The parallels between the events in 2011 that led to Libya’s collapse and the 2003 invasion, from which Iraq has still not fully recovered, would suggest that the world is incapable of learning the lessons of even recent history.
In both cases, western intervention was responsible for the overthrow of a strongman regime. In neither case did anyone appear to have a workable alternative in mind.
Iraq continues to struggle to form a coherent government, with dire consequences for the economy, security and the provision of the most basic of public services, such as clean water.
In Libya, the absence of stable government has not only disrupted basic services but has also transformed the country into a febrile breeding ground for extremists, with catastrophic consequences for the entire region and beyond.
An assault on the foreign ministry in Tripoli in December was the latest in a series of attacks claimed by ISIS.
Like Iraq, Libya has significant oil reserves, which should mean a healthy economy but in the north African country, production and export have been constantly disrupted by militant groups vying for control of facilities.
It has been left to the United Nations, supported by the African Union and the Arab League, to try to align the interests of powerful tribal groups and bring about elections leading to a government of national unity. But progress has been painfully slow.
At a conference in Paris in May, Libya’s competing factions agreed to hold an election in December, a plan that was abandoned in November in the face of power plays by the country’s two rival governing bodies.
Ghassan Salame, the UN special envoy to Libya, has rightly accused the groups of subverting the will of the vast majority of Libyans in pursuit of their own interests.
On Friday, he told the UN Security Council that such gains as had been made in Libya over the past few years were fragile and prey to predators who, if not checked, will find ways to reverse them.
The current mobilisation of troops in the south of the country, in defiance of a ceasefire agreed in September, appears to confirm these fears.
Ultimately, only Libyans themselves can break the country’s political deadlock and, as Mr Salame says, “plot a path out of this malaise, towards stability and prosperity”.
This nation’s hopes now rest on the staging of a UN-backed national conference within the next few weeks, designed to bring all parties together and set the scene for elections in the spring.
Karen Pierce, the UK’s ambassador to the UN, emphasised the need for a broad spectrum of Libyan society, including women, to be represented at the conference.
It is imperative that the multiple factions that constitute the country’s political class, to say nothing of the hundreds of disruptive militias at large, now set aside narrow self-interest and work together for the benefit of the people they claim to represent.
The Libyan people have endured nearly eight years of bloody chaos. It is time to put Libya back on its feet and end their suffering.
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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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.”
UAE currency: the story behind the money in your pockets
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
