more involved in the country, Libya's ambassador to the UK has told The National.
Salah Mrehil said elections are key to resolving the country's long-standing political problems, but he is hopeful Britain can play a major part in his country's future.
“We would love the UK’s role to be bigger and I always tell our friends to get more involved,” said Mr Mrehil, in London. “At the end of the day, if you don’t take the risk, you don’t get the profit.”
With an abundance of oil reserves, an extensive Mediterranean coastline and a vastly underdeveloped infrastructure, the rewards are very promising. But more than a decade on from the 2011 revolution, whether they can be reaped remains a matter for Libya's multifarious fighting politicians to resolve.
Bringing British businesses to Libya
In early November, the Libyan British Business Council will be hosting a business delegation to Tripoli to meet Libyan business leaders from the state and private sectors.
Supported by Caroline Hurndall, the British Ambassador to Libya, and the UK Department for International Trade, the trip — the first of its kind in several years — will bring together Libyan and British businesses to address requirements across the economy.
With a focus on oil and gas, banking, infrastructure and power, at least 30 British businesspeople are set to meet leaders of Libya’s key industries, including the National Oil Corporation and the Renewable Energy Authority of Libya.
Sitting on Africa’s largest proven reserves of oil, Libya’s fractious politics have come at a high cost. The country’s oil production resumed in July after a three-month hiatus following the blockade of ports and fields by rival armed groups in eastern Libya.
The country’s current output stands at about 1.2 million barrels a day, a promising development but still well below Libya’s peak of 3 million in the 1980s.
The hope is that British businesses can be wooed into investing in the country’s dilapidated and conflict-wrecked infrastructure, to help Libya reap the benefits of today's high petroleum prices.
“It would help our budget but Libyan oil would also help stabilise the international market,” said Mr Mrehil.
Earlier this year, British oil and gas major BP agreed to resume oil and gas exploration activities in Libya, which were first halted more than a decade ago during the 2011 uprising.
If Libya can find and maintain a peaceful political resolution, the development of gas would be a critical boon for the country’s economic growth, as well for European markets.
Elections 'only way' to peace and prosperity in Libya
Eleven years after the killing of former Libyan leader Muammar Qaddafi on October 20, 2011 brought a gruesome end to the dictator’s 42-year regime, the oil-rich country is far from fulfilling the goals of the revolution that ended his rule.
The demands for freedom and dignity that prompted the Nato-backed popular uprising are only fleeting mirages in Libya’s vast desert terrain, as citizens endure electricity cuts of up to 18 hours a day, rising poverty and worsening security.
Competing governments and militias in a country awash with weapons promise little more than a strained stalemate that could erupt at any time, as in August this year when at least 32 people were killed in clashes in the capital Tripoli.
Elections — which were meant to take place in December 2021 but were postponed following disagreements over who could run — are seen as the only way out of the impasse, if they can actually get off the ground.
Speaking to The National in his office at the Libyan Embassy in London, Mr Mrehil said Libyans needed their day at the ballot box.
“It is the only way to get us out of the current situation. Libyans are fed up otherwise, we’ve tried everything else — we tried to split the country, we tried to share power, we tried to fight, it’s time for something else,” said the ambassador.
Despite the summer offensive against the Tripoli-based Government of National Accord (GNA), which Mr Mrehil represents, from the rival Libyan National Army (LNA) in the east, the ambassador is “optimistic” that elections will happen soon.
The arrival of UN special representative Abdoulaye Bathily in Libya earlier this month raised hopes.
“I think we are close, very close,” said Mr Mrehil, suggesting ballots will open before the end of 2023.
However, in his first address to the UN Security Council on October 24, Mr Bathily painted a more pessimistic picture.
Describing the situation in Libya as needing “a consensus state re-legitimation process”, he said legislative and presidential elections were “paramount” but that a “political deadlock persists with no clear end in sight to the prolonged stalemate over the executive.”
“Efforts to resolve the remaining outstanding issues related to the constitutional basis for elections do not appear to lead to concrete action by the relevant actors, further delaying prospects for the holding of inclusive, free and fair elections aimed at ending the transition and reinstating the legitimacy of institutions,” Mr Bathily told the council.
After meeting rival leaders across the country, the former Senegalese minister and diplomat said his UN mandate aimed to get the rival leaders to “agree on political, constitutional, legal and security measures to advance preparations for elections as soon as possible in keeping with the aspirations clearly expressed by the Libyan people.”
Can the UK government influence Libya's leaders?
From Saif Al Islam Qaddafi, the former playboy son of the late Qaddafi turned would-be political candidate, to Abdul Hamid Dbeibah, Libya’s current prime minister whose interim leadership was expected to hold until last year’s elections, and Fathi Bashagha, the "other" prime minister elected by Libya’s House of Representatives in the east after the elections were postponed, the question of who should and will stand in elections remains a major stumbling block to them actually taking place.
Senior research fellow and Libya specialist at the Chatham House think tank, Tim Eaton, said the political ping-pong was Libya’s “constant Catch-22”.
“Most of the elites in the top positions have concluded that they'd be better off trying to remain in their positions and negotiate something else, rather than going for an election. So that's been the constant Catch-22," Mr Eaten told The National.
"Everybody will say that the current status quo is not acceptable and that it can't be left like this and that we need an interim administration ahead of elections, but then everybody will focus on dominating the interim administration and the question of the elections just gets kicked down the road. I think that's the puzzle for the international community,” he said.
On the question of who should put their hat in any election ring and who should step aside, Mr Mrehil is typically diplomatic, calling on “everyone to be flexible for the benefit of the country” and to “compromise” — though he did not rule out Mr Dbeibah putting himself forward as a candidate “if the constitution allows it.”
However, the ambassador’s diplomatic efforts are focused on pushing the UK to play a critical part in Libya’s future, urging the current penholder at the Security Council to “exert its pressure and influence” to achieve elections.
“If the [UK Foreign, Commonwealth & Development Office] pushes for elections then I will have done my job,” says Mr Mrehil. “They are very encouraging, they are very keen for that and I would love the UK’s role to be greater.”
ILT20%20UAE%20stars
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COMPANY%20PROFILE
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ENGLAND%20SQUAD
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Fixtures (all times UAE)
Saturday
Brescia v Atalanta (6pm)
Genoa v Torino (9pm)
Fiorentina v Lecce (11.45pm)
Sunday
Juventus v Sassuolo (3.30pm)
Inter Milan v SPAL (6pm)
Lazio v Udinese (6pm)
Parma v AC Milan (6pm)
Napoli v Bologna (9pm)
Verona v AS Roma (11.45pm)
Monday
Cagliari v Sampdoria (11.45pm)
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
Scotland's team:
15-Sean Maitland, 14-Darcy Graham, 13-Nick Grigg, 12-Sam Johnson, 11-Byron McGuigan, 10-Finn Russell, 9-Ali Price, 8-Magnus Bradbury, 7-Hamish Watson, 6-Sam Skinner, 5-Grant Gilchrist, 4-Ben Toolis, 3-Willem Nel, 2-Stuart McInally (captain), 1-Allan Dell
Replacements: 16-Fraser Brown, 17-Gordon Reid, 18-Simon Berghan, 19-Jonny Gray, 20-Josh Strauss, 21-Greig Laidlaw, 22-Adam Hastings, 23-Chris Harris
MATCH INFO
West Ham United 2 (Antonio 73', Ogbonna 90 5')
Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
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.”
Tips for avoiding trouble online
- Do not post incorrect information and beware of fake news
- Do not publish or repost racist or hate speech, yours or anyone else’s
- Do not incite violence and be careful how to phrase what you want to say
- Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
- Do not forget your children and monitor their online activities
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Company%20profile
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MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD