UAE civilian ship hit by Houthis in ‘terror act’

ABU DHABI // The attack on a UAE civilian ship by Houthi militias has been described as a “terrorist act” by Yemeni authorities.

The Yemeni government denounced the attack on the Swift, which was taking injured civilians from Yemen for medical treatment elsewhere, calling it "a terrorist attack that violates international laws" and a threat to international security.

“It is also a clear violation of humanity and a flagrant aggression against life,” it said.

The ship, which is owned by the UAE’s National Marine Dredging Company, was attacked as it sailed through the Bab Al Mandeb Strait.

The Strait connects the Red Sea to the Gulf of Aden, between Yemen on the Arabian Peninsula, and Djibouti and Eritrea in the Horn of Africa.

All aboard the ship were rescued, state news agency Wam reported.

The attack was condemned by the command of the Coalition Forces Supporting Legitimacy in Yemen.

“This comes as a serious indicator to confirm the orientation of these militias to carry out terrorist operations targeting the international navigation and relief ships in Bab Al Mandeb Strait,” it said.

On Sunday, the secretary general of the Arab League, Ahmed Abul Ghait, condemned the Houthi militia for the attack, describing it as “unacceptable and violating international laws.”

Mahmoud Afifi, the Arab League’s spokesman, said the attack gave a serious indication of threats facing civilian and commercial ships crossing one of the world’s most vital waterways.

The UAE’s forces are involved in the Saudi-led Arab coalition’s Operation Restoring Hope, which backs the legitimate government in Yemen.

The UAE is also supporting its coalition role by providing humanitarian assistance for the Yemenis who are caught in the middle of the conflict.

The Yemeni government thanked the Arab coalition for its contributions towards a series of charitable, development and reconstruction projects in Yemen, including work in education, health, housing and public utilities.

It also hailed the efforts spent by the coalition to restore the legitimacy and stability across the country.

newsdesk@thenational.ae

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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.”

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