ISTANBUL // Major western and regional powers said yesterday that they officially recognised the Libyan opposition as the legitimate representatives of the country in a move designed to convince Col Muammar Qaddafi that his 41 years in power are over.
A statement released after the fourth meeting of the contact group for Libya demanded the resignation of Col Qaddafi. The group also called for the creation of a transitional government in Libya "to ensure a smooth and peaceful transition of power".
The contact group, made up by more than 30 countries, includes leading western powers such as the United States, the United Kingdom and France as well as regional countries such as host nation Turkey, the UAE and Morocco and international organisations including the Arab League, the African Union and Nato.
"The contact group reaffirmed that the Qaddafi regime no longer has any legitimate authority in Libya and that Qaddafi and certain members of his family must go," the statement said. "Henceforth and until an interim authority is in place, participants agreed to deal with the National Transitional Council (NTC) as the legitimate governing authority in Libya."
Col Qaddafi responded late last night, saying the contact group's recognition of the NTC, held no significance.
"Recognise the so-called National Transitional Council a million times: it means nothing to the Libyan people who will trample on your decisions," he said in a message to thousands of his supporters in Zliten.
Sheikh Abdullah bin Zayed, the UAE Minister of Foreign Affairs, who co-chaired the meeting with Ahmet Davutoglu, the Turkish foreign minister, said "very important steps" had been taken in Istanbul. In a reference to the contact group's position regarding Col Qaddafi, he added that "Qaddafi has brought his own people into a very difficult situation".
The decision by the contact group is a major political boost for the NTC, and the broad recognition could also help Col Qaddafi's opponents, who have been waging a five-month war against his regime, to overcome their financial problems.
The French foreign minister, Alain Juppe, said the international community could now "unfreeze certain Libyan state assets because it is the NTC that will henceforth exercise this responsibility". Mamoud Shamman, an NTC official in Istanbul, said the opposition needed US$3 billion (Dh11bn). "We need funds, funds, funds," he said.
The Italian foreign minister, Franco Frattini, said that the UN's special envoy for Libya, Abdelilah Al Khatib, would conduct negotiations with the Libyan leadership that would revolve around the questions how and when - not if - Col Qaddafi would resign. There was "no other option but for Qaddafi to leave", Mr Frattini said.
"Participants strongly underlined the need for Qaddafi to step down without further delay," the statement said. The contact group's members "reminded Qaddafi and his associates that their responsibilities and obligations under international law continue and that they will be held responsible for any crimes against humanity and war crimes".
Mr Davutoglu told a press conference after the meeting in Istanbul that the Contact Group as a whole stood behind Mr Al Khatib's mission. He said the UN envoy would conduct negotiations with both sides in Libya in the name of the international community. "We wholeheartedly support Mr Al Khatib's efforts," Mr Davutoglu said.
The contact group statement said that "Qaddafi must leave power according to [a] defined framework to be publicly announced", but gave no further detail. A Turkish "road map" for Libya, which has not been published, calls for a ceasefire, followed by Col Qaddafi's resignation and the start of a political process to establish a more democratic government in Libya, according to Turkish diplomats.
The Turkish plan also called for Col Qaddafi to be moved to a "save haven" either inside or outside Libya, several Turkish newspapers reported yesterday. A council, made up by two representatives of the government side and two members of the opposition, would rule the country in a transitional period leading up to elections. The four council members would elect a fifth member who would serve as interim president.
The contact group statement welcomed the "efficient and effective" Nato-led military campaign against Col Qaddafi's forces, but stressed the need for a political solution. The military pressure on Col Qaddafi will be kept up, however. The United Kingdom said it would deploy an extra four Tornado jets for attacks in Libya.
tseibert@thenational.ae
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Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Specs
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Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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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
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
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The specs
Engine: Four electric motors, one at each wheel
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Torque: 859Nm
Transmission: Single-speed automatic
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On sale: Now
UAE currency: the story behind the money in your pockets
THE SPECS
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Engine: 1.6-litre 4-cyl turbo and dual electric motors
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Transmission: 8-speed auto
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Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
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.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed