Armed Houthi supporters walk outside a mosque in Sanaa, Yemen, on February 10, 2021. EPA
Armed Houthi supporters walk outside a mosque in Sanaa, Yemen, on February 10, 2021. EPA
Armed Houthi supporters walk outside a mosque in Sanaa, Yemen, on February 10, 2021. EPA
Armed Houthi supporters walk outside a mosque in Sanaa, Yemen, on February 10, 2021. EPA

Yemeni prisoner exchange talks in Amman fail to reach agreement


Khaled Yacoub Oweis
  • English
  • Arabic

Almost a month of prisoner exchange talks between Yemeni officials and Houthi rebel representatives in Amman ended on Sunday without results, a UN official said.

UN special envoy to Yemen Martin Griffiths said he was “disappointed” the talks did not end with the release of 300 prisoners, for which the two sides have been negotiating at meetings in Jordan’s capital.

Thousands of Yemenis are in jail or have vanished in the seven-year civil war, although more than 1,000 prisoners were released in November last year after a deal in Montreux, Switzerland.

Mr Griffiths, whose office is in Amman, urged the two sides to remain part of a prisoner exchange process supervised by the UN and the Red Cross, and to “expand the arrangements to release more detainees soon”.

“I reiterate my call for the unconditional release of all sick, wounded, elderly and children detainees, as well as detained civilians, including women and journalists,” he said.

The main conflict is between the internationally recognised Yemeni government and other forces in a Saudi-led coalition against the Iran-backed Houthis, who overran the capital, Sanaa, in 2014.

The focus of the talks was on journalists and very sick people, as well as senior pro-government figures captured by the Houthis.

Among them are Naser Mansur Hadi, who is the brother of Yemeni President Abdrabu Mansur Hadi, and former defence minister Brig Mahmoud Al Subaihi.

There was no immediate reaction from either side.

Abdel Qader Al Murtada, head of the Houthi delegation, said he had hoped before the talks for “success for this round and the release of the largest number of prisoners from all sides”.

Several prisoner swaps have concluded, with the Montreux deal the first under the 2018 Stockholm peace agreement.

Both sides had submitted lists with the names of 15,000 detainees they wanted freed and accused each other of delays.

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
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Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

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.”

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

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