The Houthis have said they will impose "sanctions" on major US oil companies “in accordance with the principle of confrontation”, raising fears they will begin attacking US-linked ships despite a truce with Washington.
The Sanaa-based Humanitarian Operations Co-ordination Centre, which liaises between Houthi forces and commercial shipping operators, on Tuesday said it was placing sanctions on 13 US companies, including Exxon Mobil and Chevron, as well as nine executives and two vessels.
They “shall be dealt with in accordance with the principle of confrontation”, the centre said on its website.
It is unclear what form Houthi sanctions would take. While the rebels control parts of Yemen, they are not internationally recognised as an authority.
“The ultimate goal of the sanctions is not punishment in itself, but to bring about positive behavioural change,” it added.
The announcement said the companies, which also include ConocoPhillips, have been sanctioned in retaliation for US sanctions imposed on the Houthis earlier this year, the centre said.
“It remains unclear whether these sanctions signal that the Houthis will begin targeting vessels linked to the sanctioned organisations, companies, and individuals – a move that would risk violating the ceasefire agreement with the Trump administration,” independent Middle East analyst Mohammed Albasha said in a LinkedIn post.
Mr Albasha is the founder of US-based Risk Advisory Basha Report.
Since 2023, the Houthis have launched numerous strikes on vessels in the Red Sea that they deem to be linked with Israel, in what they say is a campaign of solidarity with the Palestinians over Israel's war in Gaza.
This week the Houthis struck a Dutch cargo ship in the Gulf of Aden, injuring two crew and leaving the vessel ablaze and adrift. On Wednesday they confirmed they were responsible for the strike against the Minervagracht.
A Houthi military representative said the assault on Monday was carried out with a cruise missile. The attack injured two sailors and forced a helicopter evacuation of the ship's 19 crew members, according to the EU maritime mission Aspides and the vessel's operator.
The Houthis said they attacked the Minervagracht because its owner breached “the entry ban to the ports of occupied Palestine”.
It was the first Houthi strike on a commercial ship since September 1, when they attacked Israeli-owned tanker Scarlet Ray near Saudi Arabia's Red Sea port city of Yanbu.
In July, the Houthis attacked and sank the Magic Seas bulk carrier and Eternity C cargo ship in the Red Sea.
The last significant Houthi attack in the Gulf of Aden was on the Singapore-flagged Lobivia container ship in July last year.
In May, the US agreed a ceasefire with the Houthis after an intense bombing campaign against the group by Washington, but the agreement did not include Israel.
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The five pillars of Islam
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2. Prayer
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4. Shahada
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
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- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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The%20specs
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Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
The specs
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Power: 261hp at 5,500rpm
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Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Price: From Dh117,059
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
