Houthi supporters brandish arms on the streets of Sanaa. EPA
Houthi supporters brandish arms on the streets of Sanaa. EPA
Houthi supporters brandish arms on the streets of Sanaa. EPA
Houthi supporters brandish arms on the streets of Sanaa. EPA

Yemen official hopeful Saudi-Houthi talks will bring about breakthrough


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Yemeni officials are hopeful of a breakthrough as direct talks begin between the Iran-backed Houthi rebels and Saudi Arabia in a bid to negotiate an end to more than eight years of war.

The talks come after attempts to extend a UN-brokered truce broke down in October and the Houthis launched several attacks on oil ships and ports, although widespread fighting did not resume on major front lines.

"The Saudi delegation was recently in Sanaa," a Yemeni official said. "They discussed everything but didn't agree on anything yet. They both heard each other. Everyone knows the red line of the other party.

"We are expecting a breakthrough within the next few weeks."

The official source added that the Saudi team has returned to the kingdom for internal deliberation.

"They're having internal discussions and also with the Yemeni government and other partners," they said. "So wait and see is now the title of this period."

A senior US official familiar with the talks confirmed they were ongoing but said Iran needed to do more to support the path to peace.

"We appreciated that the Iranians welcomed the truce ― but what we don't see is them applying their diplomatic influence in Yemen in a way that's constructive to end the war in Yemen," they said.

The official said the continued supply of Iranian arms to the Houthis was "out of step with where the international community is and where the Houthis are in terms of their willingness to negotiate with the Saudis".

Jacob Sufyani, of the South 24 Centre for News and Studies, told The National that Oman was also playing a role in mediating between the two sides. While Muscat has not publicly commented on the matter, the sultanate has previously played a strong mediating role and has strong contacts on all sides of the conflict.

"The Saudis seem to be vying for the Houthis to stop cross-border attacks into the kingdom in return for paying military and civilian salaries in areas under Houthi control" said Mr Sufyani, who is in touch with officials close to the talks. "Riyadh is also seeking that comprehensive talks begin with the remaining local parties."

The payment of civil and public servant salaries has been a sticking point in previous negotiations with the Houthis who demand that the Yemeni government cover the expenses.

Neither Saudi Arabia nor Oman responded to a request for comment regarding the talks.

Houthi forces take part in a military parade in Sanaa. EPA
Houthi forces take part in a military parade in Sanaa. EPA

Deputy Youth Minister Hamza Al Kamay said it was natural for the Saudis to seek an understanding that secures their border with Yemen, "especially given that these areas are under Houthi control".

The Houthi movement originated in the rural, mountainous Saada Governorate of northern Yemen, bordering the Saudi Arabian province of Najran.

However, Mr Al Kamay said it was important to include Yemeni parties in the talks and that a failure to do so would be "incorrect".

The head of the Presidential Leadership Council (PLC) Rashad Al Alimi on Sunday announced the formation of the National Shield Forces in the country's south.

The group will be a "military reserve" led by Brigadier Bashir Saif Qaid Al Subaihi, who previously headed the New Giants Brigades Force, which is separate from the Giants Brigades in Yemen's south that has been instrumental in driving out the Houthis from the key oil-rich city of Marib.

In the statement published by state media, Mr Al Alimi said he would be overseeing the group's activities personally.

Yemen has been at war since 2014, sparked by the Houthi takeover of Sanaa which forced the government into exile. The southern port city of Aden was then recaptured following a request for an international coalition led by Saudi Arabia to assist in pushing back the rebels.

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How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

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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.”

The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

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So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

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Updated: February 01, 2023, 8:14 AM