Libyans went to the polls on Wednesday to elect a new House of Representatives, which will replace the present General National Congress (GNC).
The GNC has come under heavy criticism across Libya over recent months, with accusations of inefficiency and incompetence. This will be the third legislative election since the end of Muammar Qaddafi's rule – and many Libyans openly wonder if this is Libya's last chance to save itself from a prolonged period of total state collapse.
The two-pronged problem that Libya currently faces is rather clear.
The first is violence. The second relates to who benefits from the absence of strong united leadership. This election takes place at a time when the state institutions have almost completely failed and the country stands dangerously close to collapse.
In the midst of this chaos, the renegade general, Khalifa Haftar, has emerged.
It is not surprising to see a significant number of Libyans express support for him – especially as he has declared to restore law and order and pursue radical militant elements within the country. Indeed, in a recent interview, Gen Haftar insisted he is not a renegade or a rebel, because there is “no state to rebel against”. It is a sentiment that many Libyans will sympathise with.
But the strategies of Gen Haftar are unlikely to result in a state being formed.
On the contrary, he may continue to disrupt the radical militant networks active in Libya, but at the expense of further weakening the formal state structure.
His recklessness has meant that Gen Haftar does not have the support of any government in the region.
There is another option, nonetheless, to oppose Gen Haftar’s rash approach – and the key to that lies with the new House of Representatives.
The idea has been mooted in Libya that to truly take the country out of its crisis, it will require a single leader – not a dictator or autocrat, but someone who will be directly elected by the Libyan people, and accountable directly to them.
In the days to come, even before the House deliberates on whether there should be presidential elections, different candidates are likely to make themselves known.
Announcing their candidacies may provide that extra bit of encouragement for the House to schedule presidential elections – and then things may get interesting.
Those candidates will need to deal first with the issue of violence and disarm the militias.
That is a challenge that has faced Libya since the downfall of Qaddafi, despite a clear demand by the majority of Libyans that they wish to live in a peaceful country. Any genuinely successful president is going to have to do that – and that will require a powerful mandate.
That president will need to build a new social contract for Libyans and that will require mediation via tribal affiliations rather than individual citizens, if only in the interim.
It is hard to identify a single person who can go beyond the polarisation that now exists in Libya. The non-Islamist-Islamist divide is difficult to surmount, but not impossible.
But someone does have to step up to the plate. Someone who can bring a critical mass of Libyans together, and build a broad alliance of different factions to take Libya out of its current impasse.
There really are few options left – Libya has already missed far too many chances. This week’s elections are far more important than might be imagined – they could be the first step to a process that rescues the remnants of Libya’s 2011 revolution.
Dr HA Hellyer is an associate fellow at the Royal United Services Institute in London, and the Brookings Institution in Washington DC
On Twitter: @hahellyer
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.”
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
The five pillars of Islam
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Results:
Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
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