Latest: UAE retaliates with strike on Houthi ballistic missile launcher
Two ballistic missiles aimed at Abu Dhabi were shot down in the early hours of Monday, the Ministry of Defence has said.
Authorities confirmed "that the attack did not result in any casualties, as the remnants of the intercepted and destroyed ballistic missiles fell in separate areas around the emirate".
The ministry said the weapons were launched by the Houthi terrorist group, state news agency Wam reported.
Flashes were seen in the sky over the capital at about 4.15am, residents said.
The ministry said "it is ready to deal with any threats and that it is taking all necessary measures to protect the state from attacks".
Officials later said a UAE air force F-16 unit retaliated, destroying a mobile missile battery in Al Jawf outside the Houthi-controlled capital Sana'a.
Flights running as scheduled
In Abu Dhabi on Monday, pupils returned to schools as planned after several weeks of remote learning and the roads were busy.
At the airport, flights took off as normal on a busy Monday morning. Social media claims that the airport closed appeared to be entirely false.
There were no flights planned between 3.45am and 5.10am - and 17 flights took off between then and 9am as scheduled, the airport's live board showed.
Saudi Arabia takes down ballistic missile
In Saudi Arabia, the Coalition said it destroyed a ballistic missile launched by the Houthis towards the city of Dhahran Al Janub early on Monday.
Shrapnel from the intercepted missile landed in the city’s industrial zone and pictures of burnt vehicles were published by local media.
The attacks came just hours after the Arab League group of nations met in Cairo to call for the US to designate the Houthis a terrorist group.
The US administration said it is considering the move after blasts in the UAE on Monday, January 17, killed three oil company workers and injured six, in an attack condemned by world leaders.
Abu Dhabi blast victims recall moment strike hit: in pictures
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Terror attack victim Said Noor Jabar Khan speaks to 'The National' about surviving the blast at the oil storage plant. All photos: Leslie Pableo for The National -

Mr Khan is recovering in hospital in Abu Dhabi. -

The blast sent debris flying into Mr Khan's shoulder, narrowly missing an artery between his arm and chest that, if hit, could have proved fatal. -

Doctors removed shrapnel from Mr Khan's left shoulder. -

Blast survivor Ramjan Mohhmad Rath, recuperating at home in Abu Dhabi, said he had never heard such a loud sound. -

Mr Rath received 10 stitches in his left leg. -

Mr Rath was standing near his lorry completing paperwork when the blast occurred.
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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.”
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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