Houthi supporters rally to mark the Ashura day in Sanaa, Yemen in August. Reuters
Houthi supporters rally to mark the Ashura day in Sanaa, Yemen in August. Reuters
Houthi supporters rally to mark the Ashura day in Sanaa, Yemen in August. Reuters
Houthi supporters rally to mark the Ashura day in Sanaa, Yemen in August. Reuters


Return of truce is vital to Yemen as global food and energy crises take toll


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  • Arabic

November 28, 2022

Yemen nervously awaits signs that a truce involving all main factions can hold, despite a failure to renew it after the most recent deadline expired.

The truce is absolutely vital, not least because the main drivers in Yemen are now shaped by the fallout from the 2018 Stockholm Agreement as well as the global energy and food crisis.

Those living in Yemen are left to grapple with a cascading set of dire daily realities. The failure to achieve peace and restore the national government throughout the country is something to be squarely laid at the feet of the UN.

The agreement was badly rolled out. One of the pillars of the Stockholm Agreement was the Hodeidah Accord, which opened up the Red Sea port and associated road routes to ensure that food and other flows could increase to ease the threat of famine.

Last week, Anis Al Sharafi of the Aden-based Southern Transition Council (STC), which is a partner with the national government, set out how what looked like a viable solution was, in fact, twisted by the implementation.

By overriding the safeguards on how trade and revenues are freed up, Houthi commanders and checkpoints were granted a gatekeeper. The consequences have been downplayed. The outcome is an escalatory cycle, according to Mr Sharafi, that has granted the Houthi leadership “infinite” military and political capacity.

With its new space within the context of conflict, the Houthi leadership has taken the opportunity for a stand that is stubborn and prolonging. “Maybe on the surface it looks like you might have a variable solution, but typically giving [the advantage] to one side causes the problem to become more complicated,” he said in Aden.

The failure to achieve peace is something to be squarely laid at the feet of the UN

Rising oil prices have given the Houthi leadership and its backers in Iran more cause to block an overarching solution in Yemen. As another Yemeni last week observed, the seas around the country’s coast are the main route for energy exportation to Europe and the Houthis are trying to take advantage of this vantage point.

Escalation along that route is obviously something that European countries are very alert to, and the regimes hostile to the West are just as alert to the advantages of disruption of those corridors.

Iranian efforts to have another coast to launch attacks on the tanker lanes to Europe are holding Yemen hostage. This, for the Iranian leadership, is a potential pinch point that would allow Tehran to exercise pressure through escalation.

At a time when Iran’s internal dynamic is one of siege by the opposition demonstrations, this gives Tehran an external card to play to ensure that the international community does not support the regime’s opponents.

For the wartime administration in Yemen, this is a dire squeeze. This is particularly as the people who have fled the oppressive situation in Sanaa or the hardships across the frontlines wait for a return to their properties or towns in dire straits.

“On top of our own population, we have more than 3 million refugees from the north and we have more than a million that have come from Africa,” said the STC representative. “Although there is pressure on our resources, the aid that is given by the international community is given to refugees. Whereas our own people who are suffering from this extra pressure are not getting anything.”

A report published last week by the Italian Institute for International Political Studies drew interesting parallels between the situation in Yemen and the effects of stalemate in Libya, and how the energy economy played into the conflict’s power balance there.

UN special envoy for Yemen, Hans Grundberg. Reuters
UN special envoy for Yemen, Hans Grundberg. Reuters

“In Yemen, the Houthis collect illegal fees and levies especially from oil and communications, also confiscating the assets and funds of individuals and entities,” it noted. “In 2020-21, however, most of the Houthis’ fuel income 'likely came from their control of the supply chain and sales via the Yemen Petroleum Corporation and the parallel market'.”

The report also noted how the areas of Yemen that are oil hubs, while never unimportant, are now prized as revenue hubs in a way that was less so before. “Together with the import of oil derivatives, the export of crude oil represents the largest source of potential revenue for armed groups in Yemen,” the report said.

Take that to the next level and there is the trap that Yemen can’t currently escape. That of the families and extended social networks that are now bound up in a decade of fighting for local and national control.

Alistair Burt, the former UK minister of state for the Middle East and North Africa, put it well at an event organised by the Royal United Services last week.

“The benefits of war are evident to a man who has a gun and controls the checkpoint and can extract taxes and has more power over people than perhaps he's ever had in his life,” Mr Burt said. “So what is the incentive to that individual to bring an end to it? Where's the incentive to those holding the guns to stop the conflict?”

Where indeed, when the people of Yemen have been so badly let down by UN diplomacy, is the hope for a viable solution?

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Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
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  6. Tourism industry knowledge.
  7. Professional ethics.
SHAITTAN
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Super 30

Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic

 

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

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.”

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Brief scoreline:

Liverpool 2

Keita 5', Firmino 26'

Porto 0

ALL THE RESULTS

Bantamweight

Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.

Lightweight

Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.

Catch 74kg

Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.

Strawweight (Female)

Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.

Featherweight

Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.

Lightweight

Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.

Welterweight

Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.

Lightweight

Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.

Lightweight

Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.

Welterweight

Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.

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Updated: November 29, 2022, 10:47 AM