• A Yemenia Airways plane is greeted with a water cannon salute at Sanaa International Airport in Yemen after the first commercial flight in six years prepares to leave the capital Sanaa. Reuters
    A Yemenia Airways plane is greeted with a water cannon salute at Sanaa International Airport in Yemen after the first commercial flight in six years prepares to leave the capital Sanaa. Reuters
  • The Yemenia Airways plane is prepared for departure for its historic flight at Sanaa International Airport in Yemen. Reuters
    The Yemenia Airways plane is prepared for departure for its historic flight at Sanaa International Airport in Yemen. Reuters
  • Staff pass the control tower of Sanaa International Airport after it was reopened for commercial flights. EPA
    Staff pass the control tower of Sanaa International Airport after it was reopened for commercial flights. EPA
  • Passengers arrive to board the Yemenia Airways plane on Monday. Flights out of the Houthis-held Sanaa International Airport were resumed for the first time since 2016 as part of a UN-brokered truce. EPA
    Passengers arrive to board the Yemenia Airways plane on Monday. Flights out of the Houthis-held Sanaa International Airport were resumed for the first time since 2016 as part of a UN-brokered truce. EPA
  • Yemeni soldiers patrol at Sanaa International Airport after it was reopened for commercial flights. EPA
    Yemeni soldiers patrol at Sanaa International Airport after it was reopened for commercial flights. EPA
  • A boy stands with relatives in a line at the departures lounge to board the flight at Sanaa International Airport. Reuters
    A boy stands with relatives in a line at the departures lounge to board the flight at Sanaa International Airport. Reuters
  • A passenger holds his passport as he arrives to board the Yemenia Airways plane. EPA
    A passenger holds his passport as he arrives to board the Yemenia Airways plane. EPA
  • Passengers wait at passport control at Sanaa International Airport. EPA
    Passengers wait at passport control at Sanaa International Airport. EPA

UN envoy wants to expand Yemen truce


Nada AlTaher
  • English
  • Arabic

The UN's envoy to Yemen wants to renew and expand the country's three-month truce.

“In the coming weeks, I will continue to explore with the parties the possibility of a longer extension and an expanded truce agreement,“ Hans Grundberg told the UN Security Council on Monday.

“This would provide time and the opportunity to start serious discussions on the economy and security tracks, to start addressing priority issues such as revenues as well as the payment of salaries and to begin the process of moving toward a ceasefire.”

The UN-brokered agreement began on April and has been renewed just once since.

”Let us be clear, the alternative to the truce is a return to hostilities and likely an intensified phase of conflict with all of its predictable consequences for Yemeni civilians and regional security,” Mr Grundberg said.

He also said that the unilateral opening of roads by the warring parties could be a “step in the right direction”, but reiterated the need for a bilateral settlement.

”Agreement from both sides is important because road openings require co-ordination and ongoing communication to ensure that roads are opened safely and sustainably for civilian passage,” he said.

Pro-Houthi soldiers pass UN vehicles parked at Sanaa airport on June 8. Photo: EPA
Pro-Houthi soldiers pass UN vehicles parked at Sanaa airport on June 8. Photo: EPA

Mr Grundberg also said that his latest proposal on a phased opening of roads around Taez had been rejected by the Houthis.

”Still, my efforts to reach a negotiated solution will continue,” he said.

Since the truce began, Mr Grundberg said 15 commercial round-trip flights between Sanaa and Amman have commenced following the reopening of the rebel-held Yemeni capital's international airport after six years of closure.

The flights have carried almost 7,000 passengers, the UN official said.

Flights to and from Cairo have been less successful amid reports that the Houthis have been allowing passengers with illegitimate passports to board.

”We continue working closely with the Egyptian authorities to facilitate regular flights to and from Cairo,” Mr Grundberg said, adding that work is being done to ensure that flights take place regularly.

He also said that the warring parties are discussing forming a Joint Co-ordination Room to “de-escalate incidents at the operational level” on the front lines, as accusations of reinforcements, fortifications and reconnaissance flights are exchanged.

Yemen is in its eighth year of war since the Houthis took over Sanaa in 2014, prompting the internationally recognised government to ask for Saudi Arabia’s help. Since then, a Saudi-led coalition has been backing the government in its fight against the Houthis to restore the government to power.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

The biog

Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling

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The biog

Name: Younis Al Balooshi

Nationality: Emirati

Education: Doctorate degree in forensic medicine at the University of Bonn

Hobbies: Drawing and reading books about graphic design

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

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Engine: 2.0-litre 4cyl turbo

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'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

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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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m

9pm: Handicap (TB) Dh105,000 (T) 2,410m

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m

Updated: July 12, 2022, 6:40 AM