In September 2011, Britain's prime minister David Cameron and France's then president, Nicolas Sarkozy, paid a visit to Libya. "It's great to be here in free Benghazi and in free Libya," said Mr Cameron, as the two foreign leaders were mobbed by well-wishers. That same day, one month before Muammar Qaddafi met an ignominious end in a culvert during the Battle of Sirte, Mr Cameron added: "I believe you have the opportunity to give an example to others about what taking back your country can mean."
Three and a half years on, Qaddafi loyalists are back – now fighting under the banner of ISIL in Sirte. The terrorist group showed its reach had grown far beyond Syria and Iraq last month when it released a video of 21 Egyptian Copts being beheaded on a Libyan beach. That was just one shocking incident in what has become a wave of kidnappings, bombings and killings. The country has effectively descended into civil war, with the democratically elected government having had to flee to Tobruk, while a rival administration occupies Tripoli. Last December, the UN estimated at least 120,000 people had been displaced in what it termed a “humanitarian crisis”.
This is presumably not what Mr Cameron had in mind. Not if he concurs with his foreign secretary, Philip Hammond, who recently told parliament that “the reality on the ground in Libya is that there is no authority to engage with”.
But the danger that the joys of freedom might be brief was apparent from the start. Days before Mr Cameron and Mr Sarkozy landed in Benghazi, I warned in these pages: “Although the gamble appears to have paid off, it was, like similar ventures in the past, one taken with no serious thought for what happened afterwards nor even the vaguest notion of how long it would last.”
The Nato intervention was itself not only a gamble but an ill-prepared one – as the then US defence secretary, Robert Gates, pointed out early on in the campaign, saying that “the mightiest military alliance in history is only 11 weeks into an operation against a poorly-armed regime in a sparsely populated country. Yet many allies are beginning to run short of munitions, requiring the US, once more, to make up the difference”.
What now appears to be absolutely catastrophic, however, is the lack of preparation for a Libya without Qaddafi. It seems incredible in retrospect that, after Iraq, western interventionists could again have relied on the word of unrepresentative exiles (such as Ahmad Chalabi of the Iraqi National Congress) that peaceful liberal democracy would immediately fill the post-dictatorship vacuum. But that is apparently exactly what happened.
As Joseph Walker-Cousins, who had been the stabilisation adviser to Britain's special envoy at the time, recently wrote: "We were led to believe that rebuilding Libya would be a relatively simple operation: Muammar Qaddafi was finished, Libya's army was useless and its tribes were broken. A new state was to be built on fresh and firm foundations. How mistaken we were."
There may have been reasons for Nato to hope that Libya would make an easier transition. Justin Marozzi, an adviser to the National Transitional Council and contributor to this newspaper, told me that “after the disappointments of heavy footprint interventions in Iraq and Afghanistan, the West adopted a light-touch approach in Libya after toppling Qaddafi from the air”. But such hopes were mere wishful thinking. This approach, says Marozzi, “has proved just as unsatisfactory. Post-war planning was as minimal as the coalition’s footprint”.
I recently attended a discussion at which a seasoned diplomat advised the following steps for nation-building: “Stability. Development. Rise of a middle class. And then, democracy.” Libya was developed and had a middle class. But stability under Qaddafi had been enforced from the top; it was not necessarily the natural condition of a country that had been divided into three provinces from Roman times until independence in 1951.
Some were aware that it might prove elusive once the self-styled “dean of the Arab rulers, the king of kings of Africa and the imam of all Muslims” was no longer in the picture. According to an investigation by the Guardian, Ken Clarke, then justice minister in Mr Cameron’s government, advised that partition into the old provinces was “the logical thing”. MI6, even more pessimistic, argued for sticking with “the devil you know”.
Mr Cameron, however, overrode the doubters. And he, along with Mr Sarkozy, must bear responsibility for what has happened since. After Iraq, removing a dictator and then disclaiming responsibility if chaos follows can no longer be acceptable. Yes, solutions must ultimately lie in decisions taken by local populations. But interventionists must also be subject to the rule: you break it – you own it.
“There’s no question of Britain abandoning Libya,” Mr Cameron said last month. Rather than cheers for the liberators, what bitter tears and caustic laughter those words must provoke today.
Sholto Byrnes is a Senior Fellow at the Institute for Strategic and International Studies, Malaysia
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Brief scores:
Southampton 2
Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
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.”
