Flames and smoke rise from the site of Israeli air strikes at the port of Hodeidah, Yemen. Reuters
Flames and smoke rise from the site of Israeli air strikes at the port of Hodeidah, Yemen. Reuters
Flames and smoke rise from the site of Israeli air strikes at the port of Hodeidah, Yemen. Reuters
Flames and smoke rise from the site of Israeli air strikes at the port of Hodeidah, Yemen. Reuters

Yemen's Hodeidah port functioning despite severe damage from Israeli strike


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Yemen's Red Sea port of Hodeidah was functioning at limited capacity on Tuesday despite significant damage at the site of an Israeli strike, sources and local authorities have said.

Israeli warplanes attacked a fuel depot at the Houthi-controlled port on Saturday, killing nine people and injuring at least 83.

The air raid was in response to a drone attack on Tel Aviv that killed one and injured several others a day earlier.

The strikes on Hodeidah port, the first attack by Israel on Yemen, sparked a raging fire, with one resident telling The National that smoke continued to billow on Tuesday morning.

The Houthi strike on Israel was the farthest by the Yemeni rebels in the conflict. According to an Israeli assessment, the drone travelled 2,600km to its target.

In retaliation, Israel conducted one of its longest aerial missions, a 3,600km round trip, with an unknown amount of time spent over Yemen, a country impoverished and ravaged by a decade-long civil war.

On Tuesday, a Yemeni source told The National that Hodeidah port “suffered significant damage, especially in the area of the port's cranes where five of them are operational and three are damaged”.

The source added that several of the port's warehouses were affected.

The UN Office for the Co-ordination of Humanitarian Affairs (Ocha) told The National that fires were still burning and “local authorities have advised that the port is functioning at limited capacity”.

“Disruptions to this flow of imports could have dire consequences for Yemen’s population,” Ocha warned.

Despite the damage, the top Houthi official in Hodeida, Muhammad Qahim, said the port had resumed operations “less than 24 hours” after it was struck by Israel.

“More than 80 per cent of the fire has been controlled,” Mr Qahim said a few hours after the attack, adding that the danger to civilians had been reduced.

Funerals were held for victims of the Israeli attack, the Houthi Ministry of Health said.

As well as casualties, the impact of the Israeli strikes" is massive in humanitarian terms", Abdulghani Al Iryani, senior researcher at the Sanaa Centre for Strategic Studies, told The National.

"The Houthis launched the drone from the Island of Kamaran, 60km south of Hodeidah city, north of the port at which Israeli retaliated. The Israeli retaliation disabled the gantry cranes of the port and also destroyed the fuel tanks, so importing fuel will be difficult – and with no fuel, that means no electricity, no clean water, etc."

Vital civilian structures such as schools and hospitals will suffer from the lack of fuel, and the overall obstruction of the influx of aid will hit Yemen's most vulnerable the hardest, Mr Iryani added.

To the contrary, the Israeli strike will strengthen the Houthis, he said.

"Every time economic hardship hits the people, we witness an increase in the recruitment of Houthi fighters so the attack will make it easier and less expensive to recruit more fighters for the war," he said.

Houthis form a heavily armed militia that controls Yemen's capital Sanaa and other regions in the north and west.

The rebels have bolstered their fighting capabilities since the civil war started in the country in 2014 and pose a serious threat to Yemen's neighbours and maritime shipping lanes.

Up until the end of 2018, the Houthis frequently used ballistic missiles they captured from army depots.

However, over the past five years, they have shifted to small, long-range, explosive drones that can evade radar detection.

Most of the group's weapons had been based on Iranian designs or were entirely Iranian in origin.

However, the rebels have reportedly become self-sufficient in developing their weapons and no longer require significant help from Tehran.

As is the case with Hezbollah in Lebanon and other armed groups in Syria and Iraq, the Houthis are part of the Axis of Resistance, an anti-Israel political and military coalition in the Middle East led by Tehran.

Since the Gaza war began in October, the axis has operated under a joint command that has mainly focused on choosing targets linked to Israel, as well as timing attacks, in support of Hamas.

The Houthi drone attack in Tel Aviv struck a diplomatic neighbourhood housing the US embassy.

While experts initially deemed it a “lucky” strike among many that failed to reach their targets, sources revealed on Monday that the attack was co-ordinated with regional allies.

On Sunday evening, rebel leader Abdulmalik Al Houthi revealed that Palestinian factions were informed of the “new drone” that hit Tel Aviv, and that its name, Yafa, was chosen by Palestinians.

“It was made in Yemen and launched by Yemenis,” he said.

Retail gloom

Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.

It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.

The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Volvo ES90 Specs

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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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Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

4/5 stars 

RESULT

RS Leipzig 3 

Marcel Sabitzer 10', 21'

Emil Forsberg 87'

Tottenham 0

 

Updated: July 23, 2024, 2:56 PM