ADEN // Fierce fighting erupted on Wednesday in Taez city where Houthi rebels attempted to seize more territory ahead of a Yemeni truce planned for next week.
The fighting in Taez came as Saudi Arabia said that two people had been killed in a Saudi town by shelling from northern Yemen, undermining recent promises from the rebels to halt fighting in border areas.
The Iran-backed Houthis have sent reinforcements to Taez from Hodeida province as they attempt to break a deadlock in the city. Taez has suffered some of the worst fighting in the conflict.
Resistance forces loyal to the internationally recognised government, supported by air strikes from the Saudi-led coalition, clashed with the Houthis in districts across the city as they tried to hold their position.
Nabil Al Adimi, a leader with the popular resistance, told The National that they confronted attacks by the Houthis in the Air Defence Camp and Al Zonoog area north of the city. There were also clashes in Gabal Habashi district, 30 kilometres from the city.
“The Houthis are still trying to advance in more areas in the province before the peace talks,” the commander added.
He said more than 10 coalition airstrikes had targeted the Houthis to try and stop them from gaining territory.
A number of resistance fighters had been killed, he added, but would not say how many.
Meanwhile, the Houthis continued to hit residential areas of Taez, with 10 civilians injured since Tuesday.
Shells from northern Yemen also killed two people in a Saudi town, the Saudi civil defence agency said, in a rare breach of a calm in the border area agreed with Iran-backed rebels early last month.
“Shelling from Yemeni territory on Samtah left two people dead and wounded a child,” the agency said on Twitter late on Tuesday.
Saudi foreign minister Adel Al Jubeir said on Monday that a rebel delegation was holding talks in Riyadh, ahead of a planned UN-brokered truce on April 11 which is to be followed by peace negotiations in Kuwait on April 18.
The Saudi-led coalition of mostly Arab states announced on March 9 that after negotiations though tribal mediators, it had agreed to an exchange of prisoners and a “state of calm” along the Saudi-Yemeni border to enable the delivery of desperately needed aid.
Dozens of people have been killed on the Saudi side of the border since the coalition launched its intervention in March last year after the rebels and their allies overran much of the country.
In Yemen, around 6,300 people have been killed since march.
* With additional reporting from Agence France-Presse
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Torque: 623Nm
Transmission: 10-speed automatic
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May 18 and 19, semi-finals
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
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Fuel consumption: 9.1L/100km
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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.”
COMPANY PROFILE
Company name: Blah
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Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
