Hello from The National and welcome to the View from London – your weekly guide to the big stories from our London bureau
Yemen's fate
Stalemate takes many forms in the divided Yemen after years of war.The internationally recognised government is based in Aden while the Houthi regime, an international pariah, holds the capital Sanaa.
Things are changing as Aden-based forces move to establish control along the coast. Mohamed Sahimi, the Southern Transitional Council representative in the UK, has been talking to The National about his party stepping into a security vacuum to shore up the region.
"Armed militias had been enabled by northern government troops in Hadhramaut, including those associated with the Muslim Brotherhood and other extremist groups, including [Al Qaeda in the Arabian Penninsula]," he said.
"Across the south, the STC is leading on security responsibilities to protect our civilians and counter the threat from the Houthis in the north. This is fully in the interests of Yemen, the region and the West."
One demonstration of the push changing the dynamic is the position of the Muslim Brotherhood-aligned Al Islah Party, which was put on display in Chatham House on Tuesday.
Abdul-Razak Al Hijri, the acting secretary general, made an appearance in London where he pleaded for a negotiated way out of the sudden switch of control around Aden and the southern coastal provinces.
The STC says it is taking control of the provinces to fight smuggling and terrorist networks in south-east Yemen, which were feeding the Houthis, Aqap and Al Shabab in Somalia.
It has accused a branch of the Yemeni army in Hadhramaut, known as the First Military Region, of tolerating these smuggling networks. The First Military Region is reportedly loyal to the Islah party.
Yemeni supporters of STC leader Aidarous Al Zubaidi at a rally. AFP
Al Hijri said he met STC leaders recently and believes that a diplomatic solution is possible. “The STC has their project, which is the restoration of the southern state. We do not have a problem with this issue being discussed,” he said.
“We met with them recently. We told them, 'Let's first work to restore the state and let‘s all of us present our reservations and concerns, and each one of us can present the guarantees they believe will reassure the other actors'."
Al Islah also appears to essentially favour the status quo with the Houthi domination of northern Yemen, including the capital Sanaa. STC leader Aidarous Al Zubaidi has suggested a “serious campaign to free the north” of Yemen, which is under Houthi control, could be next.
Paramount's bid for Warner Brothers Discovery has sent the media and international investment community into a frenzy.
It’s not simply the size of the hostile takeover attempt at $108 billion for Warner, or WBD, that has caused excitement. It’s also the fact that three Gulf sovereign wealth funds have come together on the same mega-play. Abu Dhabi’s L’imad Holding Company, the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund are jointly throwing their considerable weight behind the Paramount strike.
Chris Blackhurst writes on how a contribution of $24 billion to the offer led by David Ellison is potentially transformative. Mr Ellison controls Paramount and moved to hijack Netflix’s agreed rival approach for the Hollywood movie studio and owner of CNN, HBO and other media platforms.
The funds are determinedly pursuing policies of diversifying away from a historic concentration on oil and energy. They want to take their holdings and economies into new, digitally focused sectors. Media, sport, entertainment and tourism are key targets. Within that context, WBD is a glittering diamond.
Top-level Ukraine talks seem to have been non-stop for months. Europe has come under pressure from Washington to bring out concessions from Kyiv. The latest rounds this week have created optimism that a ceasefire may be imminent, although analysts suggest the main win is keeping the US on board.
This is because top US envoys went to Berlin on Monday to secure from Ukraine grudging acceptance that any deal would mean it could not join Nato. US President Donald Trump hailed potential progress from “very long and very good talks” with President Volodymyr Zelenskyy and the leaders of the UK, France, Germany and Nato.
US envoy Steve Witkoff looks up to German Chancellor Friedrich Merz. Reuters
Military and diplomatic analysts continue to pour cold water on the initiative driven by Mr Trump. Experts have warned that this optimism is likely to be misplaced, with the harsh reality that Russia has little incentive to accept the peace terms.
Keir Giles, a senior fellow at Chatham House, suggested to us that the flurry of statements about ceasefires and peace support forces are all “hypothetical”, with scant connection to political reality.
Something must be done and both Mr Trump and Friedrich Merz, the German chancellor, think a truce could happen before the end of the year.
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
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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Sharad Nair recommends three investment apps for UAE residents:
For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
