Yemen's Presidential Council deputy chairman calls for more US action against Houthis


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The US and its allies should step up strikes on the Houthis to secure international shipping and avert the spread of a regional conflict, the deputy chairman of Yemen's Presidential Council and president of the Southern Transitional Council has said.

Aidarus Al Zoubadi further urged the US and its allies to support troops from his government in an anti-Houthi coalition – and take tougher action against Iran.

In an interview with The National at the World Economic Forum in Davos, he said the Houthis had left the region on the edge of conflict, emboldened terror groups such as ISIS and Al Qaeda in the Arabian Peninsula and left Yemenis across the divided country starving.

“The Houthi escalations in the Red Sea are unacceptable. Maritime navigation must be protected,” he said.

The US air strikes in their current form are not enough. There should be a comprehensive approach – militarily, politically and economically – against the Houthis
Aidarus Al Zoubadi

“And the US air strikes in their current form are not enough.

“There should be a comprehensive approach – militarily, politically and economically – against the Houthis.”

On Monday, the United Kingdom Maritime Trade Operations, which works with Britain's Royal Navy, said a vessel was struck with a missile 177km off Aden, which serves as the capital of the southern state.

The US military's Central Command later said the Houthis were behind the attack.

“Attacks to prevent Israeli ships or those heading to the ports of the occupied Palestine will continue,” senior Houthi spokesman Mohammed Abdulsalam said.

The USS Laboon was the target of drones and missiles in the Red Sea on January 15.
The USS Laboon was the target of drones and missiles in the Red Sea on January 15.

The US shot down a missile aimed at the USS Laboon in Red Sea overnight, with no damage or injuries reported.

UK Defence Secretary Grant Shapps said Britain would “wait and see” whether to strike Houthis again or not.

Support for Yemeni ground troops

Speaking in Davos, Mr Al Zoubadi said the US had not co-ordinated strikes with his government but urged decision-makers to back his troops against the Houthis.

His government comprises forces linked to the Southern Transitional Council and the Presidential Council.

“There has been no co-ordination. However, secure maritime navigation is a responsibility that falls not only on Yemen, not only on the region but the international community.

“The way to address this is for there to be a comprehensive military operation that involves regional stakeholders to stop the piracy operation in the Bab Al Mandeb and, [more] importantly, to support ground forces, STC and PLC forces, on the ground.”

Only 32km across, the Bab Al Mandeb is the most vulnerable chokepoint for international shipping in the waterway, through which about 12 per cent of global shipping trade passes.

Mr Al Zoubadi did not back US forces on the ground in Yemen – a measure already thought to have been all but ruled out by the White House – but said support for his forces could tip the balance against the Houthis, who have Iranian-built cruise missiles and arms caches hidden across the country.

“When the Arab coalition was conducting air strikes in Yemen, there wasn't really an effective ground force to supplement those air strikes and they were only successful in the south,” he said.

“So, what's required is for there to be support on the ground for PLC forces to remove or to stop this Houthi threat.

“I'd also like there to be a long-term partnership with countries including the United States and the United Kingdom. We don't just want to participate in a military operation, we want there to be a long-term partnership to secure these areas.”

Peace talks derailed

Meanwhile, Mr Al Zoubadi said a Saudi-brokered peace process to bring calm to a divided Yemen had collapsed.

“The Red Sea escalations by the Houthis have essentially collapsed the peace process and the road map pushed by the Saudis.”

While there has been much international media coverage of lost shipping parcels, delayed automotive parts and the growing economic impact of ships being forced to sail around Africa to reach the Middle East and Asia, the people in both halves of Yemen face starvation, he warned.

“Most of the fuel, food, grain and basic necessities are imported. And it will affect all of Yemen, so if [the disruption] continues, it means death.

Mr Al Zoubadi said the long-term goal of his government was two Yemeni states.

“Out strategic goal is for there to be two neighbouring states and for the southern people to decide their own fate through a referendum – the right to self-determination is enshrined for all nations.

“A strong southern state backed by the international community will certainly help to create security and stability in the areas of maritime navigation.”

Gaza war leads to surge in support for terror groups

Mr Al Zoubadi warned that a long war in Gaza would only mean more recruits would flock to join terrorist groups.

“We support a ceasefire in Gaza. And we think that if there isn't a ceasefire, then the conflict will broaden and Iran will escalate. Terrorist groups like AQAP and ISIS fuel their operations on the Palestinian issue.”

His government is in Davos this week to participate in the World Economic Forum and “to represent the Yemeni delegation – to reinforce to send a message that we are with security and stability in Yemen. And that the Houthis are not peace advocates … they are a terrorist organisation and should be designated as such.”

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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)

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8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m

8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m

9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m

Global state-owned investor ranking by size

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3.

UAE

4.

Japan

5

Norway

6.

Canada

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Singapore

8.

Australia

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Saudi Arabia

10.

South Korea

Squad: Majed Naser, Abdulaziz Sanqour, Walid Abbas, Khamis Esmail, Habib Fardan, Mohammed Marzouq (Shabab Al Ahli Dubai), Khalid Essa, Muhanad Salem, Mohammed Ahmed, Ismail Ahmed, Ahmed Barman,  Amer Abdulrahman, Omar Abdulrahman (Al Ain), Ali Khaseif, Fares Juma, Mohammed Fawzi, Khalfan Mubarak, Mohammed Jamal, Ahmed Al Attas (Al Jazira), Ahmed Rashid, Mohammed Al Akbari (Al Wahda), Tariq Ahmed, Mahmoud Khamis, Khalifa Mubarak, Jassim Yaqoub (Al Nasr), Ali Salmeen (Al Wasl), Yousef Saeed (Sharjah), Suhail Al Nubi (Baniyas)

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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

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Read part one: how cars came to the UAE

UAE currency: the story behind the money in your pockets
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ACL Elite (West) - fixtures

Monday, Sept 30

Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)

Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)

Remaining Fixtures

Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final

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.”

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Salah in numbers

€39 million: Liverpool agreed a fee, including add-ons, in the region of 39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.

13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.

57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.

7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.

3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.

40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.

30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.

8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.

Updated: January 16, 2024, 11:48 AM