Yemeni government troops on guard duty during a demonstration demanding the end of a years-long siege imposed by the Houthi rebels on Taez, the country's third city. Photo: AFP
Yemeni government troops on guard duty during a demonstration demanding the end of a years-long siege imposed by the Houthi rebels on Taez, the country's third city. Photo: AFP
Yemeni government troops on guard duty during a demonstration demanding the end of a years-long siege imposed by the Houthi rebels on Taez, the country's third city. Photo: AFP
Yemeni government troops on guard duty during a demonstration demanding the end of a years-long siege imposed by the Houthi rebels on Taez, the country's third city. Photo: AFP

Yemen's warring sides face ‘huge responsibility’ to re-open roads in Taez, UN says


Mina Aldroubi
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The UN has urged Yemen’s warring sides to reach an agreement on opening roads in Taez and other governorates.

The plea was made during talks in Amman on Tuesday between the UN and representatives of the Iran-backed Houthi rebels and the internationally recognised government.

Since 2016, the Houthis have imposed a siege on Taez, the capital of the province of the same name.

Hans Grundberg, the UN envoy to Yemen, shared with the parties “a revised proposal on the phased reopening of roads, including an implementation mechanism and guarantees for the safety of civilian travellers, based on the discussions with both sides,” according to a statement from his office.

Mr Grundberg’s plan is based on the reopening of the main route leading in and out of the south-western city as well as roads in other governorates. This is to ease civilian suffering and enable the delivery of goods to the besieged city.

“This is a first step in our collective efforts to lift restrictions on the freedom of movement of Yemeni women, men and children within the country,” the UN envoy said.

“The parties have a moral and political responsibility to engage seriously and urgently with the UN proposal, prioritising the interests of civilians and delivering immediate and tangible results to the people of Taez and Yemen at large."

The Taez plan is part of a UN-brokered truce that came into effect in early April. It was the first nationwide ceasefire in six years of the Yemen conflict, which is now in its eighth year.

The two sides agreed last week to extend the truce for two more months after concerted pressure from the UN and international aid groups.

“While I continue my efforts and engagement with the parties on this file, I hope the proposed initiative will sustain the momentum needed to move towards discussions on more durable arrangements within the multitrack process,” Mr Grundberg said.

Since the ceasefire came into effect, fighting has decreased, bringing calm to most parts of the country for the first time since 2014 when the Houthi rebels ousted Yemen's government.

This prompted an intervention by a Saudi-led coalition at the government's request in 2015.

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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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Price, base / as tested Dh220,000 / Dh320,000

Engine 3.5L V6

Transmission 10-speed automatic

Power 421hp @ 6,000rpm

Torque 678Nm @ 3,750rpm

Fuel economy, combined 14.1L / 100km

The biog

Title: General Practitioner with a speciality in cardiology

Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India

Education: Medical degree from the Government Medical College in Nagpur

How it all began: opened his first clinic in Ajman in 1993

Family: a 90-year-old mother, wife and two daughters

Remembers a time when medicines from India were purchased per kilo

UAE currency: the story behind the money in your pockets
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Dibba v Al Dhafra, Fujairah Stadium (5pm)
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Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
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The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

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8.15pm: Romantic Warrior
8.50pm: Calandogan
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How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

UAE currency: the story behind the money in your pockets
Updated: June 07, 2022, 1:56 PM