A man walks past a cargo ship unloading wheat at the Red Sea port of Hodeida, Yemen. File photo / Reuters
A man walks past a cargo ship unloading wheat at the Red Sea port of Hodeida, Yemen. File photo / Reuters
A man walks past a cargo ship unloading wheat at the Red Sea port of Hodeida, Yemen. File photo / Reuters
A man walks past a cargo ship unloading wheat at the Red Sea port of Hodeida, Yemen. File photo / Reuters

UN requests inspection of Yemen ports after claims Houthis use them to launch attacks


Ali Mahmood
  • English
  • Arabic

The UN mission monitoring the ceasefire in Hodeidah, in western Yemen, wants to inspect the city's ports after the Saudi-led Coalition in the country said the Iran-backed Houthi rebels were using them for military purposes.

On Saturday, Coalition spokesman Brig Gen Turki Al Malki said the rebels were using Ras Isa, Hodeidah and Al Saleef ports to import and assemble Iranian ballistic missiles, and to secretly make explosive-laden boats to attack commercial ships.

“The United Nations mission to support the Hodeidah Agreement notes with great concern the allegations of the militarisation of the Hodeidah Ports,” the UN mission said on Tuesday in a statement obtained by The National.

“UNMHA has requested as part of its mandate to undertake an inspection and stands ready to address concerns pertaining to any militarisation of the ports.

“UNMHA calls on the parties to resolve this matter with restraint, and most importantly, to preserve the civilian character of public infrastructure and ensure the protection of Hodeidah’s ports in the interest of the Yemeni people."

In his briefing on Saturday, Gen Al Malki also condemned the Houthis for "piracy in the international waters of the Red Sea and Bab Al Mandeb, which threatens maritime security and poses a big threat to global trade”.

He said the Houthis this month hijacked a UAE-flagged vessel with 11 crew, which was carrying a field hospital off the coast of Yemen, and that the boats used for the attack sailed from Hodeidah.

“Hodeidah, Al Saleef and Ras Isa have become staging areas for attacks on global maritime trade, as well as hubs for weapons smuggling and production,” Gen Al Malki said.

“The act of piracy, which was committed by the Houthi rebels against the Emirati-flagged Rwabee ship last week is a severe violation of international laws and threatens maritime security."

He said the attack originated “from Hodeidah port, using fishing boats, and redirected it [the ship] to Al Saleef port".

  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with Maeen Abdulmalik Saeed, Prime Minister of Yemen, at the Yemen pavilion, Expo 2020 Dubai. All photos: @HHShkMohd/Twitter
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with Maeen Abdulmalik Saeed, Prime Minister of Yemen, at the Yemen pavilion, Expo 2020 Dubai. All photos: @HHShkMohd/Twitter
  • The Yemen pavilion at Expo 2020 Dubai.
    The Yemen pavilion at Expo 2020 Dubai.
  • Sheikh Mohammed bin Rashid and Maeen Abdulmalik Saeed at the Yemen pavilion.
    Sheikh Mohammed bin Rashid and Maeen Abdulmalik Saeed at the Yemen pavilion.

Gen Al Malki said all the weapons used by the Houthis to attack commercial ships in the Red Sea are provided by Iran, which also provides training.

“The explosive-laden boats, the ballistic missiles and the marine mines the Houthi rebels use to target commercial ships originate in Iran, and Al Saleef port is a major centre where the rebels assemble these weapons and prepare the explosive-laden boats to use them in their terror acts against international shipping."

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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

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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.”

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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.

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Updated: January 12, 2022, 5:09 AM