Interim Prime Minister of Libya Abdul Hamid Dbeibah addresses supporters at a protest calling for the country’s parliament to step down last week in Tripoli. Photo: AP
Interim Prime Minister of Libya Abdul Hamid Dbeibah addresses supporters at a protest calling for the country’s parliament to step down last week in Tripoli. Photo: AP
Interim Prime Minister of Libya Abdul Hamid Dbeibah addresses supporters at a protest calling for the country’s parliament to step down last week in Tripoli. Photo: AP
Interim Prime Minister of Libya Abdul Hamid Dbeibah addresses supporters at a protest calling for the country’s parliament to step down last week in Tripoli. Photo: AP

US House passes Libya sanctions bill after blow to unity government


Bryant Harris
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The US House of Representatives on Tuesday passed a bill that could sanction many foreign actors supporting rival factions in Libya should the unity government and current ceasefire fall apart.

Voting 386-35 in favour, the House approved the bipartisan Libya Stabilisation Act, introduced by Democrat Ted Deutch and Republican Joe Wilson, one week after Libyan officials in Tobruk passed a vote of no confidence in the UN-backed unity government based in Tripoli.

That no-confidence vote could jeopardise the Libyan national elections currently set for December.

“The Libyan people deserve a future free from foreign meddling, from conflict and corruption and form economic turmoil,” said Mr Deutch, who chairs the House Middle East panel.

“They deserve to choose their leaders in free and fair elections.”

The legislation would sanction any foreign actors backing Libyan forces loyal either to Tobruk or Tripoli.

“The Libya Stabilisation Act will deter foreign interference in Libya by placing sanctions on those who deploy mercenaries, support militias, violate the UN arms embargo and commit human rights abuses in Libya,” Mr Deutch said.

The bill allows President Joe Biden to defer the sanctions if he “determines that the parties to the conflict in Libya have agreed to and are upholding a sustainable, good-faith ceasefire in support of a lasting political solution in Libya.”

Separately, the House also passed its annual defence authorisation bill 316-113 last week, which contains a provision from Democrat Tom Malinowski that would require the Biden administration to conduct a sanctions review of foreign actors violating the UN arms embargo on Libya.

Mr Malinowski also introduced a second provision to that bill requiring the Biden administration to report on torture and war crimes committed by US citizens in Libya.

The Senate must pass both the Libya Stabilisation Act and the defence authorisation bill before Mr Biden can sign the legislation into law.

“I’ve been heartened to see the Biden administration take a more active role in US policy in Libya, which is a critical goal of this legislation,” Mr Deutch said.

Former president Barack Obama has said one of the biggest regrets of his presidency was failing to provide enough resources and attention for Libya after the US-led aerial campaign that helped the opposition oust Muammar Ghaddafi in 2011.

Former president Donald Trump placed even less emphasis on Libya and did not appoint a special envoy for the country as Mr Obama had.

Mr Biden has elevated US ambassador to Libya Richard Norland to the role of special envoy for the country. Still, the United States has largely deferred to a German-led effort to advance Libyan elections in December and put an end to the decade-long conflict.

German Foreign Minister Heiko Mass co-led a high-level Libya meeting on the sidelines of the UN General Assembly in New York last week.

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

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.”

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
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  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

How to turn your property into a holiday home
  1. Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
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Updated: September 28, 2021, 9:43 PM