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.
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE