In his swan song to Libyans, UN envoy Jan Kubis has urged voters in upcoming elections to choose the candidate that will bring unity and justice to a country marred by a decade of chaos and insecurity.
Mr Kubis steps down as UN envoy to Libya this week after less than a year on the job and before a key presidential vote on December 24 that has faced fierce legal rows and an ever-expanding pool of candidates.
The UN envoy’s departure and divisions in the UN Security Council over appointing a successor have strained an already ailing effort to restore peace and stability to the turbulent North African country.
“I appeal to all Libyans to go and vote for candidates that can guarantee unity, stability and sovereignty based on national reconciliation, justice, accountability, democracy, rule of law and good governance,” Mr Kubis said on Wednesday.
The vote is a chance for Libyans to turn the page on “division, disunity, paralysis and dysfunctional institutions” and free it from the grip of “foreign interference”, added the Slovak diplomat.
Mr Kubis said he was leaving for "professional and personal reasons". The envoy, who has been based in Geneva, previously said the job should be carried out by somebody based in Libya’s capital Tripoli, and that he resigned to “to create conditions for this”.
Dozens of candidates have put their names forward, including Saif Al Islam Qaddafi — son of the country’s former leader and wanted by the International Criminal Court — and Field Marshal Khalifa Haftar, leader of the eastern-based Libyan National Army who is being sued in the US over civilian deaths.
Other hopefuls include Aref Nayed, a former Libyan ambassador to the UAE, businessman and head of the liberal Ihya Libya party, former interior minister Fathi Bashaghaf, and interim Prime Minister Abdul Hamid Dbeibah.
Libya's electoral commission has not yet released a final list of candidates for the race following a fractious process of court appeals over the eligibility of the 98 who have registered to run.
The rows exposed deep differences over the basis for an electoral process that has already diverged from the election road map backed by the UN and major world powers.
The road map envisaged the election as a way to forge consensus over the legitimacy of Libya's rival political bodies, which emerged amid the chaotic fallout of the 2011 revolution that toppled dictator Muammar Qaddafi.
Libya’s High Council of State on Wednesday called for the presidential election to be delayed until February amid growing jostling over the rules and the legal basis of a vote.
The council's advisory body was installed through a 2015 peace agreement. The extent of its powers has been a cause for debate and it is not recognised by all the entities in Libya's complex, fractured political environment.
UN Secretary General Antonio Guterres on Monday appointed US diplomat Stephanie Williams to lead mediation efforts in Libya after Mr Kubis's departure. She was, however, named a special adviser, not an envoy — a designation that did not require approval from the divided Security Council.
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
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.”
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
