The head of Libya's UN-backed government has called for parliamentary and presidential elections in March next year, although his proposals will likely have to compete with other Libyan and international efforts to bring an end to the country's conflict.
Fayez Al Serraj, prime minister of the Government of National Accord (GNA), also called for a national ceasefire and the gradual merging of rival parliamentary bodies based in Tripoli and eastern Libya in a speech broadcast on television late on Saturday.
He said the polls aimed to elect a new president and parliament whose mandate will be of "three years maximum or until the drafting and organisation of a referendum for a constitution", and the GNA would remain as a caretaker government until after the elections.
Mr Al Serraj said he was putting forward the road map because of his "determination to escape the current crisis and unify Libyans".
"I am confident that the national spirit will overcome the narrow personal interests, and invite everyone to offer compromise even if it's painful to do so," he said.
Agreeing on an election plan and holding nationwide elections would be a major challenge given Libya's political divisions, continuing insecurity and bouts of fighting, and deteriorating infrastructure.
Libya slid into conflict after the uprising that toppled long-time Libyan leader Muammar Qaddafi six years ago. The country's previous elections, in 2014, led to the formation of rival governments and parliaments in Tripoli and the east, both backed by loose alliances of armed groups.
The GNA is the result of the UN-brokered Libya Political Agreement, a deal to stabilise and unite the country that was signed in late 2015 with only partial support from political and armed factions. It has limited authority, and has been rejected by eastern-based factions aligned with the military commander Khalifa Haftar.
Mr Al Serraj spoke haltingly and sounded tired as he delivered his speech flanked by Libya's flag and behind him the slogan "Libya, together towards reconciliation and construction".
He outlined a nine-point road map which he said would help shake off years of security problems, division and economic woes, and was aimed at relaunching the Libya Political Agreement.
He said the lack of security in Libya was the most "thorny" issue facing the country, and regretted that his predecessors did not disarm militias after the 2011 revolt against Qaddafi.
"We are now harvesting the fruits of these mistakes," said Mr Al Serraj.
"The time has come for unity and the rescuing of our nation."
Since arriving in Tripoli in March last year, Mr Al Serraj has struggled to form a functioning government or tame powerful militias. A severe liquidity crisis, frequent power and water cuts, and failing public services have worsened living conditions for most.
The turmoil in Libya has also affected its neighbours Tunisia and Egypt, which have suffered extremist attacks that they say were carried out by attackers trained at militant camps in Libya.
On Sunday Egypt's military says its jet fighters destroyed 15 all-terrain vehicles carrying weapons and explosives along with "criminal elements" after they were detected getting ready to cross the Libyan border into Egypt.
The military said warplanes monitored and "dealt" with the vehicles over the previous 24 hours.
The porous desert border with Libya has been the source of serious concern to Egyptian authorities, who contend that militants and smugglers use it as their route into the country.
It said militants who attacked Christians in a series of suicide bombings in recent months were trained and sponsored by extremists in Libya.
In May, Egyptian president Abdel Fattah El Sisi said setbacks suffered by ISIL Syria were driving its fighters to try to relocate to Libya and Egypt's Sinai region.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
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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
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
