More than 17 million people in Yemen are going hungry, including over a million children under the age of five suffering from “life-threatening acute malnutrition”, the UN's humanitarian chief said on Wednesday.
Tom Fletcher told the UN Security Council that the food security crisis in the Arab world’s poorest country, which is beset by civil war, has been accelerating since late 2023.
The number of people going hungry could climb to more than 18 million by September, he warned, and children with acute malnutrition could surge to 1.2 million early next year, “leaving many at risk of permanent physical and cognitive damage”.
More than 17,000 Yemenis are in the three worst categories of food insecurity – crisis stage or worse – according to experts who produce the Integrated Food Security Phase Classification, a leading international authority that ranks the severity of hunger.
Mr Fletcher said the UN has not seen the current level of deprivation since before a UN-brokered truce in early 2022. He warned that it is unfolding as global funding for humanitarian aid is plummeting, which means reductions or cuts in food. As of mid-May, the UN’s $2.5 billion humanitarian appeal for Yemen this year had received just $222 million, only nine per cent of its target.
Yemen has been embroiled in civil war since 2014, when Iranian-backed Houthi rebels seized the capital Sanaa from the internationally recognised government.
The Houthis control vast areas in the north-west of Yemen, including the Red Sea coastline. Most of Yemen's population lives in these areas.
The war has devastated Yemen, created one of the world’s worst humanitarian disasters, and turned into a proxy conflict at a stalemate. More than 150,000 people have been killed.
Hans Grundberg, the UN special envoy for Yemen, told the Security Council in a video briefing that two Houthi attacks on commercial vessels in the Red Sea this week – the first in over seven months – and Israeli air strikes on the capital and key ports are escalating the conflict.
The Houthis have vowed to keep attacking vessels in the key waterway until the war in Gaza ends.
Mr Grundberg said freedom of navigation in the Red Sea must be safeguarded and stressed that “Yemen must not be drawn deeper into regional crises that threaten to unravel the already extremely fragile situation in the country”.
“The stakes for Yemen are simply too high,” he said. “Yemen’s future depends on our collective resolve to shield it from further suffering and to give its people the hope and dignity they so deeply deserve.”
Mr Grundberg warned that a military solution to the civil war “remains a dangerous illusion that risks deepening Yemen’s suffering”.
Negotiations offer the best hope to address the complex conflict, he said, and the longer it is drawn out “there is a risk that divisions could deepen further”.
Mr Grundberg said both sides must signal a willingness to explore peaceful avenues – and an important signal would be the release of all conflict-related detainees. The parties have agreed to an all-for-all release, he said, but the process has stagnated for over a year.
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.”
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
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