Yemeni children carry a box of relief supplies and water containers donated by the United Nations Children's Fund at a camp for displaced people on the outskirts of Sanaa, the rebel-held capital. EPA
Yemeni children carry a box of relief supplies and water containers donated by the United Nations Children's Fund at a camp for displaced people on the outskirts of Sanaa, the rebel-held capital. EPA
Yemeni children carry a box of relief supplies and water containers donated by the United Nations Children's Fund at a camp for displaced people on the outskirts of Sanaa, the rebel-held capital. EPA
Yemeni children carry a box of relief supplies and water containers donated by the United Nations Children's Fund at a camp for displaced people on the outskirts of Sanaa, the rebel-held capital. EPA

US strike on Ras Isa immediately impacts Yemen's civilians, not Houthis, experts say


Nada AlTaher
  • English
  • Arabic

The US strikes on the Houthi-controlled oil port of Ras Isa on Friday morning, which it said were intended to cut the group off from a main source of revenue, will affect ordinary Yemenis rather then the rebels themselves, experts say.

Friday's attacks killed at least 74 people and wounded 171 others, Houthi authorities reported. The death toll could rise, with some workers at the port still unaccounted for.

"We have endured a difficult night and looked for him among charred bodies, but we couldn't find anything," the aunt of one worker, Abdulfattah, 26, told The National. She said he went missing on the night of the attack along with two colleagues.

The US military's Central Command said the attack on Ras Isa aimed to cut off fuel supplies that the Houthis use "to sustain their military operations, as weapon of control, and to benefit economically from embezzling the profits from the import".

While it is true that Ras Isa is a terminus for a pipeline that delivers oil from Yemen's Marib province, and is primarily used to bring in fuel to Houthi-controlled territories, research by Basha Report, a US-based risk advisory firm, has found that the group has enough fuel stores to last them three months.

"Since the Israeli air strikes began in July 2024, the group has decentralised its fuel storage network," Mohammad Al Basha, the firm's founder, told The National.

The Houthi fuel stocks are distributed among public and privately owned petrol stations, tanks and mobile fuel tankers, he said. The group has taken this approach to pre-empt damage to their revenue and supplies from attacks like the one on Friday.

This means that the immediate impact of the strikes of Ras Isa will be felt by civilians, who are already struggling with the dire humanitarian crisis in the country.

A drone view shows charred vehicles standing in the aftermath of what Houthi-run Al Masirah TV said was a US strike on the Ras Isa fuel port in this screengrab from a handout video released on April 18. Al Masirah TV via Reuters
A drone view shows charred vehicles standing in the aftermath of what Houthi-run Al Masirah TV said was a US strike on the Ras Isa fuel port in this screengrab from a handout video released on April 18. Al Masirah TV via Reuters

Abdulghani Al Iryani is a senior researcher at the Sanaa Centre for Strategic Studies and worked with United Nations Development Programme’s mission in Hodeidah province, where the Ras Isa port is located.

He said efforts to cut the Houthis off from one of their primary sources of revenue had already been tried.

Whenever this had been done on a significant scale, it had left hospitals unable to run their generators and water projects unable to pump water – which meant farmers could not irrigate their fields. This had affected agricultural production for a population already on the edge of famine, he said.

"It was a hardship that the population had to endure while the people in power did not feel anything."

The US began launching strikes on the Houthis to stop the group's launching missiles and drones at ships in the Red Sea and towards Israel, in what the rebels say is a response to the Israeli military offensive in Gaza that has killed more than 51,000 people since October 7, 2023.

Under the Biden administration, the US strikes targeted Houthi weapons depots, the rebel-controlled port of Hodeidah, and other strategic sites. The attacks have intensified under President Donald Trump, who assumed office in January, and aimed to target the Houthi leadership and the group's infrastructure.

The nearly daily US strikes since March 15 have hit Sanaa's international airport, power stations and residential buildings, killing dozens of Yemenis and wounding hundreds others, according to the Houthis, although the exact death toll remains unclear.

"The Houthis have deliberately embedded their infrastructure within densely populated civilian areas, making it exceedingly challenging to degrade their capabilities without harming civilians," said Joe Truzman, senior researcher at the Foundation for Defence of Democracies think tank.

"It is a calculated and morally troubling strategy to ensure the group's continued survival."

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Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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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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Updated: April 19, 2025, 12:58 PM