US envoy to Yemen travels to Saudi Arabia and Oman amid de-escalation efforts


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US Special Envoy for Yemen Tim Lenderking is travelling to Saudi Arabia and Oman on Thursday for talks with government officials about efforts to end the civil war and smooth the delivery of assistance to the world’s worst humanitarian disaster, the US State Department said.

Mr Lenderking's meetings "will focus on ensuring the regular and unimpeded delivery of commodities and humanitarian assistance throughout Yemen, promoting a lasting ceasefire and transitioning the parties to a political process", the State Department said.
The war started in 2015 when the Iran-aligned Houthi rebels took control of the capital, ousting the internationally recognised government. A Saudi Arabia-led military coalition intervened at the government's request.

Yemen is currently suffering from the world’s worst humanitarian standards, according to the United Nations, with about 80 per cent of the country's population of 29 million requiring aid and 13 million facing starvation.

Mr Lenderking's visit comes a day after Iran's Foreign Minister Javad Zarif met Houthi rebel spokesman Mohammed Abdul Al Houthi in Oman on Wednesday.

In his meeting, Mr Zarif reiterated Tehran's support for a ceasefire and a return to talks to end the country's long conflict, the Iranian Foreign Ministry said.

On Tuesday, Saudi Crown Prince Mohammed bin Salman called on the Houthis to stop fighting and start peace negotiations.

The Houthi spokesman and other leaders of the rebel group live in exile in Muscat.

Since taking office in January, US President Joe Biden has made Yemen a priority and he appointed Mr Lenderking as the first envoy to the country to help revive stalled UN efforts to end the conflict.

Saudi Arabia proposed a comprehensive ceasefire and a return to the negotiating table, a proposal that the Houthis immediately rejected, saying a blockade on the country must first be lifted.

De-escalation efforts come as the war in Yemen flared anew in the past two months with a rebel campaign to seize Marib city, the government's last stronghold in the north.

Mr Lenderking "will build on the international consensus to halt the Houthi offensive on Marib, which only worsens the humanitarian crisis threatening the Yemeni people", the State Department said.

Last week, Mr Lenderking called the battle for the Marib region the single biggest threat to peace efforts. He said Iran's support for the Houthi movement was "quite significant and it's lethal". Iran denies supporting the Houthis.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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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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When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

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