TRIPOLI // The Libyan capital erupted into a cacophony of car horns, machinegun fire and chants as news spread that the battle for Sirte, and the hunt for its most famous son, were both over.
In Martyrs' Square hundreds of men chanted: "Alleyway by alleyway, house by house, we found you Qaddafi" - a scornful echo of the former dictator's threat that his forces would hunt down every rebel in the town of Benghazi, where the uprising that ultimately deposed him began eight months ago.
Qaddafi's death ignited emotions, with men in cafes dropping their coffees and sprinting towards television screens to see for themselves. By 2pm the city was nearly deafening, with hands pressed firmly on car horns, yells of "God is great", the crackle of AK-47s emptied into the sky and the boom of celebratory anti-aircraft rounds fired over the Mediterranean.
"Qaddafi is dead, by God," said Jaber Ayoub, 30, a soldier in the NTC forces, as he observed the growing spectacle in Martyrs' Square in the centre of Tripoli. "I don't even know what to say. I won't be able to sleep for days. This is a truly great day."
Just down the street, Kamel Mohammed, 28, was celebrating what his friends called a "double wedding" with almond milk drinks and sweets at the grand Martyrs' Mosque in the newly renamed Qatar Square. "It's like a small wedding for Kamel and a big wedding for the death of Qaddafi," said Fathi Ali, 43, Mr Mohammed's neighbour and an engineer in Tripoli. "If we had wings, we would fly."
With tears streaming down her face, Najwan Abughrara, 26, said she felt bittersweet about Qaddafi's death. Her uncle, Mustafa Mohammed Sharif, had been hanged in Martyrs' Square - formerly Green Square - for opposing Col Qaddafi.
"We wanted to put him on trial before giving him the death penalty," said Ms Abughrara, a lawyer in Tripoli.
As the afternoon turned into evening, Tripoli took on a carnival atmosphere. Inflatable slides appeared in Martyrs' Square and popcorn sellers came out in force to feed the celebrating crowds.
On side streets, spontaneous singing and dancing broke out among passers-by. A group of men on Revolution Street, which leads into the square, held down an old poster of Col Qaddafi on the street for cars to screech over. There was the sound of drums and women ululating, mixed with the din from around the city made up of gunfire and shouts.
Soldiers began turning up in their finest military attire, much of it hidden away after the siege of Tripoli. Out came the finest specimens of AK-47, some painted in gold, the helmets, the hats abandoned by fleeing Qaddafi officers. Some wore bandoliers of ammunition around their necks, others placed flowers in their guns and around artillery mounted on lorries.
"I have a happiness inside me that knows no limits," said Mohammed Abdul, 34, a wood carver turned revolutionary fighter for a Misurata brigade. "We think that Libya will be like heaven now. The military action is over."
"We are just really happy," said Osama Mugheb, 25, a banker at BNP Paribas in Tripoli. "We were waiting for eight months, but we were also waiting for this day for 42 years. The regime of Qaddafi is finally over."
The celebrations came after weeks of unease over the proliferation of weapons, infighting among members of the interim government and Qaddafi's threats of a new uprising by his loyalists next week.
Nevertheless, not everyone embraced the news of Qaddafi's death wholeheartedly. Haitham Haddad, 31, an NTC fighter, watched the crowds placidly yesterday afternoon.
Even after seeing images of Col Qaddafi's corpse broadcast on television, with his characteristic curly hair and beard with traces of blood, the fighter was awaiting more evidence.
"I'm just uncertain if any of it is true," he said, pointing to previous NTC announcements of the capture and death of Col Qaddafi's sons Saif Al Islam and Motassim that were later contradicted.
"If it is true, then we are very happy, but it's going to be a long time before we will have stability. Everyone wants to be a judge now, a politician, the president, to control the government."
bhope@thenational.ae
Company%20Profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
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.”
COMPANY%20PROFILE
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Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
Bridgerton%20season%20three%20-%20part%20one
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)