Israel launched strikes on Yemen's Hodeidah port on Tuesday, the latest wave of attacks on the country, saying it was targeting military infrastructure belonging to the Iran-backed Houthi rebels.
Houthi-linked Al Masirah TV reported that 12 strikes hit the port. The Israeli military later confirmed the attack, claiming Hodeidah is used by the Houthis "for the transfer of weapons supplied by the Iranian regime in order to execute attacks against the state of Israel and its allies".
It added that the strikes were "in response to the repeated attacks" by the Houthis against Israel, including the launching of drones and surface-to-surface missiles.
Shortly after the attack on the port, the Israeli military said it intercepted another ballistic missile launched from Yemen.
The military issued a warning for ships and people to leave Hodeidah port hours before the attack. "In the coming hours, a strike will be carried out ... in response to military activity by the Houthi terrorist regime," Israeli military spokesman Lt Col Avichay Adraee said on X. "For your safety, we urge everyone in Hodeidah port and the vessels anchored there to evacuate the area immediately."
The Houthis said defence systems were launched against the Israeli attacks. "Our air defences are currently confronting Israeli aircraft that are launching an aggression against our country," spokesman Brig Gen Yahya Saree said in a statement.
He added that the air defences “caused great confusion” for Israeli aircraft and forced some to leave Yemeni airspace.
Israeli Defence Minister Israel Katz posted a warning to the Houthis on X, saying the group would "continue to suffer blows and pay painful prices for any attempt to attack the state of Israel".
The latest strikes came as hundreds attended funerals for 31 Yemeni journalists killed last week in Israeli strikes on Sanaa. Israel launched attacks on the capital and Al Jawf governorate, killing at least 46 people and injuring 165.
The Israeli military said at the time that Houthi targets were hit, including the group's military public relations headquarters and a fuel storage site. The Houthis have increased their attacks on Israel in recent months, using warheads with cluster munitions that scatter over a large area and can evade Israeli air defences.
The group has said its attacks are in support of the Palestinians. The Houthis began firing missiles and drones towards Israel after the start of the devastating war on Gaza, where more than 64,900 Palestinians have been killed in Israeli attacks.
Semi-final fixtures
Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Rashmee Roshan Lall: Sound of silence in South Asia
Fanar Haddad: The Iranian response will be gradual
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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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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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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Engine: 2.0-litre 4cyl turbo
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5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
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Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
