Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces met with King Salman Bin Abdulaziz Al Saud, of Saudi Arabia. Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces met with King Salman Bin Abdulaziz Al Saud, of Saudi Arabia. Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces met with King Salman Bin Abdulaziz Al Saud, of Saudi Arabia. Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces met with King Salman Bin Abdulaziz Al Saud, of Saudi Arabia. Ministry of Presidential

Yemen infighting can only lead to disaster


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This week, developments in Aden showed once again how difficult the situation in Yemen is. The fragmentation amongst Yemeni political actors stems largely from Houthi intransigence and refusal to engage seriously in a political process that can get Yemen on to a path of stability.

Clashes erupted in Aden last week, when the Southern Transitional Council seized large parts of the strategic port city from the government, to which it had so far been allied. The move prompted the Saudi-led Arab coalition, to intervene to halt further fractures in the local alliances that had been battling the Houthi rebels. A tenuous ceasefire has held since Sunday.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met with King Salman in Saudi Arabia on Monday where the two leaders united in calling on pro-government parties to "prioritise dialogue and reason in the interest of Yemen and its people".

The renewed Saudi and Emirati call for calm and talks is a pivotal move as it could pressure the factions to uphold the ceasefire. Their position was backed by UN secretary general Antonio Guterres, who urged all parties involved in the conflict to engage in “inclusive dialogue”. If the UN and the Arab coalition’s calls are not heeded, the result could be disastrous for the people of Yemen. Aden has been the seat of power of the country’s internationally recognised government ever since Houthi rebels took over the capital Sanaa in 2015. Infighting in the country’s temporary capital can only weaken Yemen’s government and benefit the Houthis, as well as terrorist organisations such as Al Qaeda and its affiliates - all at the expense of a desperate civilian population.

To avoid such a disastrous outcome, the UAE's peace-first approach has sought to encourage both sides to the negotiating table, while providing support on the ground to help its local allies fight extremists. This is why the UAE and Saudi Arabia have supported the Stockholm agreement, which includes a ceasefire deal in Hodeidah, brokered by the UN and signed by both warring sides in December last year. Yet the Houthis have significantly impeded its implementation and shown reluctance to engage in discussions. Influenced by Tehran, the rebels have failed to follow through with the UN-led peace negotiations, blocked international aid deliveries and repeatedly attacked civilian targets in Saudi Arabia.

Since the civil war broke out in 2015, Yemen has had more than its share of violence and calamity. Cholera outbreaks, famine and poverty have become commonplace, prompting the UN to describe the conflict as the worst humanitarian crisis in the world. More division can only add to the woes of Yemenis. The UAE and Saudi Arabia have sent a strong message to their allies in the conflict, asserting that the clashes in Aden can only impede de-escalation efforts. It is now up to the parties to reassess their strategy and settle their differences at the negotiating table, rather than on the streets of Aden.

EA Sports FC 25

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

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Day 2, stumps

Pakistan 482

Australia 30/0 (13 ov)

Australia trail by 452 runs with 10 wickets remaining in the innings

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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THE SPECS

Engine: 4.4-litre V8

Transmission: eight-speed automatic

Power: 523hp

Torque: 750Nm

Price: Dh469,000

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Match info

Deccan Gladiators 87-8

Asif Khan 25, Dwayne Bravo 2-16

Maratha Arabians 89-2

Chadwick Walton 51 not out

Arabians won the final by eight wickets

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Kandahar%20
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At a glance

- 20,000 new jobs for Emiratis over three years

- Dh300 million set aside to train 18,000 jobseekers in new skills

- Managerial jobs in government restricted to Emiratis

- Emiratis to get priority for 160 types of job in private sector

- Portion of VAT revenues will fund more graduate programmes

- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.