The British government was rebuked after confirming it would significantly reduce aid given to Yemen in 2021, despite the threat of famine and death to millions of people there.
Middle East Minister James Cleverly told an online donor conference that the UK would give at least £87m ($121.2m) over the next financial year, compared to the £160m it pledged at the same summit last year and £214m across 2020.
Former foreign secretary Jeremy Hunt, who visited Aden in 2019, said he was “deeply disappointed by the decision”.
“Timing is inexplicable, with the UN warning only last week that Yemen faces the worst famine the world has seen for decades,” he said.
The UN told the conference attended by more than 100 governments and donors that it is seeking $3.85 billion to prevent famine in Yemen.
Saudi Arabia said it would give $430m, the UAE $230m and the US $191m.
Germany offered $241m, compared to $138m last year.
Aid groups warned of catastrophe if cuts to funding continued. Six million people in Yemen – half of them children – are without access to clean water or sanitation during the coronavirus pandemic.
The UK took its decision after its former international development secretary said about four million Yemenis will "continue the slow, agonising and obscene process of starving to death" should aid be cut.
Andrew Mitchell said that reducing support to Yemen would be the "harbinger of cuts to come in the future" that could lead to hundreds of thousands of avoidable deaths around the world.
He was referring in part to Britain’s decision last year to reduce its total spending on aid from 0.7 per cent of its gross national income to 0.5 per cent.
Mr Hunt said the UK’s move to cut financial support for Yemen felt like “an inevitable consequence” of that decision.
“It is unlikely to be noticed with so much else going on but will cost lives and discourage other countries from playing their part.
“But abandoning a forgotten country and people is inconsistent with our values, weakens our moral authority and reduces our influence.
“We should be increasing the scale of our support in the face of such suffering; to cut it at this moment of extreme peril is incomprehensible,” Mr Hunt said.
Before the Yemen conference, Mr Mitchell said reports of the cuts were particularly troubling because the UK was president of the UN Security Council in February.
“It’s a very serious matter indeed in terms of what is the biggest humanitarian crisis in the world at the moment, but also in an area where Britain has in the past shown very considerable leadership and achieved extraordinary results,” he told the BBC.
Mr Mitchell said it was important that other countries increased their aid contributions to Yemen, but that it would set a bad example if the UK reduced its input.
He said the UK was involved in the situation in Yemen because it was part of the Saudi-led coalition in the country.
“We cannot wash our hands of what is going on the ground there, the humanitarian catastrophe," he said.
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
About Proto21
Date started: May 2018
Founder: Pir Arkam
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Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
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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.”
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Sholto Byrnes on Myanmar politics
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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