Lebanon's Information Minister George Kordahi claimed Houthi rebels in Yemen are acting in self-defence. Reuters
Lebanon's Information Minister George Kordahi claimed Houthi rebels in Yemen are acting in self-defence. Reuters
Lebanon's Information Minister George Kordahi claimed Houthi rebels in Yemen are acting in self-defence. Reuters
Lebanon's Information Minister George Kordahi claimed Houthi rebels in Yemen are acting in self-defence. Reuters

Lebanon PM distances government from minister's remarks on Yemen conflict


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Lebanon's Prime Minister Najib Mikati has condemned comments by Information Minister George Kordahi that Iran-backed Houthi rebels in Yemen are acting in self-defence.

His comments came from an Al Jazeera Online interview that was recorded in August, before Mr Kordahi became a minister.

Mr Mikati said that Mr Kordahi’s words “do not express the government’s position at all”, and reiterated his support for Saudi Arabia and the Gulf Co-operation Council.

But Mr Kordahi's statements drew anger for his support of an armed militia which took the capital Sanaa in a coup, displacing the legitimate government, in 2015.

Yemeni Information Minister Moammar Al Eryani said on Twitter that Mr Kordahi’s words reflect “a blind bias to the Houthi terrorist militia, and a disregard for the role of the Iranian regime and its expansionist agenda in Yemen”.

Saudi ambassador to Lebanon Waleed Bukhari retweeted the statement.

Yemen’s Foreign Minister Ahmed Awad bin Mubarak said he had directed Yemen's ambassador in Beirut to hand the Lebanese Foreign Ministry a letter of condemnation over Mr Kordahi's statements.

The UAE's Ministry of Foreign Affairs and International Co-operation expressed its "strong condemnation and denunciation of these disgraceful and biased statements" and summoned the Lebanese ambassador.

It said the remarks "contradict diplomatic norms and the history of Lebanon’s relations with the countries of the Arab coalition to support legitimacy in Yemen, and reflect Lebanon’s growing distance from its Arab brothers," state news service Wam reported.

Mr Kordahi’s remarks threatened to spill into a diplomatic crisis with Lebanon’s historic allies in the Gulf. A Saudi-led coalition entered the conflict months after the fall of Sanaa to support Yemen’s internationally recognised government.

This is the second incident in which a Lebanese minister has openly criticised Saudi Arabia this year.

This threatens to further strain relations with a historic ally that have soured as the Iran-backed Hezbollah movement has expanded its influence on Beirut in recent decades.

In May, Charbel Wehbe, at the time caretaker foreign minister, suggested in a TV interview that Gulf states were responsible for the rise of ISIS and made derogatory remarks towards their people.

He resigned following an outcry from Gulf allies and Lebanese politicians.

Mr Mikati said in his first speech as prime minister in September that he is striving for closer ties to Gulf countries.

Mr Kordahi, a former TV show host who rose to fame for hosting the Arabic version of Who Wants to be a Millionaire?, is known for his controversial political opinions.

He has previously expressed support and admiration for Syrian President Bashar Al Assad, Hezbollah leader Hassan Nasrallah and for Russian President Vladimir Putin.

“I did not mean, in any way, to offend the kingdom of Saudi Arabia or the UAE,” Mr Kordahi said on Tuesday.

“I hope that my words and the uproar they caused can help stop this harmful war for the sake of Yemen and for the sake of both Saudi Arabia and the UAE.”

The UAE redeployed its forces from Yemen in 2019.

Desert Warrior

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Rating: 3/5

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Honeymoonish
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Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
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THREE
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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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Pathaan
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Updated: October 27, 2021, 6:02 PM