From left, Speaker of Libya's House of Representatives Aguila Saleh, UN Special Adviser on Libya Stephanie Williams and President of the High State Council of State Khaled Al Mishri meet in Geneva in June last year. AFP
From left, Speaker of Libya's House of Representatives Aguila Saleh, UN Special Adviser on Libya Stephanie Williams and President of the High State Council of State Khaled Al Mishri meet in Geneva in June last year. AFP
From left, Speaker of Libya's House of Representatives Aguila Saleh, UN Special Adviser on Libya Stephanie Williams and President of the High State Council of State Khaled Al Mishri meet in Geneva in June last year. AFP
From left, Speaker of Libya's House of Representatives Aguila Saleh, UN Special Adviser on Libya Stephanie Williams and President of the High State Council of State Khaled Al Mishri meet in Geneva in

Libya's rival factions agree in Cairo to work towards 'constitutional base' for settlement


Hamza Hendawi
  • English
  • Arabic

Libya's rival administrations said on Thursday that they have agreed to quickly reach a “constitutional base” for a political settlement in the troubled North African state, according to a joint statement from the two sides.

The statement was issued in Cairo following the latest bid by Egypt to end divisions and strife in Libya, with which it shares a porous desert border.

Thursday's meeting brought together Khaled Al Mishri, chairman of the High Council of State — an advisory body to the Tripoli-based government — and Aguila Saleh, speaker of the parliament based in eastern Libya. The talks were hosted by Egyptian Parliament Speaker Hanafy El Gibaly.

The joint communique issued after the talks said Mr Saleh and Mr Al Mishri had agreed “to chart a clear and well-defined road map, to be later announced, to complete all the necessary steps to carry out the election process in regard to the basis and laws as well as the executive steps and unifications of institutions”.

Egypt has long been trying to heal the breach between Libya's rival factions but with little tangible progress. Libya has been torn by divisions and violence since a 2011 uprising killed long-time dictator Muammar Qaddafi and left the country to be carved up by powerful armed groups that wield influence over politicians.

Egypt's interest in Libya is chiefly rooted in concern that the presence of militant groups and foreign military personnel in the country pose a threat to its own security.

Libyan-based militants have in recent years launched deadly cross-border attacks against Egyptian security forces and minority Christians travelling on remote desert roads near the border.

The outcome of Thursday's talks did not appear to take Egypt's mediation much further, given the absence of a timeline for reaching the constitutional base or setting a date for elections.

Significantly, the talks were not hosted by Egypt's powerful General Intelligence Directorate, which has traditionally been in charge of sensitive foreign policy files such as the Palestinian-Israeli conflict, Libya and Sudan, Egypt's neighbour to the south.

The talks came a few days after Abdul Hamid Dbeibeh, head of one of Libya's two rival governments, said his Tripoli-based administration was ready to hold elections this year, vowing that 2023 will be one of “elections and the unity of institutions”.

The other government is based in eastern Libya and led by Fathi Bashagha, a former interior minister.

“There are still those with despicable attempts to drown us in the quagmire of political conflict. We will spare no effort in preserving Libyan blood, unity and sovereignty of Libya, whatever the cost to us,” Mr Dbeibeh said in a national address on Monday.

Mr Dbeibeh's government was appointed under a UN process in early 2021 to oversee national elections in December that year. The vote was never held following disagreements among rival factions and prominent candidates over the laws governing the vote.

Libya's eastern-based parliament, the House of Representatives, called on Mr Dbeibeh to step down after the failure to hold the election, saying his mandate had expired.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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.”

Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.

Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.

"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."

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2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
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3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
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4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani

4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri

UAE currency: the story behind the money in your pockets
Updated: January 05, 2023, 3:02 PM