Net closes on Yemen parcel bomb suspects



SANA'A // Yemeni security forces swept through two central provinces yesterday in the hunt for the ringleaders of the foiled plot to place parcel bombs on two US-bound cargo planes.

As the government of President Ali Abdullah Saleh came under pressure to capture the Saudi bombmakerIbrahim al Asiri and the US-born radical preacher Anwar al Awlaki, who is wanted by US authorities for his links to al Qa'eda, militants blew up an oil pipeline operated by a South Korean firm in southern Yemen.

Yemeni authorities yesterday put al Awlaki on trial in his absence. He has also been linked to the failed bombing of a US-bound plane in December 2009 that was claimed by Yemen's al Qa'eda wing, and he is thought to be in southern Yemen.

"Asiri is believed to be hiding and moving with senior al Qa'eda elements such as the Yemen al Qa'eda leader Nasser al Wahayshi. Security intelligence are still tracking them down to exactly identify their whereabouts," a Yemeni security official said.

"The campaign includes intensive intelligence and military work," he added. Security forces had been deployed to the two provinces of Maarib and Shabwa, and were working to seal off some areas. Maarib and Shabwa are known for their impenetrable deserts. Shabwa is in central Yemen and borders the Arabian Sea, while Maarib is in the west.

The two parcel bombs were intercepted last week on cargo planes in England and Dubai and are thought to be the work of al Qa'eda's Yemen-based arm, al Qa'eda in the Arabian Peninsula (AQAP). The bombs were hidden in printer toner cartridges and would have been powerful enough to destroy the planes carrying them, Britain said.

The plot was uncovered after a tip-off by intelligence officers in Saudi Arabia based on information obtained from an al Qa'eda defector. Barack Obama, the US president, placed a personal call to King Abdullah of Saudi Arabia at the weekend to express his "strong appreciation for the critical role played by Saudi counterterrorism officials".

The US Treasury Department has blacklisted al Awlaki as a "specially designated global terrorist". This year the Obama administration authorised the CIA to capture or kill him.

In a special security court in Sana'a yesterday, al Awlaki was charged with belonging to a terrorist group and plotting to kill foreigners.

The charges were laid during the trial of Hisham Mohammed Asem, 19, who denies killing a French citizen last month at the Sana'a office of Austria's largest industrial company, the oil and chemicals group OMV AG. A British national was wounded in the attack.

Last week’s bomb plot deepened western security fears focused on Yemen after AQAP claimed responsibility for a suicide bomb that Saudi Arabia’s security chief narrowly survived in August 2009 and the foiled Christmas Day attack on a plane bound for Detroit.

The Obama administration has increased funding for Yemen this year, providing US$150 million (Dh551 million) in military assistance alone.

Unmanned American drone aircraft gather information about militants and have occasionally fired missiles at them, although neither Washington nor Sana’a is keen to admit this.

Joint US-Yemeni security operations in the past year have failed to kill or capture AQAP’s top leadership.

The muscular approach risks provoking a fierce backlash among Yemenis already deeply hostile to the US invasions of Iraq and Afghanistan and to Washington’s support for Israel.

In a fresh development, US media said that American intelligence officials tracked several shipments of household goods from Yemen to Chicago in September and considered that the parcels might be a dry run for the attack.

Intelligence officials believe the tracking of the shipments may have been used to plan the route and timing for last week’s two parcel bombs.


* With additional reporting by Reuters

Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press

Tips for holiday homeowners

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Source: Adam Nowak, managing director of Ultimate Stay Vacation Homes Rental

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

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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.”

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

ASHES FIXTURES

1st Test: Brisbane, Nov 23-27 
2nd Test: Adelaide, Dec 2-6
3rd Test: Perth, Dec 14-18
4th Test: Melbourne, Dec 26-30
5th Test: Sydney, Jan 4-8

Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

The years Ramadan fell in May

1987

1954

1921

1888


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