• Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib. All photos by AFP
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib. All photos by AFP
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.

UN envoy says prospect of return to war in Yemen is 'real' as truce deadline approaches


Nada AlTaher
  • English
  • Arabic

The prospect of a return to war in Yemen is “real”, UN special envoy to the country Hans Grundberg has said.

He was speaking after meetings with Yemeni, Saudi and Omani officials in Riyadh and Muscat this week as the deadline for renewing Yemen's truce approaches.

“We are at a crossroads where the risk of a return to war is real and I am urging the parties to choose an alternative that prioritises the needs of the Yemeni people”, Mr Grundberg said after the meetings on Tuesday evening.

Yemen has been experiencing relative calm and a significant reduction in violence on front lines since the UN-brokered truce among warring parties took effect in April.

It has since been renewed three times for two-month iterations and is set to expire on Saturday as the UN seeks a broader expansion.

The UN has been calling for a wider truce that extends beyond two months but long-standing sticking issues such as reopening the roads around the besieged city of Taez and paying civil servants' salaries after six years of stagnation have prevented real progress towards political peace from being made.

Deadly violations of the truce by the Iran-backed Houthis, including an attack that killed 10 military personnel in Taez last month, have also made matters more complicated for the government.

During the 77th UN General Assembly in New York last week, the head of Yemen's Presidential Council Rashad Al Alimi said his country welcomes the truce as long as it does not take place at the expense of the Yemeni public.

The truce has brought several benefits to Yemenis including the reopening of flights in and out of the Houthi-controlled capital Sanaa, after the airport had been closed for six years, as well as fuel imports through the port of Hodeidah.

An oil tanker truck departs from the Red Sea port of Hodeida in western Yemen on April 13, 2022. AFP
An oil tanker truck departs from the Red Sea port of Hodeida in western Yemen on April 13, 2022. AFP

“Tangible benefits of the truce to the Yemeni people include a 60 per cent reduction in casualties, the quadrupling of fuel through Hodeidah port, and commercial flights from Sanaa allowing 21,000 passenger to receive medical treatment and unite with families,” the UN said at a Security Council meeting early this month.

But not all Yemenis seemed to acknowledge the UN efforts or the results brought about since the agreement in April. Many expressed their disapproval by responding to the UN envoy's tweet about his regional meetings.

“What does the renewal of a truce mean if the conditions of the first and second version were not even met,” wrote Twitter user Mohammad Al Ghulisi.

“Extending the truce without the payment of salaries is folly and pointless,” wrote civil engineer Hamood Alhaddad.

“Open the roads to Taez. Enough lying to the people!” wrote Azan Almohalal.

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COMPANY%20PROFILE
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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

THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

AWARDS
%3Cp%3E%3Cstrong%3EBest%20Male%20black%20belt%3A%20%3C%2Fstrong%3ELucas%20Protasio%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20female%20black%20belt%3A%20%3C%2Fstrong%3EJulia%20Alves%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Masters%20black%20belt%3A%3C%2Fstrong%3E%20Igor%20Silva%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Asian%20Jiu-Jitsu%20Federation%3A%3C%2Fstrong%3E%20Kazakhstan%3Cbr%3E%3Cstrong%3EBest%20Academy%20in%20UAE%3A%20%3C%2Fstrong%3ECommando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EBest%20International%20Academy%3A%3C%2Fstrong%3E%20Commando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EAfrican%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EKatiuscia%20Yasmira%20Dias%20(GNB)%3Cbr%3E%3Cstrong%3EOceanian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAnton%20Minenko%20(AUS)%3Cbr%3E%3Cstrong%3EEuropean%20Player%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rose%20El%20Sharouni%20(NED)%3Cbr%3E%3Cstrong%3ENorth%20and%20Central%20American%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAlexa%20Yanes%20(USA)%3Cbr%3E%3Cstrong%3EAsian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EZayed%20Al%20Katheeri%20(UAE)%3Cbr%3E%3Cstrong%3ERookie%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rui%20Neto%20(BRA)Rui%20Neto%20(BRA)%3C%2Fp%3E%0A

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.”

The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home

While you're here
Last five meetings

2013: South Korea 0-2 Brazil

2002: South Korea 2-3 Brazil

1999: South Korea 1-0 Brazil

1997: South Korea 1-2 Brazil

1995: South Korea 0-1 Brazil

Note: All friendlies

Updated: September 29, 2022, 3:52 AM