Yemen has been mired in violence since the Houthis ousted the internationally recognised government in late 2014. AFP
Yemen has been mired in violence since the Houthis ousted the internationally recognised government in late 2014. AFP
Yemen has been mired in violence since the Houthis ousted the internationally recognised government in late 2014. AFP
Yemen has been mired in violence since the Houthis ousted the internationally recognised government in late 2014. AFP

UN calls for talks on Yemen's Hodeidah port as front lines shift


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A UN monitoring mission on Monday called on Yemen's warring parties to hold new talks over Hodeidah as the Saudi-led coalition strafed areas south of the port city, where Iran-backed Houthi fighters advanced after withdrawing coalition forces.

The air strikes, which began on Sunday, were the first since late 2018 when the Saudi-backed government and the Houthi militants agreed a UN-sponsored pact for a truce in Hodeidah and a troop redeployment by both sides that never materialised.

The coalition said on Monday it carried out 11 operations “outside the areas covered under the Stockholm pact” to support west coast forces, Saudi state media reported.

Houthi fighters clashed with Yemeni coalition forces in Hays district, south of Houthi-held Hodeidah city, two military sources said, following fighting in Al Faza on Sunday.

The UN mission overseeing the pact, UNMHA, said the withdrawal of joint Yemeni forces from Hodeidah city, al-Durayhimi, Bayt al Faqih and parts of al-Tahita and subsequent Houthi takeover was “a major shift” in front lines that warranted discussions between parties to the agreement.

The United Nations said the shifting front lines led some 700 families to leave for Al-Khokhah and some 180 families further south to Al-Mokha, both under coalition control.

In a sign of differences among coalition forces, the Red Sea coast Tihama fighters condemned the withdrawal as “unjustified".

It was not clear whether the pullback was linked to what the Saudi-led alliance had described as a redeployment in South Yemen, where sources said the Saudi military had left a main base in Aden, the interim seat of government.

Fighters loyal to Yemen's Saudi-backed government march during a mass funeral for fellow combatants. AFP
Fighters loyal to Yemen's Saudi-backed government march during a mass funeral for fellow combatants. AFP

Yemen has been mired in violence since the Houthis ousted the internationally recognised government from the capital Sanaa in late 2014, prompting the coalition to intervene in a conflict seen as a proxy war between Saudi Arabia and Iran.

UN and US efforts to engineer a nationwide ceasefire have stalled as the Houthis insist the coalition first lift a blockade on their areas, while Riyadh wants a simultaneous deal.

Also on Monday, the Saudi-led coalition announced that a redeployment of its forces from the western coast was meant to back Yemeni government forces on other fronts, Saudi state news agency (SPA) reported, citing coalition spokesman Gen Turki Al Malki.

Yemeni forces under a Saudi-led coalition said on Friday they had withdrawn from around the main Red Sea port of Hodeidah held by their foes the Houthis to help deter the Iran-aligned group's advances in other parts of Yemen.

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

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.”

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The specs

Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel

Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power: 1877bhp

Torque: 2300Nm

Price: Dh7,500,00

On sale: Now

 

Updated: November 15, 2021, 8:33 PM