The US Navy’s Middle East-based 5th Fleet is starting to offer rewards for information that could help sailors intercept weapons, drugs and other illicit shipments across the region, amid tensions over Iran’s nuclear programme and Tehran’s arming of Yemen’s Houthi rebels.
While avoiding directly mentioning Iran, the 5th Fleet’s decision to offer cash and other goods for actionable intelligence in the Arabian Gulf and other strategic waterways may increase pressure on the flow of weapons to the Houthis as a shaky ceasefire still holds in Yemen.
Already, the Houthis have threatened a new allied task force organised by the 5th Fleet in the Red Sea, though there has been no attack by the Iranian-backed forces on the Navy since then.
Meanwhile, the 5th Fleet says it and its partners seized $500 million in drugs alone in 2021 — more than in the four prior years combined. The 5th Fleet also intercepted 9,000 weapons in the same period, three times the number seized in 2020.
“Any destabilising activity has our attention,” Commander Timothy Hawkins, a 5th Fleet spokesman, told the Associated Press. “Definitely we have seen in the last year skyrocketing success in seizing both illegal narcotics and illicit weapons. This represents another step in our effort to enhance regional maritime security.”
The 5th Fleet’s new initiative launches on Tuesday through the Department of Defence Rewards Programme, which saw troops offer cash and goods for tips on the battlefields in Afghanistan, Iraq and elsewhere after Al Qaeda launched the September 11, 2001, attacks.
Since ground fighting has largely halted across the region, the 5th Fleet decided to try to use the programme as it patrols the waterways of the Middle East.
Commander Hawkins said operators fluent in Arabic, English and Farsi would man a hotline, while the Navy also would take tips additionally online, in Dari and Pashto. Pay-outs can be as high as $100,000 or the equivalent in vehicles, boats or food for tips that also include information on planned attacks targeting Americans, Commander Hawkins said.
It is unclear if the 5th Fleet’s sharp rise in seizures represents a return to shipping after the coronavirus pandemic or an increase overall in the number of illicit shipments in the region. Traffickers typically use stateless dhows, traditional wooden sailing craft common in the Middle East, to transport drugs and weapons.
One destination for weapons appears to be Yemen. The Houthis seized Yemen’s capital, Sanaa, in September 2014 and forced the internationally-recognised government into exile. A Saudi-led coalition armed with US weaponry and intelligence entered the war on the side of Yemen’s exiled government in March 2015.
Years of inconclusive fighting has pushed the Arab world’s poorest nation to the brink of famine. A truce that began around the holy Muslim month of Ramadan appears for now to still be holding.
Despite a United Nations Security Council arms embargo on Yemen, Iran long has been transferring rifles, rocket-propelled grenades, missiles and other weaponry to the Houthis. Though Iran denies arming the Houthis, independent experts, western nations and UN experts have traced components back to Iran.
Asked whether new seizures could increase tensions with Iran, Commander Hawkins listed the weapons and drugs the Navy hoped to intercept under the programme.
“That’s what we’re after,” he said. “That’s not in the interest of regional stability and security.”
Iran’s mission to the United Nations did not respond to a request for comment. The US Navy and Iran continue to have tense encounters in the Strait of Hormuz, the narrow mouth of the Arabian Gulf through which a fifth of all oil traded passes.
The rewards programme marks the latest initiative under 5th Fleet Vice Admiral Brad Cooper, who also launched a drone task force last year amid tensions with Iran.
His other effort, the Red Sea task force, has drawn criticism from the Houthis in the past. The rebel group, which has repeatedly denied being armed by Iran, did not respond to a request for comment on the new Navy programme.
However, a Houthi official tweeted last week that the rebels are monitoring increased US activity in the Red Sea and Gulf waters.
“Because of this, defence and confrontation options are open,” he said. “They and their diabolical projects have no place” in the region.
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
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Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
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Skoda Superb Specs
Engine: 2-litre TSI petrol
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
UAE currency: the story behind the money in your pockets
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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.”
UAE currency: the story behind the money in your pockets
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Results
2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).
3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.
4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.
4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.
5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.
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SPECS
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