Yemen’s Houthi rebels destroyed food warehouses in a missile and drone attack on a newly refurbished commercial seaport in the country’s south-west on Saturday.
“The Houthi militia targeted Mokha port with four missiles and three explosive-laden drones at 10am on Saturday,” said Fares Al Hossam, a media officer for the pro-government Al Amalika Brigades, which are fighting the rebels along the country’s western coast.
“The Houthis attacked the port a few weeks after it was officially reopened following months of maintenance work,” he told The National.
Mr Al Hossam said no casualties had been reported but the missiles had destroyed warehouses containing food stockpiles that belong to traders and humanitarian agencies that work on Yemen’s western coast.
Bassam Al Muflehy, head of the transport minister’s office, said the attack was timed to coincide with a visit by senior government officials.
“The Houthis attacked the port at the same a high-level delegation was visiting,” he told The National.
“The delegation arrived at the harbour 10 minutes before the attack, including the head of the Environment Protection Authority, the director of the Maritime Economics and Transport Authority and the port director.
“All the team members weren’t harmed and they are in safe place now.”
The commercial seaport in Mokha city has been associated with coffee trading for hundreds of years, imparting its name to the variety widely known as mocha.
The Houthis seized control of the port in November 2014 in a southern offensive launched months after they seized the capital, Sanaa, in northern Yemen.
They were using the port to smuggle in weapons bound for their strongholds in the north until they were driven out in January 2017 by pro-government troops backed by a Saudi-led military coalition.
The government announced in July that the port would resume commercial operations after years of suspension because of the war.
International UN-led efforts to end Yemen’s conflict have so far made little headway. The new UN special envoy for Yemen, Hans Grundberg, said on Friday that the Arab world’s poorest nation was “stuck in an indefinite state of war”.
Mr Grundberg, a Swedish diplomat who took up the post last week after serving as the European Union’s ambassador to Yemen since 2019, told the UN Security Council that “there are no quick wins” in Yemen’s civil war.
He said he planned to review what had and had not worked, and “listen to as many Yemeni men and women as possible”.
“The conflict parties have not discussed a comprehensive settlement since 2016,” Mr Grundberg said. “It is, therefore, long overdue for the conflict parties to engage in peaceful dialogue with one another under UN facilitation on the terms of an overarching settlement, in good faith and without preconditions.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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.”
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
UAE currency: the story behind the money in your pockets