A girl makes her feelings plain about victory for the protesters during an anti-government rally to demand the ousting of Yemen's President Ali Abdullah Saleh in Sanaa yesterday. Ahmed Jadallah / Reuters
A girl makes her feelings plain about victory for the protesters during an anti-government rally to demand the ousting of Yemen's President Ali Abdullah Saleh in Sanaa yesterday. Ahmed Jadallah / ReutShow more

Two Yemeni protesters shot dead



SANA'A// Two protesters were killed and at least 11 others wounded yesterday as the protest movement seeking to oust President Ali Abdullah Saleh called on the Gulf Cooperation Council to withdraw its peace plan that Mr Saleh has refused to sign.

A 16-year-old student protester died in al Ma'afer district in the province of Taiz when police fired on demonstators. Residents in Aden, Taiz, Sa'ada and Hodeida observed a half-day shutdown of offices and businesses that is part of a civil disobedience campaign called by the protest organisers to pressure Mr Saleh to step aside.

"We call on the leaders of the GCC to stop any initiatives that result in alienating the Yemeni people," the Organising Committee of the Popular Youth Revolution, said yesterday in a statement.

"We call on the United States, the European Union and the permanent Security Council members to assume their moral responsibility and stop ... meddling directed against the will of the Yemeni people to ensure freedom and democracy," the statement read.

The statement added that the group rejects any plan that does not require Mr Saleh to quit immediately and face trial on corruption charges. It also warned the opposition parties of dealing with any agreement that "goes against the will of the Yemeni people".

The GCC plan stalled after Mr Saleh refused on May 1 to sign the agreement that would have him quit power within one month. The plan, which was endorsed last month by the Yemeni government and the Joint Meeting Parties, a six-party opposition coalition, calls for Mr Saleh to resign and hand power to his vice president a month after signing the proposal.

An opposition leader would then be appointed to lead an interim cabinet in preparing for presidential elections two months later.

"Our initiative is to help both parties to come to an agreement," Abdullatif Al Zayani, GCC secretary-general, told reporters in Abu Dhabi yesterday. "The heads of the GCC are concerned about what's going on in Yemen. They want to help the Yemeni people. I'm very optimistic about the approach and the initiative," he said.

"I wish Yemen and the great people of Yemen all the success in getting out of this crisis stronger and more unified," he said.

The deal offers Mr Saleh and his inner circle, including relatives who run branches of the security and military forces, immunity from prosecution.

Mohammed al Sabri, a leader of JMP said the GCC plan had been modified to allow Mr Saleh to sign as party leader rather than as president, a stipulation Mr Saleh demands.

He said the opposition informed the GCC that it does not accept this modification.

"Modifying the plan every now and then has put the JMP and the GCC in a difficult position and would allow the regime to exercise more violence," Mr al Sabri said.

Abdu al Janadi, Yemen's vice minister of information, said even if Mr Saleh signs as the head of the ruling party, he would not step down until protests end.

"The president will ... step down only after peace and stability are back to all parts of the country," Mr al Janadi said yesterday.

* National reporter Gregor Hunter contributed to this report from Abu Dhabi

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Our legal consultants

Name: Hassan Mohsen Elhais

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

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

SPECS

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Power: 181hp

Torque: 230Nm

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Cory Sandhagen v Umar Nurmagomedov
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Michael Chiesa v Tony Ferguson
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Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

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Scoreline

Al Wasl 1 (Caio Canedo 90+1')

Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')

Red cards: Ismail Ahmed (Al Ain) 77'

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 Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

UAE central contracts

Full time contracts

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The specs

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The years Ramadan fell in May

1987

1954

1921

1888

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Most polluted cities in the Middle East

1. Baghdad, Iraq
2. Manama, Bahrain
3. Dhahran, Saudi Arabia
4. Kuwait City, Kuwait
5. Ras Al Khaimah, UAE
6. Ash Shihaniyah, Qatar
7. Abu Dhabi, UAE
8. Cairo, Egypt
9. Riyadh, Saudi Arabia
10. Dubai, UAE

Source: 2022 World Air Quality Report

MOST POLLUTED COUNTRIES IN THE WORLD

1. Chad
2. Iraq
3. Pakistan
4. Bahrain
5. Bangladesh
6. Burkina Faso
7. Kuwait
8. India
9. Egypt
10. Tajikistan

Source: 2022 World Air Quality Report


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