Air strikes kill at least six in Yemen, Houthis say


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Air strikes hit areas around Yemen's capital overnight, killing at least six people, the Houthis said on Monday, as the US continues a bombing campaign aimed at pressuring the rebels to end attacks on international shipping.

The Houthis also claimed to have shot down another American MQ-9 Reaper drone, saying it was intercepted using a locally manufactured missile.

Video aired by the Houthi-run Al Masirah satellite news channel showed firefighters spraying water on a raging fire they described as being started by the air strikes. Rubble littered a street as rescuers carried one person away from the site, which the rebels claimed was a ceramics factory in the Bani Matar neighbourhood of Sanaa.

The US military’s Central Command, which runs American military operations, did not acknowledge the strikes, in keeping with recent practice.

The White House has said more than 200 attacks have been carried out since March 15. More than 120 people have been killed in the bombings since that date, according to figures released on Monday by the Houthis.

On Sunday night, the Iran-backed Houthis also said they shot down an MQ-9 Reaper drone over Yemen's northwestern Hajjah governorate.

Houthi military spokesman Brig Gen Yahya Saree said in a recorded video message that it was the fourth drone taken down in two weeks and it was hit with “a locally manufactured missile”. The Houthis are known to possess surface-to-air missiles capable of shooting aircraft down.

Houthi military spokesman Brig Gen Yahya Saree makes a televised statement on Sunday. EPA
Houthi military spokesman Brig Gen Yahya Saree makes a televised statement on Sunday. EPA

The Reaper drones, which cost around $30 million each, can fly at altitudes above 40,000 feet (12,100 metres) and remain in the air for more than 30 hours. They have been flown by both the US military and the CIA for years over Afghanistan, Iraq and now Yemen.

The US Central Command said it was aware of “reports” of the drone being shot down.

The Houthis began attacking ships crossing the Red Sea and Gulf of Aden after the outbreak of the Gaza war in October 2023. They paused the attacks during a January ceasefire in Gaza.

Israel cut off all supplies to Gaza at the start of March and resumed its offensive on the Palestinian territory on March 18, prompting the Houthis to begin attacking ships again.

The Houthi attacks have crippled the vital Red Sea route, which normally carries about 12 per cent of world shipping traffic, forcing many companies to make a long detour around the tip of southern Africa.

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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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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Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

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