Yemeni security forces loyal to the Southern Transitional Council stand next to vehicles as they are deployed in the southern port city of Aden on December 20, 2020. Reuters
Yemeni security forces loyal to the Southern Transitional Council stand next to vehicles as they are deployed in the southern port city of Aden on December 20, 2020. Reuters
Yemeni security forces loyal to the Southern Transitional Council stand next to vehicles as they are deployed in the southern port city of Aden on December 20, 2020. Reuters
Yemeni security forces loyal to the Southern Transitional Council stand next to vehicles as they are deployed in the southern port city of Aden on December 20, 2020. Reuters

Aden attack kills troops from Yemen's Southern Transition Council


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Two soldiers from Yemen's Southern Transitional Council were killed in an ambush on a convoy in the city of Aden on Thursday morning.

A passer-by also died in the attack in Aden's Bouraika district, a security source told The National.

"An explosive device planted in a dumpster on a dirt road in Al Shaab area went off as the convoy of the Backup Forces, a security division set up in Aden in 2017, passed by," the source said

"Two soldiers and a passer-by were killed and 12 soldiers were injured in the explosion, which was followed by extensive gunfire from elements hiding along the road," the source said.

"The blast hit the car carrying the commander of the Backup Forces, Gen Mohsen Al Wali, and his assistant, Gen Nabil Al Mashoshi, who survived the attack."

No group claimed responsibility for the ambush and the government did not offer comment.

The STC forces said on Twitter that the attack was an assassination attempt. Video footage shared by STC activists on Facebook showed a white four-wheel-drive vehicle with extensive damage.

The ambush came a day after security forces in Aden announced new patrols under a plan to strengthen security in the city. Security forces also started taking measures against constructions illegally built during the chaos of the civil war.

Aden is the seat of Yemen's internationally recognised government, which in December formed a new power-sharing Cabinet, including the STC, under a deal brokered by Saudi Arabia.

The Saudis lead a military coalition fighting to oust the Iran-aligned Houthi movement that controls much of north Yemen and the capital, Sanaa, and restore the government of President Abdrabu Mansur Hadi.

On December 30, at least 22 people were killed and dozens wounded in an attack on Aden airport moments after a plane carrying members of the new Cabinet landed. The coalition blamed the Houthi movement, who denied responsibility.

The power-sharing deal ended a stand-off that triggered clashes in Aden and complicated United Nations efforts to broker a permanent ceasefire in the overall conflict.

The war has killed more than 100,000 people and caused the world's largest humanitarian crisis.

Brief scores:

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Man of the Match: Diogo Jota (Wolves)

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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.”