The UN mission in Libya expressed deep concern about the deteriorating situation there, saying on Monday that Libya could be on the brink of economic collapse because of a central bank crisis.
“The mission believes that continuing with unilateral actions will come at a high cost for the Libyan people to resolve the protracted crisis, and risks precipitating the country's financial and economic collapse,” a mission statement read.
Disputes over control of Libya's Central Bank have raised alarm about possible misuse of the country's financial resources.
Libya's economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oilfields, effectively cutting off the country's primary source of income.
The statement added that the UN mission is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis with hopes of reaching a “consensus based on political agreements, applicable laws and the principle of the central bank's independence".
The UN mission called for the suspension of all unilateral decisions related to the central bank, the lifting of force majeure on oilfields, an end to use of force to achieve political objectives or factional interests, and protection for the bank's employees.
It stressed that resolving the “emerging” crisis is an “urgent necessity” to create a conducive environment for an inclusive political process.
Earlier on Monday, Libya's eastern-based administration said it was shutting down oilfields it controls and suspending production amid rising tension with the UN-recognised government in Tripoli.
A statement the Benghazi administration posted on X said it was “suspending all oil production and exports until further notice”, citing “force majeure”.
It linked the move to “repeated attacks on the leaders, employees and administrations of the Central Bank” in Tripoli, which manages Libya's large oil resources and the state budget.
The eastern-based administration said “outlaw groups” were responsible in a bid to control “Libya's most important financial institution”, the statement said.
Libya continues to grapple with the effects of the 2011 Nato-backed uprising that removed long-time leader Muammar Qaddafi.
The country remains split between the UN-recognised government in Tripoli, led by Prime Minister Abdul Hamid Dbeibah, and a rival administration in the east, supported by military commander Field Marshal Khalifa Haftar. Most of Libya's oilfields fall under his control.
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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.”
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
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