A Yemeni boy holds a picture of his relative at a cemetery dedicated to those who were killed in the country's ongoing conflict, in Sanaa, Yemen, on June 5, 2021. EPA
A Yemeni boy holds a picture of his relative at a cemetery dedicated to those who were killed in the country's ongoing conflict, in Sanaa, Yemen, on June 5, 2021. EPA
A Yemeni boy holds a picture of his relative at a cemetery dedicated to those who were killed in the country's ongoing conflict, in Sanaa, Yemen, on June 5, 2021. EPA
A Yemeni boy holds a picture of his relative at a cemetery dedicated to those who were killed in the country's ongoing conflict, in Sanaa, Yemen, on June 5, 2021. EPA

Omani delegation in Sanaa to mediate as Yemen ceasefire talks continue


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Omani officials, accompanied by senior Houthi figures, arrived in Sanaa on Saturday to try to convince the rebels who control the capital to accept a ceasefire, Houthi sources said.

Yemen has been devastated by a civil war between the government – supported by a Saudi-led military coalition – and Iran-backed Houthi rebels since 2014. The country is on the brink of famine.

Diplomatic efforts to end the conflict have intensified in recent weeks.

"An Omani delegation arrived [in Sanaa], accompanied by Houthi spokesman Mohammed Abdul Salam and other [Houthi] officials," a rebel source told AFP on condition of anonymity.

The Saudi-led coalition controls Yemen's airspace and since 2016 had prevented Abdul Salam and other rebel figures from returning to Sanaa.

The delegation's arrival, which would have required approval from Riyadh, demonstrates a step forward in negotiations.

The Houthis have repeatedly demanded the reopening of Sanaa airport before any ceasefire agreement.

The source said the delegation would meet Houthi leader Abdulmalik Al Houthi and update him on talks held in Muscat.

The aim of the Omani mediators seems to be "to convince the Houthis to accept a ceasefire and take part in peace negotiations", the source added.

"We are working to advance arrangements on the humanitarian question as well as the peace process," Mr Abdul Salam told Houthi-run Al-Masirah television.

The visit aims to "complement efforts" made in Oman, he added.

The sultanate of Oman, which borders both Yemen and Saudi Arabia, is a close US ally but at the same time has good relations with Iran. It has regularly played the role of mediator in regional conflicts.

Muscat has hosted UN special envoy for Yemen Martin Griffiths and US envoy Tim Lenderking in recent weeks, while Iran's Foreign Minister Mohammad Javad Zarif met with Abdul Salam in Oman in late April.

On Monday Mr Griffiths urged rival Yemeni forces to "bridge the gap" to reach a ceasefire, following talks in Sanaa with Houthi officials.

"There's an extraordinary amount of diplomatic consensus … there is a real diplomatic energy now, which hasn't always been the case," Mr Griffiths said.

The effort to secure peace in Yemen comes after regional rivals Saudi Arabia and Iran restarted talks in April, holding their first high-level meeting since Riyadh cut diplomatic ties with Tehran in 2016.

The UN says Yemen is suffering the world's worst humanitarian crisis as its years-long war rumbles on, with tens of thousands killed, millions displaced and two-thirds of its 30-million population dependent on aid.

  • A Yemeni boy poses with a Kalashnikov assault rifle during a gathering of newly-recruited Houthi fighters in the capital Sanaa, to mobilise more fighters to battlefronts in the war against pro-government forces in several Yemeni cities, on July 16, 2017. AFP
    A Yemeni boy poses with a Kalashnikov assault rifle during a gathering of newly-recruited Houthi fighters in the capital Sanaa, to mobilise more fighters to battlefronts in the war against pro-government forces in several Yemeni cities, on July 16, 2017. AFP
  • Yemeni children carrying weapons take part in a gathering organised by Houthi rebels to mobilise more fighters to battlefronts to fight pro-government forces, on June 18, 2017, in the capital Sanaa. AFP
    Yemeni children carrying weapons take part in a gathering organised by Houthi rebels to mobilise more fighters to battlefronts to fight pro-government forces, on June 18, 2017, in the capital Sanaa. AFP
  • An armed Yemeni boy poses for a picture during a tribal gathering loyal to the Houthi rebels in the Bani Al Harith area, north of Sanaa, on August 17, 2014. AFP
    An armed Yemeni boy poses for a picture during a tribal gathering loyal to the Houthi rebels in the Bani Al Harith area, north of Sanaa, on August 17, 2014. AFP
  • An armed Yemeni youth in the Houthi movement that controls Sanaa, sits amid the rubble of the Iranian ambassador's home in the Yemeni capital on December 5, 2014. AFP
    An armed Yemeni youth in the Houthi movement that controls Sanaa, sits amid the rubble of the Iranian ambassador's home in the Yemeni capital on December 5, 2014. AFP
  • A Yemeni boy lines up a round of ammunition atop the barrel of a Kalashnikov assault rifle, while another stands with Kalashnikov over a crate of juice boxes during a tribal meeting in the Houthi rebel-held capital Sanaa on September 21, 2019, as tribesmen donate rations and funds to rebel fighters. AFP
    A Yemeni boy lines up a round of ammunition atop the barrel of a Kalashnikov assault rifle, while another stands with Kalashnikov over a crate of juice boxes during a tribal meeting in the Houthi rebel-held capital Sanaa on September 21, 2019, as tribesmen donate rations and funds to rebel fighters. AFP

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.”

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

The details

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Japan v Qatar
Friday, 6pm
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Racecard

6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m

7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m

7.40pm: Handicap (TB) $135,000 (D) 1,200m

8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m

8.50pm: Handicap (TB) $135,000 (T) 1,000m

9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m

10pm: Handicap (TB) $175,000 (T) 2,410m

The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud

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UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
RESULT

Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')

 

Man of the Match: Aaron Mooy (Huddersfield Town)

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

EPL's youngest
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The specs: 2018 Jaguar F-Type Convertible

Price, base / as tested: Dh283,080 / Dh318,465

Engine: 2.0-litre inline four-cylinder

Transmission: Eight-speed automatic

Power: 295hp @ 5,500rpm

Torque: 400Nm @ 1,500rpm

Fuel economy, combined: 7.2L / 100km