A highly anticipated prisoner swap between Yemen's Houthi rebels and the government has been delayed by a few days, a Yemeni official said on Monday.
The exchange of 887 prisoners, brokered by the International Committee of the Red Cross, was to take place on April 11, but Yemen's Deputy Human Rights Minister Majed Fadhil, who is part of the negotiations committee, said technical issues stood in the way.
“The ICRC documents every single prisoner and conducts interviews with them individually to confirm their identity,” he told The National.
“With the large number of prisoners and despite all planning and efforts from all sides, the ICRC has said it needed a few more days to finish its interviews.”
Asked about the delays, the ICRC said the process “involves multiple layers and can be quite complex”.
“More time was needed to complete the agreed-upon procedures before the start of the operations.”
Mr Fadhil said the prisoner exchange was finalised over seven rounds of negotiations, of which two each were held in Switzerland and Jordan.
“The subject of detainees is a very important one because it is considered a trust-building issue,” he said.
The process will be carried out over three days and will take place in six different airports, he said.
Prominent Yemeni detainees are among those to be released from the Houthi side. They include Nasser Mansour Hadi, brother to Yemen's former president Abd Rabbu Mansour Hadi, former defence minister Mahmoud Al Subaihi, and Mohammad Abdullah Saleh, brother to Yemen's vice president Tareq Mohammad Abdullah Saleh.
Saudi Arabia's re-establishing of ties with Iran has also helped to provide "positive momentum" to talks and peace efforts, Yemen's Foreign Minister Ahmad Awad bin Mubarak said in an interview with Cairo TV on Sunday.
"There are direct talks between Saudi Arabia and the Houthis in Sanaa to revive the truce," he said.
"Talks between the Saudis and the Houthis never stopped even during the war, whether on political or security issues."
Hamed Ghalib from Yemen's National Resistance, which is involved in the negotiations with the Houthis, said the prisoners include 23 Saudi nationals and three Sudanese civilians.
The detainees will first be transferred between Sanaa and Aden, then between Sanaa and Riyadh, and lastly between Sanaa and Marib, he said.
"These detainees have been in captivity for nearly six years, without having any contact with their families and loved ones," Mr Ghalib said.
On Saturday, the Houthis announced the release of 13 of its prisoners from Saudi Arabia as an Omani delegation arrived in the rebel-held capital Sanaa for talks to end the eight-year war.
The 13 men were released in exchange for one Saudi prisoner, the Houthi's official in charge of negotiations on prisoner exchanges, Abdulqader Al Murtaza, said.
Talks had begun in the Jordanian capital to discuss the prisoner exchange in 2020 but had stalled several times as the war intensified.
A potential truce agreement, as discussed among Saudi officials and the Houthis, will entail the release of all prisoners of war, The National reported earlier.
The truce would extend for six months, until the end of the current year, and also include the re-opening of ports, merging of economic systems in the north and south, and payment of public servant salaries, which has been a sticking point for the warring sides.
Yemen's capital Sanaa was taken over by the Iran-backed Houthis in 2014, prompting the government to ask Saudi Arabia to intervene on its behalf and restore it to power.
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Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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3. England
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15. United States
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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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Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
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Saturday April 27: Awards ceremony, 4pm and 8pm
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
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- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Uefa Champions League, Group C
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Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
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- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.