Scramble to woo Libya's independents begins as Jibril coalition beats Islamists

TRIPOLI // A moderate coalition led by the wartime prime minister Mahmoud Jibril beat Islamist rivals in Libya's landmark election, results showed yesterday, but it was not yet clear who would dominate the new assembly as all sides scrambled to woo independents.

Mr Jibril's National Forces Alliance (NFA) won 39 seats out of the 80 reserved for parties in Libya's 200-seat national assembly, the full count showed. The political wing of Libya's Muslim Brotherhood, the country's biggest Islamist group, won just 17 of those seats in the first free national election on July 7.

But those numbers do not translate into an automatic majority for Mr Jibril, whose party has secured just 20 per cent of seats in an assembly which will name a prime minister, pass laws and prepare for full parliamentary polls after the country drafts a new constitution next year.

A further 120 seats were allotted to independent candidates whose allegiances are hard to pin down. The names of the winners of those seats were also announced at a news conference yesterday, but it was not yet clear what kind of voting blocs would be formed.

The assembly could well be dominated by an unpredictable and fractious mix of candidates elected on the basis of local connections, reputation and social standing rather than ideology.

The NFA, made up of a diverse group of personalities, is seen to be at the more progressive end of Libya's political spectrum. But it rejects the label of secularist and describes itself as a moderate Islamic political entity.

"It's too early to talk [about a majority]. It will become apparent in the next few days how the independents will align themselves," said Gumaa Al Gamaty, a founder of Libya's Taghyeer Party. "I think the NFA will attract some independents and smaller parties."

Analysts predict that Mr Jibril's NFA would ally itself with some smaller entities and numerous independents. But the head of the Justice and Construction party, the political arm of the Muslim Brotherhood, told Reuters his group also expected to form significant alliances with independents.

"We feel this is a victory for all Libyans ... and we congratulate all the winners, independents and political entities," Mohammed Sawan said. "We think we can get between 60 and 70 seats ... We are ready to cooperate with any party that is ready to serve the country."

Nevertheless, the final tally bucks the trend of success for Islamist groups in other Arab Spring countries such as Egypt and Tunisia, where the Muslim Brotherhood and Ennahda emerged as by far the strongest parties.

Speculation is growing that Mr Jibril, who did not run as a candidate in the polls himself, could emerge from the process as Libya's next leader - potentially as president if a new constitution chooses that form of government.

Though the elections suggest a weaker performance for political Islam in Libya, Mr Jibril, 60, and other candidates are conservatives who have rejected being labelled as secular.

Already a conservative country, the election outcome is unlikely to herald a new era of liberal reforms in a country where alcohol is already banned and most women are veiled.

Aside from his high profile in last year's uprising, analysts said Mr Jibril was seen as a safe pair of hands to rebuild the oil-based economy, which the International Monetary Fund has predicted would quickly bounce back.

Many Brotherhood candidates, on the other hand, were unknown and were tainted by association with their namesake in Egypt.

The election commission has said the results are still preliminary as a window for appeals remains and only after that will they become final.

UAE currency: the story behind the money in your pockets

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.”

10 tips for entry-level job seekers

Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

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