Yemen has firm support from Gulf, says Sheikh Abdullah


Kareem Shaheen
  • English
  • Arabic

ABU DHABI // The UAE and its Gulf neighbours will continue to provide strong support for the Yemeni government, the Minister of Foreign Affairs, Sheikh Abdullah bin Zayed, said yesterday.

"I think the GCC countries will be a fundamental pillar in supporting our friends in Yemen," said Sheikh Abdullah.

Gulf unity was a running theme in his opening remarks to a meeting of GCC foreign ministers at the Emirates Palace hotel in Abu Dhabi.

"We want our council to gather us [together] in our dealing with a lot of issues that threaten our world, issues that exceed in their effects the boundaries of one nation," Sheikh Abdullah said.

The meeting was a preparatory gathering ahead of the GCC summit early next month in Abu Dhabi.

Yemen has joined several GCC institutions in the past few years, and Sheikh Abdullah said this trend would continue.

"We have been for many years and decades very close allies and friends of Yemen," he said. "We are looking forward with our Saudi and Yemeni brothers in providing the best outcome of the upcoming Friends of Yemen conference that is supposed to take place in Saudi Arabia."

The Saudi meeting will include discussions on political, security and economic issues, and the Yemeni government's efforts are crucial to the success of the conference, said Sheikh Abdullah.

Yemen has previously said it might need up to US$50 billion (Dh183.6bn) of development aid to pay for things like education and the rebuilding of its infrastructure.

The country has faced mounting criticism over its handling of Al Qa'eda in the Arabian Peninsula (AQAP). Explosives hidden in cargo were found on flights in Dubai and London two weeks ago, bound for the US. AQAP has claimed responsibility.

In an interview with The National this week the Yemeni foreign minister, Abu Bakr al Qirbi, dismissed views that his country could become a failed state like Somalia, adding that intelligence co-operation with Saudi Arabia and other Arab countries was crucial to disrupting terrorist activity.

Sheikh Abdullah said the Gulf countries also were hopeful about the results of negotiations aimed at resolving the stand-off over Iran's nuclear programme.

Some believe Iran is aiming to develop a nuclear weapon but the Islamic Republic maintains its programme is peaceful.

Representatives of the five permanent members of the UN Security Council plus Germany are expected to meet with Iran this month.

"We are all looking forward that the meeting between the five plus one and Iran would have a solid outcome and a positive one," Sheikh Abdullah said. "So let's wait until the next meeting that's supposed to take place between the parties, and we are hopeful."

One of the topics on the GCC agenda is the Common Gulf Market, an agreement for which was signed in 2008 that ensures all Gulf citizens are treated as equals economically in all GCC states.

This would allow them to seek work or medical treatment, for instance, in any of the GCC countries, but the plan has not yet been realised.

"This is one of the issues that have become urgent and necessary," Sheikh Abdullah said. "We have to exert more effort together to remove some of the remaining holes."

Delegates discussed the Palestinian peace process and Iran's occupation of the UAE's islands of Abu Musa, Greater Tunb and Lesser Tunb, and the GCC is expected to issue a renewed call inviting Iran to resolve the issue through direct negotiations or the International Court of Justice.

Also under discussion at the meeting was the use of peaceful nuclear power in the Gulf countries.

"The region around us is passing through sensitive and complicated political circumstances and in this reality we have to protect ourselves … through consultation and interaction, and co-ordination in positions," Sheikh Abdullah said.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

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.”

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
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  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
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