PYONGYANG // North Korea delivered a fresh round of rhetoric yesterday, claiming that it had "powerful striking means" on standby for a missile launch.
It fuelled speculation in Seoul and Washington that the country was preparing to test a medium-range missile during its upcoming national celebrations.
On the streets of Pyongyang, meanwhile, North Koreans celebrated the anniversary of the appointment of their leader, Kim Jong Un, to the country's top party post - one in a slew of titles collected a year ago in the months following the death of his father, Kim Jong Il.
In South Korean capital, Seoul, the country's unification minister, Ryoo Kihl-jae, urged Pyongyang to cool down, engage in dialogue and reverse its decision to suspend operations at a joint industrial park just north of their shared border.
"We strongly urge North Korea not to exacerbate the crisis on the Korean peninsula," he said.
The Committee for the Peaceful Reunification of the Fatherland, a nonmilitary agency that deals with relations with South Korea, said North Korea's "striking means" have been "put on standby for a launch and the co-ordinates of targets put into the warheads." It did not clarify further.
The statement was the latest in a torrent of warlike threats seen outside Pyongyang as an effort to raise fears and pressure Seoul and Washington into changing their policy on North Korea.
Officials in South Korea and the United States said Pyongyang appeared to be preparing to test-fire a medium-range missile designed to reach the US territory of Guam in the Pacific Ocean.
Such a launch would violate UN Security Council resolutions prohibiting North Korea from nuclear and ballistic missile activity, and mark a major escalation in Pyongyang's standoff with its neighbouring nations and the US.
North Korea already has been punished for launching a long-range rocket in December and conducting an underground nuclear test in February.
Analysts do not believe North Korea will stage an attack similar to the one that started the Korean War in 1950. But there are concerns that the animosity could spark a skirmish that might escalate into a serious conflict.
"North Korea has been, with its bellicose rhetoric, with its actions ... skating very close to a dangerous line," the US defence secretary, Chuck Hagel, said in Washington on Wednesday. "Their actions and their words have not helped defuse a combustible situation."
Foreign experts have dubbed the missile that officials believe Pyongyang is readying the "Musudan", named after the north-eastern village where North Korea has a launch pad.
It has a range of 3,500km and is designed to reach US military installations in Guam and Japan, experts said.
Bracing for a launch that officials said could take place at any time, Seoul has deployed three naval destroyers, an early-warning surveillance aircraft and a land-based radar system, a defence ministry official said in Seoul. Japan has deployed PAC-3 missile interceptors around Tokyo.
But officials in Seoul played down security fears, noting that no foreign government had evacuated its citizens from either Korean capital.
The US secretary of state John Kerry was due to arrive in Seoul today for talks with South Korean officials about the growing tensions.
"North Korea has continuously issued provocative threats and made efforts to raise tension on the Korean peninsula ... but the current situation is being managed safely and foreign governments have been calmly responding," the foreign ministry spokesman, Cho Tai-young, said yesterday.
In Pyongyang, meanwhile, there was no obvious sense of panic.
Across the city, workers were preparing the city for a series of April holidays.
North Korean students put on suits and traditional dresses to celebrate Kim Jong Un's appointment as first secretary of the Workers' Party a year ago.
A flower show and art performances were scheduled for the next few days in the lead-up to the nations' biggest holiday on April 15, marking the birthday of North Korea's founder, Kim Il Sung, the father of the country's second leader, Kim Jong Il, and grandfather of the current leader.
More on Quran memorisation:
PSG's line up
GK: Alphonse Areola (youth academy)
Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)
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Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
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Life lesson: A person is not old until regret takes the place of their dreams
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OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
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Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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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Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
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.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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