SANAA // The skies were silent over Yemen’s rebel-held capital on Sunday, the second day of a 48-hour ceasefire, while there was calm on the streets of Taez city in the south-west.
But despite a rare respite in some parts of the country, exchanges elsewhere threatened to derail the truce, with the Houthis launching Katyusha rockets into Saudi Arabia and residents reporting Saudi-led air strikes in a Yemeni border province.
The Saudi-led coalition’s air defences also destroyed three ballistic missiles that were fired by the rebels at Marib province, east of Sanaa, a military official said.
Coalition spokesman Brigadier General Ahmed Al Assiri accused the Houthis of 180 violations in the first 10 hours of the ceasefire.
He said 150 breaches had taken place in Yemen, while 30 others took place along the northern border with Saudi Arabia, according to Al Jazeera news network.
The coalition, which has been fighting the Houthis and their allies to restore president Abdrabu Mansur Hadi to power, announced the truce on Saturday.
Just three days earlier, Mr Hadi’s government had rejected an announcement by US secretary of state John Kerry that the warring parties had agreed to an open-ended truce and to work toward the formation of a unity government.
Complaining that it was not consulted about the accord and that the agreement did not include demands for the Houthis to withdraw from territory, Mr Hadi’s government soon came under huge pressure to back down in the face of an international outcry over the mounting civilian death toll.
The Houthis, meanwhile, have cast doubt on the 48-hour truce, saying it was designed to undermine the agreement unveiled by Mr Kerry.
The ceasefire was taking hold in Sanaa on Sunday despite intermittent fighting reported in Nahm, near the capital, in the hours after the truce began at midday on Saturday.
Taez was also calm, according to a military official who only spoke of a “limited exchange of fire” after dozens were killed during battles in the city this week.
Relief agencies had been hoping that the ceasefire would enable aid to be delivered in areas that were previously inaccessible due to fighting.
Unicef said the ceasefire “offers new hope in a situation that is increasingly catastrophic for children”.
The conflict has killed well over 1,000 children and left millions more without access to basic care and at risk of imminent death, said Unicef executive director Anthony Lake.
“We urge all parties to the ceasefire to allow unhindered humanitarian access for the delivery of life-saving supplies and services to all children in need.”
The coalition said the 48-hour ceasefire could be extended if the rebels hold fire and allow aid into besieged loyalist enclaves.
The conflict began in 2014 when the Houthis and allied renegade troops took over Sanaa before advancing on large parts of the country.
* Agence France-Presse, Reuters
Company%20profile
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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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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.”
'Ashkal'
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F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
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