BRUSSELS // Muammar Qaddafi's regime is illegitimate and contacts should be initiated with the Libyan rebels, the GCC said last night.
The six-nation alliance urged Arab League foreign ministers, who are due to meet in Cairo tomorrow, "to shoulder their responsibilities in taking necessary measures to stop the bloodshed".
"The foreign ministers' council stresses that the existing Libyan regime is illegitimate and calls for the need to initiate contacts with the interim national council," the Gulf states' foreign ministers said after meeting in the Saudi capital, Riyadh.
It was the third political boost of the day for the rebels fighting to overthrow Col Qaddafi, after France recognised them as the legitimate government of Libya and the US secretary of state Hillary Clinton announced plans to meet their political representatives next week.
But the rebels' diplomatic progress in unseating Col Qaddafi after nearly 42 years in power came as they were dealt a major setback on the battlefield.
Forces loyal to Col Qaddafi swept eastward across the country, rooting out insurgents from the key eastern oil town of Ras Lanuf. Packed into dozens of pick-up trucks mounted with machineguns, rebels fled the town under a continuous barrage of shelling, rocket and sniper fire. They had controlled it for a week.
Col Qaddafi's son Saif al Islam warned: "We're coming," and said his forces were advancing towards the rebel bastion of Benghazi in eastern Libya.
One rebel fighter dressed in military fatigues said: "We've been defeated. They are shelling and we are running away. That means that they're taking Ras Lanuf."
Although the overwhelming majority of rebels were fleeing east, small groups of men were believed to have stayed in Ras Lanuf, hunkered down in buildings and possibly preparing for a guerrilla battle.
Mahmoud Ibrahim, a retreating rebel in his late teens, wept and called on the US president Barack Obama and the British prime minister David Cameron to intervene. "Where's Obama? Where's Cameron? Tell Obama to help us," he sobbed.
But outside military intervention to aid the rebels seemed no closer to reality yesterday, as EU foreign ministers meeting in Brussels remained hesitant about endorsing a no-fly zone above Libya to protect the insurgents from air attacks.
The EU has promised a thorough review of its policy towards undemocratic regimes that violate human rights. But while steadily expanding sanctions on Libya's government, the 27-nation bloc has also struggled to come up with a more forceful response.
For about 100 supporters of Libya's opposition, demonstrating in front of the EU's headquarters in Brussels yesterday, the bloc was not acting nearly quickly enough. "If anything like this happened in Europe, they would have done something within 24 hours," complained Ibrahim Abushima, a Libyan doctor who lives in Belgium.
After the meeting, the UK's foreign secretary, William Hague, set out several conditions for a no-fly zone. "It's very important that a no-fly zone has a demonstrable need that the world can see, that it has a clear legal base and that it has broad support within the region itself, namely North Africa and the Arab world."
His remarks reflected both Nato and the EU shifting the onus of the decision to intervene militarily to both the United Nations and to the region itself.
The Nato secretary general, Anders Fogh Rasmussen ,said yesterday "further planning is required" to put a no-fly zone in place, though he noted that Nato was moving "naval assets" closer to the Libyan coast.
Darren Ennis, spokesman for the EU's foreign policy chief, Catherine Ashton, said: "In our vision any possible military action should be supported by the Arab League." The rebel reversals on the battlefield lent an added urgency to the debates in Brussels but may also complicate the international response. Confusion reigned over whether to recognise the opposition's Provisional National Council.
The move was not supported by the EU nor by most foreign ministers. "We recognise only states, not governments or opposition movements," Mr Ennis said.
The uncertain situation on the ground also seemed to stymie Nato. It was "unclear what future direction the country will take", Mr Rasmussen emphasised.
But he added he could not imagine Nato and the international community "to stand idly by as Col Qaddafi keeps attacking his people".
Nato started yesterday a 24-hour surveillance of Libya's air space to track the movement of Col Qaddafi's air force.
The EU also announced a tightening of its sanctions on several Libyan financial institutions.
EU leaders will consider further steps against Col Qaddafi at their summit today.
Despite the indecision of Europe's foreign ministers over acceding to a key rebel request, France's recognition of the rebel Provisional National Council represented a diplomatic success for Col Qaddafi's opponents.
The council is the only "legitimate representative of the Libyan people," the office of President Nicolas Sarkozy said after the French leader held talks at Elysee Palace with two representatives of the council. French officials also said Paris would send an ambassador to the eastern city of Benghazi, the rebels' headquarters.
In spurning Col Qaddafi in favour of his opponents, Mr Sarkozy's government seemed keen to make amends for a series of recent foreign policy gaffes in North Africa.
It underestimated the events that led to the overthrow of President Zine El Abidine Ben Ali in Tunisia and was embarrassed by vacations taken by French ministers at the expense of Mr Ben Ali and former Egyptian President Hosni Mubarak.
"From the start we've been absent from this extraordinarily positive movement in North Africa," said Dominique Paille, a member of Sarkozy's ruling UMP party. "We started very badly … and since then we have been a little afraid. We must take a certain leadership again," he said.
In Washington, Mrs Clinton said her meeting next week with rebel representatives would take place during a trip to Egypt and Tunisia.
"We are reaching to the opposition inside and outside of Libya. I will be meeting with some of those figures, both in the United States and when I travel next week, to discuss what more the United States and others can do," Mrs Clinton said.
She rejected outright the possibility of unilateral intervention by the US in Libya, saying it could have "unforeseeable consequences."
Injecting a note of caution into discussions about possible military intervention to aid the rebels, she also told a congressional committee that although Col Qaddafi had given up his nuclear weapons, he "still does have some remaining chemical weapons and some other nasty stuff we're concerned about."
In other congressional testimony, the head of the US intelligence community indicated that without outside military aid, the rebels would be defeated.
Col Qaddafi's forces have a logistical advantage over the rebels that means in a long fight the "regime will prevail," said James Clapper, the director of national intelligence.
He added that his appraisal was a personal assessment and not that of the US government.
* Caryle Murphy reported from Riyadh, Ferry Biedermann reported from Brussels. Additional reporting by Agence France-Presse
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Power: 150hp
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
How to avoid crypto fraud
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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
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
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THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
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.”
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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.