Fierce fighting for control of Libya's capital that has displaced tens of thousands of people, and threatens to bring a further worsening of humanitarian conditions. AFP
Fierce fighting for control of Libya's capital that has displaced tens of thousands of people, and threatens to bring a further worsening of humanitarian conditions. AFP

ISIS cannot be allowed to regroup in Libya



Less than two months ago, ISIS was driven from its last redoubt, the isolated farming area of Baghouz in eastern Syria. With Iraq having declared victory over the group in 2017, this moment marked the end of the so-called caliphate it had once sought to establish across both countries. However, on Saturday, it reared its head once more, claiming responsibility for a horrific attack, in which nine soldiers were killed. The group struck a Libyan National Army training camp located in the south-western city of Sebha, issuing a stark reminder of the threat it poses in this fractured and febrile nation.

Since the fall of Muammar Qaddafi in 2011, Libya has been divided. The country's eastern regions are ruled by the perilously weakened UN-backed Government of National Accord, led by Prime Minister Fayez Al Sarraj. The west and parts of the south are in the hands of the Libyan National Army, headed by Field Marshal Khalifa Haftar. Powerful militias, formed along ethnic and regional lines, operate openly across the country. In Tripoli, the GNA has delegated security to such groups, bringing a culture of fear to the capital. Adding to the burden of ordinary Tripolitans, the city also became a battleground for both governments last month, when the LNA launched an offensive to retake it and wipe out extremist factions.

This turbulent environment is the perfect breeding ground for an organisation such as ISIS, which has been allowed to linger in Libya, after its reported defeat by militias loyal to Mr Al Sarraj in 2016. However, the group simply withdrew to the south-western desert, where Sebha is located. In January, Field Marshal Haftar’s forces took control of this area, but it is now obvious that the battle against ISIS is far from over.

Just last month, the group launched an attack on the town of Fuqaha in central Libya, which claimed the lives of two people. In fact, since the final loss of its Syrian territory, ISIS and its affiliates have carried out an ongoing campaign of violence. In a propaganda video released last Monday, the group's reclusive leader Abu Bakr Al Baghdadi spoke about Libya specifically, congratulating the perpetrators of attacks in the country. He also boasted about pledges of allegiance from several African terror groups and claimed the Sri Lanka Easter Sunday attacks, which killed 253 people. Evidently, he has not given up on his ambitions to control a feared global organisation. The situation in Libya is precarious and it is clear that the GNA's attempts to dislodge ISIS have failed. Libya's beleaguered citizens deserve much better than to have their country become a base for violent extremists and this outcome must be avoided at all costs.

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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.”