The Houthis are an ostensibly anti-imperialist movement that claims to act in solidarity with beleaguered Palestinians, but an examination of their tactics and targets tells a different tale. EPA
The Houthis are an ostensibly anti-imperialist movement that claims to act in solidarity with beleaguered Palestinians, but an examination of their tactics and targets tells a different tale. EPA
The Houthis are an ostensibly anti-imperialist movement that claims to act in solidarity with beleaguered Palestinians, but an examination of their tactics and targets tells a different tale. EPA
The Houthis are an ostensibly anti-imperialist movement that claims to act in solidarity with beleaguered Palestinians, but an examination of their tactics and targets tells a different tale. EPA


Seafarers are paying a high price for Houthi actions


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  • Arabic

March 14, 2024

Much has been made of the disruption inflicted on global trade by the continuing attacks on commercial shipping in the Red Sea being perpetrated by Yemen’s Houthi rebels – and for good reason.

It is not just the balance sheets of major companies that have been affected. The militants’ missile attacks and drone strikes, as well as their seizing and sinking of foreign-flagged vessels has hurt the economies of a number of countries such as Egypt, where a drop in Suez Canal revenue has had serious implications for many vulnerable citizens’ livelihoods. This is nothing to say of the ecological damage wrought by the Houthis’ sinking of a cargo ship full of fertiliser on March 2 and the increasing costs imposed on getting critical aid deliveries through the Red Sea to Sudan, where an estimated 18 million people face acute hunger.

  • A ship in the Suez Canal heading towards the Red Sea in Ismailia, Egypt. Houthi rebels in Yemen have pledged to disrupt all shipping destined for Israel through the Red Sea and the Suez Canal. Getty Images
    A ship in the Suez Canal heading towards the Red Sea in Ismailia, Egypt. Houthi rebels in Yemen have pledged to disrupt all shipping destined for Israel through the Red Sea and the Suez Canal. Getty Images
  • Sailors on the USS Mason during Operation Prosperity Guardian. Photo: US Navy
    Sailors on the USS Mason during Operation Prosperity Guardian. Photo: US Navy
  • A ship travelling south through the Suez Canal. Getty Images
    A ship travelling south through the Suez Canal. Getty Images
  • The officer of the watch on the bridge of HMS Diamond in the Red Sea. Reuters
    The officer of the watch on the bridge of HMS Diamond in the Red Sea. Reuters
  • A container ship in the Suez Canal near Ismailia, Egypt. Getty Images
    A container ship in the Suez Canal near Ismailia, Egypt. Getty Images
  • A televised statement by the Houthis' military spokesman Yahya Sarea in Sanaa, Yemen, after a large-scale missile and drone attack by the group against shipping lanes in the Red Sea. EPA
    A televised statement by the Houthis' military spokesman Yahya Sarea in Sanaa, Yemen, after a large-scale missile and drone attack by the group against shipping lanes in the Red Sea. EPA
  • A ship in the Suez Canal heading towards the Red Sea. Getty Images
    A ship in the Suez Canal heading towards the Red Sea. Getty Images
  • On the bridge of HMS Diamond as Sea Viper missiles are fired in the Red Sea to combat a barrage of Houthi drones and missiles. Photo: Ministry of Defence via AP
    On the bridge of HMS Diamond as Sea Viper missiles are fired in the Red Sea to combat a barrage of Houthi drones and missiles. Photo: Ministry of Defence via AP

But it is the direct human cost that is the most tragic consequence of this 21st century brigandage. The deaths of three sailors in a Houthi missile attack on a tanker in the Red Sea last week has stoked fears among the seafaring community, with some looking to abandon their contracts and return home. Chirag Bahri of the International Seafarers’ Welfare and Assistance Network told The National this week that “companies are suffering a lot and obviously there's a lot of tension among seafarers”. Mr Bahri, a former seafarer who was himself held hostage by Somali pirates, understands more than most the trauma and fear imposed on ordinary workers caught in the firing line. As he observes, although it is not in pirates’ interests to harm their captives, “if a rocket hits your vessel in the oil tank or somewhere on the bridge – it is catastrophic”.

The Houthi movement is ostensibly an anti-imperialist one that claims to act in solidarity with beleaguered Palestinians, but an examination of their tactics and targets tells a different tale. In addition to the chief officer, bosun and cook killed on board the Barbados-flagged True Confidence last week – an attack that also injured several other sailors, one of whom lost a leg – question marks remain about the fate of the 25 crew members of the Galaxy Leader who are languishing in Houthi custody after their vessel was seized by the rebels in November. Previous Houthi attacks in the region – such as their indiscriminate missile bombardment of Abu Dhabi two years ago – have killed and injured civilians unlucky enough to be in the wrong place at the wrong time.

The peril facing seafarers poses another threat to an industry already counting the cost of diverting goods, including crude oil, from the Middle East to Europe through the Cape of Good Hope in southern Africa. International legal frameworks exist to ensure sailors’ safety and welfare, affording them rights such as refusing to sail into high-risk zones. But many seafarers’ families depend upon their loved one’s salary for their sustenance, leaving these workers with little choice but to continue sailing in dangerous waters.

The anger and frustration at the international failure to stop Israel’s war in Gaza is real, but the mayhem unleashed in the Red Sea by the Houthis’ tactics is killing or injuring ordinary workers, endangering aid shipments and encouraging large-scale militarisation of a critical waterway. The human cost of Houthi actions is proving to be a high one.

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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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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Price: From Dh590,000

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

UAE currency: the story behind the money in your pockets
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Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

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The specs: 2019 Jeep Wrangler

Price, base: Dh132,000

Engine: 3.6-litre V6

Gearbox: Eight-speed automatic

Power: 285hp @ 6,400rpm

Torque: 347Nm @ 4,100rpm

Fuel economy, combined: 9.6L to 10.3L / 100km

UAE SQUAD

Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan

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Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.

Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.

the pledge

I pledge to uphold the duty of tolerance

I pledge to take a first stand against hate and injustice

I pledge to respect and accept people whose abilities, beliefs and culture are different from my own

I pledge to wish for others what I wish for myself

I pledge to live in harmony with my community

I pledge to always be open to dialogue and forgiveness

I pledge to do my part to create peace for all

I pledge to exercise benevolence and choose kindness in all my dealings with my community

I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity

Updated: March 14, 2024, 3:00 AM