NEW YORK // It was hard to imagine how Libya's flamboyant leader, Moammar Qadafi, could upstage the US president, Barack Obama, when the two statesmen performed back-to-back in the UN's assembly hall yesterday.
But Mr Obama's long-winded, 40-minute oratory was trumped by the North African leader's rambling rant against global inequalities, which kept diplomats looking at their watches for more than an hour and a half.
Well-known for his protracted diatribes, Mr Qadafi, clad in flowing, mud-brown robes, brandished a pocket-size copy of the UN charter as he railed against the oppression poor nations suffer at the hands of the powerful.
Before him, Mr Obama's much-anticipated debut before the UN General Assembly won rounds of applause as he signalled changes to a discredited US foreign policy, urging his audience of some 120 leaders to cease viewing "America with scepticism and distrust".
But Mr Qadafi, the self-styled African king, had led Libya for 40 years before making it to the UN's golden pulpit - and used the rare chance of a global spotlight to address a range of radical topics.
Among them were worthy criticisms of a global structure that cemented the power of the permanent, veto-wielding members of the Security Council - the US, Russia, China, France and the UK - in 1945.
"The veto is against the charter," complained Mr Qadafi, wielding a copy of the UN rulebook, his untamed, black hair springing from beneath a cap and an Africa-shaped brooch glistening on his breast.
"How can we be happy about the world security if the world is controlled by four or five powers? We are just like the decor ? It should not be called the Security Council, it should be called the Terror Council."
But it was perhaps un-statesmanlike to also complain about the jet lag endured from a New York-bound flight, implicate Israelis in the assassination of President John F Kennedy, or levy fines against the assembled guests.
Speaking "in the name of 1,000 African kingdoms," he demanded compensation from the West for colonisation of the continent and provided a precise figure: US$7.77 trillion (Dh28.5 trillion), while struggling with his translator ear-piece.
"The Africans will call for that and if you don't give that amount - $7.77 trillion - the Africans will go to where you have taken these trillions. They have the right and they will bring the money back," he warned.
The speech took Mr Qadafi's shrinking audience from the ruins of the Second World War through the Suez Crisis and on to the US-led invasion of Iraq in 2003, all the while presenting his trademark analysis on global ills.
Leaders following Libya on the speaker list - from France's Nicolas Sarkozy to Sheikh al Thani of Qatar - were likely irritated once their schedules had been thrown into disarray by Mr Qadafi's protracted speech.
The Colonel was clearly readying to grandstand when, after Mr Obama had finished speaking on world security threats, he broke protocol by waiting at Libya's assembly-hall seat chatting for 15 minutes with diplomats and leaders from Africa and the Arab world.
Despite an earlier etiquette warning from Susan Rice, the US ambassador to the UN, that Mr Qadafi "comport himself" suitably and adhere to the advisory time-limits while in Manhattan, the Libyan maverick was unapologetic.
Once at the marble podium, he thanked Mr Obama, calling one of the world's most powerful men "our son", referring to his African and unconfirmed Muslim heritage in a tone that many Americans will consider patronising.
But he warned that the president's term may be only a "glimpse in the dark for the next four or eight years" before coming to an end and "we may go back to square one". His suggestion that Mr Obama remain president indefinitely won scattered applause.
Mr Obama's poise and compose throughout a well-scripted speech was in stark contrast to Mr Qadafi, who regularly broke off mid-sentence and flitted between topics while clutching ripped-out notepad leaves daubed in marker pen notes.
And when the Libyan leader was escorted from the podium after one hour and 35 minutes of verbosity, a view of the 192-nation chamber revealed a sea of turquoise, grey and blue seats that had been vacated by weary diplomats and ministers.
Mr Qadafi's presence in New York was always going to be controversial, particularly as Libya is now emboldened by holding one of 10 rotating seats on the UN Security Council and chairmanship of the African Union.
Libyan diplomat Ali Treki assumed the post of General Assembly president last week, making him the master of ceremonies for the week-long event and able to introduce Mr Qadafi as "the king of kings".
The eccentric leader continues to be pilloried in the media, notably in the wake of controversy over Abdel Basset al Megrahi, who was jailed in Scotland for the downing of Pan Am Flight 103 over Lockerbie in 1988.
The Libyan official's release, on grounds of clemency due to terminal cancer, and jubilant cheering upon his arrival at Tripoli airport last month sparked outrage in the US, home to two thirds of the blast's 270 victims.
As Mr Qadafi spoke, relatives of Lockerbie victims rallied outside UN headquarters shouting: "Hey, hey, ho, ho, Qadafi must go!" But critics were drowned out by a radical black American group lauding the "African King".
Before he even arrived in Manhattan, the famously eccentric Libyan leader had been turned away from several sites around New York where he hoped to pitch his traditional Bedouin tent and receive guests.
It is only seven months since the Colonel's last controversy, when he publicly lashed Saudi Arabia's King Abdullah, saying the octogenarian was "propelled by fibs towards the grave and ? made by Britain and protected by the US" at an Arab summit in Doha.
While Mr Qadafi's speech does not break any records, such as Cuban leader Fidel Castro's epic offering of almost four and a half hours in the 1960s, it will likely go down in the UN's ever-growing list of diplomatic debacles.
Classic moments include Soviet leader Nikita Khrushchev banging his shoe on a desk in 1960; Venezuelan president Hugo Chávez describing George W Bush as "the devil" in 2006; and Ugandan president, Idi Amin, comparing UK prime minister Edward Heath during to Adolf Hitler in 1973.
jreinl@thenational.ae
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Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
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Company%C2%A0profile
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The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
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
Planes grounded by coronavirus
British Airways: Cancels all direct flights to and from mainland China
Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30
Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong
Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
Indonesia's Lion Air: Suspending all flights to China from February
South Korea's Asiana Airlines, Jeju Air and Jin Air: Suspend all flights
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
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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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.”
Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
