BENGHAZI // Libya's new rulers yesterday declared victory in the battle for the southern city of Sabha, one of the last bastions of support for Colonel Muammar Qaddafi.
Officials of the interim ruling National Transitional Council (NTC) said there were only small pockets of resistance in Sabha, Libya's largest desert city and home to an important military base.
The United States prepared to raise the American flag over its embassy in Tripoli today, after Barack Obama, the US president, met Libya's new leader in New York and pledged support for Libya as it consolidated its freedom.
Abdelmajid Seif Ennasr, who represents the NTC in Sabha, said: "We are in complete control of the city of Sabha."
Everybody in the city, including those who were pro-Qaddafi, were now with the revolution", even though NTC fighters were encountering "resistance from some individuals here and there", he said.
Mohammed Wardugu, the Benghazi spokesman of the "Desert Shield Brigade" fighting in the region, said: "Sabha is totally under the control of the revolutionaries."
The battle for Sabha, a city of 100,000 people in an area dominated by Col Qaddafi's clan, first broke out on June 12 after two days of anti-regime protests in the sprawling oasis.
Nato, whose air strikes have been instrumental in beating back Col Qaddafi's forces, said yesterday it would extend its air campaign for another 90 days.
The organisation has agreed to continue its operation in Libya, the US ambassador to Nato, Ivo Daalder, wrote on Twitter.
The current 90-day mandate was due to expire on September 27, but Western leaders have made clear their intention to continue the mission.
At Bani Walid, a Qaddafi stronghold south-west of Sirte, doctors said two people were killed and another four wounded in fighting.
Previously, an NTC official Abdullah Kenshil reported the death of an NTC fighter in Bani Walid and said the new regime's forces were preparing for a "decisive" tank-backed battle for the town in the next 48 hours.
NTC authorities have admitted they lost three men at Sirte on Tuesday, taking the overall death toll since they moved on the city on September 15 to at least 45 NTC fighters.
Meanwhile, 16 patients, most in critical condition, were evacuated on a Qatari military plane to Malta as doctors said the region's hospitals were overwhelmed.
NTC forces have said Col Qaddafi enjoyed a broad base of support in Sirte. Despite the setbacks, the fugitive Col Qaddafi told his remaining loyalists in Libya that the new regime was only temporary, in his latest comments aired on Syrian-based Arrai television. As Libya's new rulers were feted in New York, the interim prime minister Mahmud Jibril said the country's first formal government since Col Qaddafi's removal would be announced in 7 to 10 days.
His statement came after a special summit at which Mr Obama met the NTC chief Mustafa Abdel Jalil and announced the US embassy would be reopening and the ambassador, Gene Cretz, returning for a flag-raising ceremony.
THE SPECS
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Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
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.”
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The years Ramadan fell in May
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
SCHEDULE FOR SHOW COURTS
Centre Court - from 4pm (UAE time)
Angelique Kerber (1) v Irina Falconi
Martin Klizan v Novak Djokovic (2)
Alexandr Dolgopolov v Roger Federer (3)
Court One - from 4pm
Milos Raonic (6) v Jan-Lennard Struff
Karolina Pliskova (3) v Evgeniya Rodina
Dominic Thiem (8) v Vasek Pospisil
Court Two - from 2.30pm
Juan Martin Del Potro (29) v Thanasi Kokkinakis
Agnieszka Radwanska (9) v Jelena Jankovic
Jeremy Chardy v Tomas Berdych (11)
Ons Jabeur v Svetlana Kuznetsova (7)
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
