Houthi supporters stage on anti-US and anti-Israel protest in Sanaa on Friday. Yemen remains a hotspot of entrenched volatility. EPA
Houthi supporters stage on anti-US and anti-Israel protest in Sanaa on Friday. Yemen remains a hotspot of entrenched volatility. EPA
Houthi supporters stage on anti-US and anti-Israel protest in Sanaa on Friday. Yemen remains a hotspot of entrenched volatility. EPA
Houthi supporters stage on anti-US and anti-Israel protest in Sanaa on Friday. Yemen remains a hotspot of entrenched volatility. EPA


Why Trump should listen to the Gulf countries on Yemen


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  • Arabic

January 07, 2025

As the Middle East enters a new year, several major changes are taking place. Syria’s interim government is hosting foreign dignitaries and sending envoys on regional tours. In Gaza, there are reports that negotiations on a ceasefire and the release of Israeli hostages held by Hamas have made significant progress. In Lebanon, an imperfect ceasefire continues to hold as the country’s politicians prepare to meet this week and choose a new president.

There is less expectation for progress in Yemen, which remains a hotspot of entrenched volatility. Last week, it was reported that extremists from Al Qaeda in the Arabian Peninsula executed 11 people, including a Yemeni journalist. On New Year’s Eve, Yemen’s Iran-backed Houthi rebels fired missiles at Israel’s Ben Gurion Airport and a power station in southern Jerusalem. The Houthis were on the receiving end of attacks, too, with US Central Command saying it carried out strikes against rebel targets in Yemen's capital and coastal locations. The plight of ordinary Yemenis continues with little global attention.

Despite the recent setbacks experienced by the so-called Axis of Resistance, the Iran-backed proxy network that includes the Houthis, the Yemeni rebels appear to be secure at home and continue to rule with a heavy hand. Last month, The National spoke to Yemeni parents who were concerned about their children after the Houthis introduced a weapons-training programme for high school and university students in areas under their control. The country continues to experience the world’s worst humanitarian crisis and internationally, the Houthis have turned the Red Sea into a battleground by attacking international shipping.

This stalemate could soon be shaken up as US president-elect Donald Trump prepares to return to power. Under President Joe Biden, Washington’s Yemen policy began with a focus on aid and diplomacy but since the Gaza war has changed to one defined largely by air strikes. This has achieved little. It has failed to dislodge the Houthis, whose attacks against Israel and international shipping continue. Arguably, it has even emboldened them further.

Previous attempts to support Yemen’s legitimate government with mainly military means ultimately proved unsatisfactory. Saudi Arabia, which led the Arab Coalition – the multinational force that responded in 2015 to a request for help from Yemen’s then president – has engaged in mediation efforts with the Houthis since 2022. Although it has been a drawn-out process, it remains an important diplomatic route out of perpetual crisis. The experience of Yemen’s neighbours in so engaging with the Houthis could be instructive.

The first step must be for Washington to use its undoubted influence to swiftly end Israel’s war in Gaza

By listening to security partners in the Gulf, empowering Yemen’s legitimate government, putting pressure on external actors who support the Houthis, breaking arms-smuggling routes, and backing a unified talks process, the US can play a meaningful and multifaceted role in ending this persistent crisis. But the first step must be for Washington to use its undoubted influence to swiftly end Israel’s war in Gaza. This would not only remove the excuse used by the Houthis for their destabilising actions in the Red Sea and wider Middle East, it would also end the situation in which Israel effectively shapes US actions towards Yemen.

A failure to find new ways forward offers only festering instability and militant rule over large parts of the country. Yemen’s people, and the Middle East, deserve better than that.

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Scores

Day 2

New Zealand 153 & 56-1
Pakistan 227

New Zealand trail by 18 runs with nine wickets remaining

Scores:

Day 4

England 290 & 346
Sri Lanka 336 & 226-7 (target 301)

Sri Lanka require another 75 runs with three wickets remaining

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
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Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

SANCTIONED
  • Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
  • Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB. 
  • Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.  
  • Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
  • Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
While you're here
UAE currency: the story behind the money in your pockets
UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

FIXTURES

Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan

The top two teams qualify for the World Cup

Classification matches 
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.

Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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.”

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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  • Option 3: 30% across five years 
TEAMS

US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*

International Team
Hideki Matsuyama, Jason Day 
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*

denotes captain's picks

 

 

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Updated: January 07, 2025, 3:00 AM