RABAT // On Tuesday evening, Libyans switched on the state-run television channel, Jamahiriya, to a long-unimaginable sight: the country's leader, Muammer Qadafi, settling into Libya's chair at the UN security council during a private visit that day.
"He took pen and paper and wrote in English, 'We are here' and 'I was here', then signed it," said Mustafa Fetouri, a political analyst in the capital, Tripoli, who watched the footage.
Mr Qadafi's triumphant note expressed the core subtext of his first ever address on Wednesday to the UN General Assembly, a hour-and-a-half discourse calling for a dramatic overhaul of the world body and featuring a grab-bag of provocative remarks, analysts said.
The visit comes in a year of victories for the Libyan leader, who in January was elected to chair the African Union and this month celebrated 40 years in power since overthrowing Libya's pro-western king in a military coup, banning political parties and reorganising the country as a Jamahiriya, or "state of the masses", with himself as Brother Leader and Guide of the Revolution.
Shunned for decades by western countries for its support of militant groups, Libya has since repaired relations with the US, UK and other countries, seen international sanctions lifted and currently holds a seat on the UN Security Council.
Meanwhile, the UN General Assembly is presided over by a Libyan diplomat, Ali Treki, who introduced Mr Qadafi on Wednesday as "king of kings" before the Libyan leader launched a fiery critique of what he called the inequality in the UN between the mighty and the poor.
"How can we be happy about the world security if the world is controlled by four or five powers?" Mr Qadafi said, suggesting that the veto power of the Security Council's five permanent members be annulled. "It should not be called the Security Council, it should be called the terror council."
"When he speaks about international law, he's talking to western countries," said Mr Fetouri, a professor of business management at Tripoli's Academy of Graduate Studies. "But his harshness was for Libyan consumption - he's stated such views many times before, in Libya."
"Through a blend of tough control, but also understanding his people, he's been remarkably enduring," said Jon Marks, a Libya expert and chairman of Cross-Border Information, a British risk-assessment firm. "He feels invulnerable."
However, Mr Qadafi's criticisms of the UN, while well-founded, also raise questions about Libya, said Mr Fetouri. Among the 65 wars the Libyan leader said the UN had failed to prevent were Libya's incursions in the 1970s and 1980s into neighbouring Chad.
"When you call for certain events to be investigated by [the] UN, you have to remember that you may be in line for investigation as well," said Mr Fetouri.
Mr Qadafi's performance seemed to fatigue his listeners, some of whom left the room while he fumbled with handwritten notes, defended the Taliban's right to establish an Islamic emirate, speculated that swine flu had been prepared in a laboratory and demanded that the West pay US$7.77 trillion (Dh28.5trillion) to African countries in reparations for European colonialism.
Many Libyans have come to accept Mr Qadafi's eccentricities, said Mr Marks. Some say his growing stature gives him the right to speak his mind.
"He doesn't need to moderate what he says in front of America or Europe," said Mohammed, a Tripoli bookshop owner who did not want his surname given, by telephone. "He's not just representing Libya now, but the whole African Union."
For Ali Bouredi, a hotel owner in Tripoli, Mr Qadafi's call for reform of the UN chimed with the preceding speech by the US president, Barack Obama, urging countries to work together on global problems.
"I thought Mr Qadafi's speech was inclusive of Mr Obama's and came with a new vision," said Mr Bouredi by telephone.
Libya has placed top priority on improving relations with the US, for years its chief adversary, a process that began in 1999 when Libya offered up suspects for trial in the 1988 Lockerbie bombing. In 2003, Libya renounced the quest for a nuclear weapon.
In his speech on Wednesday, Mr Qadafi called Mr Obama "our son" and wished eternal presidency upon him. Washington has also sought keenly to mend ties with Libya, a goal unlikely to change despite anger over the perceived hero's welcome given in Tripoli last month to Abdel Bassat al Megrahi, the released Lockerbie bombing convict.
Mr Qadafi emphatically declined to heed US warnings to keep his remarks to the UN concise and restrained.
"The only predictable thing about his visit to the US was that the brother leader was in no way going to spend 15 minutes thanking the global community," said Mr Marks. "He was going to stand up and tell people what he thinks."
jthorne@thenational.ae
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Electoral College Victory
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.
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
What's%20in%20my%20pazhamkootan%3F
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World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
On sale: now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v 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.”
Common%20symptoms%20of%20MS
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The%20specs%20
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What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5