• Fighters loyal to Yemen's Saudi-backed government take position during their fight against Houthi militiamen in the northeastern province of Marib. EPA
    Fighters loyal to Yemen's Saudi-backed government take position during their fight against Houthi militiamen in the northeastern province of Marib. EPA
  • A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
    A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
  • Fighters loyal to Yemen's Saudi-backed government take position during their fight against Houthi militiamen in the northeastern province of Marib. EPA
    Fighters loyal to Yemen's Saudi-backed government take position during their fight against Houthi militiamen in the northeastern province of Marib. EPA
  • A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
    A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
  • A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
    A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
  • A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
    A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
  • A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
    A fighter loyal to Yemen's Saudi-backed government takes position during the fight against Houthi militiamen in the northeastern province of Marib. EPA
  • Armed Houthi supporters stand beneath posters depicting Houthi fighters who were allegedly killed in the Marib offensive, during their funeral outside a mosque in Sana'a. EPA
    Armed Houthi supporters stand beneath posters depicting Houthi fighters who were allegedly killed in the Marib offensive, during their funeral outside a mosque in Sana'a. EPA
  • An armed Houthi supporter walks past posters depicting Houthi fighters who were allegedly killed in the Marib offensive, during their funeral outside a mosque in Sana'a. EPA
    An armed Houthi supporter walks past posters depicting Houthi fighters who were allegedly killed in the Marib offensive, during their funeral outside a mosque in Sana'a. EPA
  • Houthi supporters leave their weapons on the floor as they attend a funeral service of Houthi fighters who were allegedly killed in the Marib offensive, at a mosque in Sana'a. EPA
    Houthi supporters leave their weapons on the floor as they attend a funeral service of Houthi fighters who were allegedly killed in the Marib offensive, at a mosque in Sana'a. EPA
  • Pro-Houthi forces attend the funeral service of Houthi fighters who were allegedly killed in the Marib offensive, during a funeral service at a mosque in Sana'a. EPA
    Pro-Houthi forces attend the funeral service of Houthi fighters who were allegedly killed in the Marib offensive, during a funeral service at a mosque in Sana'a. EPA

Yemen peace talks failing weeks after revived US-Saudi push


James Reinl
  • English
  • Arabic

A revived effort under the administration of US President Joe Biden to end Yemen’s war seemed to be faltering on Wednesday when the UN’s envoy to the country said peace talks had hit a roadblock.

The UN envoy, Martin Griffiths, said a week-long round of talks in Saudi Arabia and Oman. involving Mr Biden's envoy to Yemen, Tim Lenderking, had failed to make progress, as a Houthi rebel offensive on the government-held city of Marib continued.

“We have been discussing these issues for over a year now,” Mr Griffiths said. “The international community has been supporting us in full force.

"Unfortunately, we are not where we would like to be in reaching a deal. Meanwhile, the war has continued unabated, causing immense suffering to the civilian population.”

The Biden administration sought to bring an end to Yemen’s conflict by withdrawing support for the battle against Yemen’s Iran-aligned Houthi rebels.

Saudi Arabia announced a peace plan in March that would lead to blockades on the country being lifted and a UN-supervised truce between the Saudi-backed government and the Houthis, who control the capital Sanaa and much of the north.

This week's negotiations involving Mr Griffiths and Mr Lenderking were aimed at advancing that ceasefire, but are understood to have been complicated by the Houthi assault on Marib, the government's last northern stronghold.

The assault has condemned by the UN and much of the international community.

Analysts say the conflict is also enmeshed in broader tension between Saudi Arabia and Iran, amid the Biden administration’s efforts to revive an international deal restricting Tehran’s nuclear programme.

“I will keep engaging the parties to the conflict and all involved and concerned actors and stakeholders to offer them opportunities to find common ground to help advance the peace efforts,” Mr Griffiths said.

The Saudi-led military coalition intervened in Yemen in 2015 after a request from the internationally recognised government, which the Houthis drove from Sanaa.

The war has created what the US calls the world's worst humanitarian crisis, with about 80 per cent of the country’s population of 29 million needing aid and 13 million facing famine.

Torrential rains and flooding have worsened the suffering across much of Yemen since mid-April and affected more than 22,000 people, UN spokesman Stephane Dujarric said on Tuesday.

“Intensified rain over recent days has caused multiple deaths and injuries, as well as large-scale damage to infrastructure, homes and shelters,” Mr Dujarric said.

“Humanitarian partners are mobilising to scale up the response.”

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

High profile Al Shabab attacks
  • 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
  • 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
  • 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
  • 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
  • 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
  • 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.

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.”

((Disclaimer))

The Liechtensteinische Landesbank AG (“Bank”) assumes no liability or guarantee for the accuracy, balance, or completeness of the information in this publication. The content may change at any time due to given circumstances, and the Liechtensteinische Landesbank AG is under no obligation to update information once it has been published. This publication is intended for information purposes only and does not constitute an offer, a recommendation or an invitation by, or on behalf of, Liechtensteinische Landesbank (DIFC Branch), Liechtensteinische Landesbank AG, or any of its group affiliates to make any investments or obtain services. This publication has not been reviewed, disapproved or approved by the United Arab Emirates (“UAE”) Central Bank, Dubai Financial Services Authority (“DFSA”) or any other relevant licensing authorities in the UAE. It may not be relied upon by or distributed to retail clients. Liechtensteinische Landesbank (DIFC Branch) is regulated by the DFSA and this advertorial is intended for Professional Clients (as defined by the DFSA) who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks.

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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The details

Heard It in a Past Life

Maggie Rogers

(Capital Records)

3/5

If you go

 

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as  Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
The specs

Engine: 2.9-litre, V6 twin-turbo

Transmission: seven-speed PDK dual clutch automatic

Power: 375bhp

Torque: 520Nm

Price: Dh332,800

On sale: now

Coffee: black death or elixir of life?

It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?

Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.

The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.

The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.

Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver. 

The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.

But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.

Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.

It also raises blood pressure, which is largely problematic for people with existing conditions.

So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.

Rory Reynolds