An image taken from the official Facebook media page of Libya’s prime minister on March 30, 2016, shows UN-backed prime Mpinister-designate, Fayez al-Sarraj being greeted by upon his arrival in Tripoli. Agence France-Presse, handout
An image taken from the official Facebook media page of Libya’s prime minister on March 30, 2016, shows UN-backed prime Mpinister-designate, Fayez al-Sarraj being greeted by upon his arrival in TripolShow more

Who Libya’s new prime minister-designate Fayez Al Sarraj?



TRIPOLI // Fayez Al Sarraj, who is tasked of uniting a country ravaged by divisions, is a novice politician, but comes from a family with deep political roots.

Since arriving in Tripoli last week, Libya’s prime minister-designate, has been struggling to assert his government’s authority, suffering a setback on Wednesday as the head of a rival Tripolitan administration refused to cede power.

Described by childhood friends as warm and engaging but firm when needed, the 56-year-old was born into a wealthy and prominent family that owned a book and stationary store in central Tripoli, as well as swathes of land around the capital.

A trained architect, Mr Al Sarraj had a long career in the public sector and was also a businessman.

He worked for the social security administration, the public works department, and served as a commissioner in charge of supervising public projects.

He did not enter politics until his 50s, following in the footsteps of his father, Mostafa, who was a member of parliament and cabinet minister under Libya’s deposed King Idriss.

Mr Al Sarraj was elected to parliament in June 2014 but he and fellow lawmakers fled to Tobruk, east Libya, after an alliance of militias overran the capital and established a rival administration.

Two years later and after months of arduous negotiations, the United Nations brokered a power-sharing deal between rival Libyan politicians under which Mr Al Sarraj was designated prime minister.

The international community pressed reluctant Libyans to endorse the deal, seen as vital to stemming a conflict that has seen ISIL establish a foothold in the country.

“His political stature is still very fragile,” said Silvia Colombo, a Libya expert with the Rome-based Institute of International Affairs.

She noted, however, that Mr Al Sarraj took everyone by surprise when he travelled with cabinet ministers to Tripoli last week from self-exile in Tunis.

“He sent a very, very strong message, more than what had been expected of him, by landing in Tripoli. This was an unexpected gesture ... from a man who until then had never been a leader,” she said.

Mr Al Sarraj arrived at a naval base in Tripoli last Wednesday amid hope that his administration will end the chaos that has plagued the country since Muammar Qadaffi’s removal from power in 2011.

Friends of Mr Al Sarraj describe a charismatic figure who should be able to rally support.

“Fayez is an extremely kind man who is always willing to listen to others. He is patient and respectful, but this does not stop him from being firm and speaking his mind,” said Salim Ben Hemeda, a childhood friend, fellow architect and neighbour.

Another friend, Rida Al Gontrari, described him as “calm and level-headed”.

Mr Al Sarraj’s father was a member of the nationalist Hizb Al Motamar party and had close ties with Bashir Al Saadawi, a key figure of Libya’s 1951 independence from Italy.

The prime minister-designate is married to an architect and has three daughters.

* Agence France-Presse

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May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff 

May 20, 2020: They attend 'bring your own booze party'

Nov 27, 2020: PM gives speech at leaving party for his staff 

Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson 

Dec 13, 2020: PM and his wife throw a party

Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters 

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- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

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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.

“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.”

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Asayel camels - sleek, short-haired hound-like racers

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Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

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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

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The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.

By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National. 

The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.

The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.

The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.

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J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).

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Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia