Scores of people were killed in fighting between pro-government forces and Iran-backed Houthi militias in Marib governorate in northern Yemen this week.
"More than 120 Houthi rebels were killed in fierce clashes in the mountainous terrain between the districts of Harib and Al Jobah, southern Marib in the last couple of days" Mohammed Al Qardaie, a tribal leader fighting alongside the Yemen government, told The National on Tuesday.
The ancient city of Marib is a vital transport hub in the country's rugged north and serves as a gateway to other government-held provinces.
It is also home to a large oil field, containing some of the country's estimated three billion barrels of oil reserves, and one of the country's only oil refineries.
"Since the beginning of this week our forces, backed by the coalition jets, thwarted several attacks launched by Houthi rebels trying to control the highway that links Safer oil fields in Marib with the oil-rich province of Shabwa in south-east Yemen," Mr Al Qardaie said.
According to Mr Al Qardaie, Houthi rebels pushed reinforcements towards Safer on Tuesday but pro-government forces held firm, supported by numerous of air strikes.
"Their eyes are on [the] Safer oil fields " Mr Al Qardaie said.
Last week, the insurgents managed to advance in the districts of Harib and Al Abdiyia, southern Marib and took control of the oil-rich districts of Bayhan and Osailan in Shabwa, south-east Yemen.
The new escalation in southern Marib has worsened the humanitarian situation in the province, which has 139 camps for internally displaced people, inhabited by nearly two million people.
"The situation is really bad in here, the clashes are getting closer to the city, which the rebels surround from three directions," an IDP who fled the war in Al Jawf province told The National.
"The desert road that links Marib with Hadramawt is the only way left for us to flee the city if the Houthis take control over it," he said.
As fighting rages, hundreds of families attempting to flee the flashpoints between the districts of Al Jobah and Harib in southern Marib are trapped while trying to reach new displacement camps in central Marib.
"The situation in Marib's southern territory is extremely disastrous. Imagine, whole villages were forcibly displaced by Houthi rebels in Harib and the southern outskirts of Al Jobah," Saeed Moneef, an IDP who fled his village in Al Jobah to Marib city, told The National.
"Hundreds of families are still stuck in the flashpoints of southern Marib, they fled their homes as the battle intensified in their villages but they couldn't make it to Marib city – they are sleeping under trees," Mr Moneef said.
"These families lack the basic needs for life such as food, fresh water and shelter, while many of them have elderly people who are the most vulnerable amid this tragic situation," he said.
Abdulhakim Al Qaisi, director of the Social Affairs office in Marib, told The National on Tuesday that the Houthi rebels have maintained a tightly controlled siege around villages in Al Abdiyia district in southern Marib for more than a week.
"Many families in the villages of Al Abdiyia have been under a strict siege ... the Houthi rebels didn't allow the humanitarian teams to access these villages to provide the besieged families with lifesaving aid," Mr Al Qaisi said.
"Most of those besieged in Al Abdiyia are women and children, the Houthi rebels didn't allow them to flee their villages to put pressure on the young ones who still fight, along with the public resistance, to surrender," Mr Al Qaisi said.
Houthi rebels have been pushing towards Marib since February despite the heavy losses they have been suffering around the oil-rich city. Saudi Arabian air strikes have caused particularly high Houthi casualties.
Marib is one of the most important strategic objectives for the Houthis because of its significance as the government’s last northern Yemeni stronghold.
Located near large reserves of oil and gas reserves, the city is connected to a road network linking several governorates.
Control of the city would give significant influence to the Houthis in any forthcoming conflict negotiations.
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
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.”
Mountain%20Boy
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
UAE currency: the story behind the money in your pockets
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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
- 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 President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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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.
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs: 2019 Cadillac XT4
Price, base: Dh145,000
Engine: 2.0-litre turbocharged in-line four-cylinder engine
Transmission: Nine-speed automatic
Power: 237hp @ 5,000rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 8.7L / 100km