The Arab coalition pounded military targets belonging to Iran-backed rebels in Yemen on Saturday, a day after Saudi Arabia intercepted five drones launched by the Houthis at airports in the kingdom’s south.
Friday’s attack represents the second strike launched at a Saudi airport after a Houthi missile hit Abha airport on Wednesday, wounding 26 civilians. Friday’s attack was targeting Abha airport for a second time as well as the nearby city of Khamis Mushait, which houses an important airbase.
The uptick in attacks came as tensions in the region escalated after tankers in the Gulf of Oman were set ablaze in attacks. Four other tankers were attacked off the UAE’s Fujairah coast in last month. The incidents have ratcheted up concerns in the oil and shipping industries, forcing tanker insurance costs up by at least 10 per cent and the pushing the price of Brent Crude above $60.
The Yemeni rebels, who seized much of the country including the capital of Sanaa in 2015, have warned that coalition airports were valid targets.
On Saturday, jets struck a number of rebel targets, including air defence systems, the Arab coalition backing the internationally recognised government of President Abdrabu Mansur Hadi said.
Abha airport is busy during the summer months as Saudis holiday in the mountainous south to get away from the summer heat in Riyadh and Jeddah.
During a media tour of the airport on Thursday, Saudi authorities said they had closed a part of the arrival lounge after the missile tore a hole in the roof and disrupted flights for several hours.
The area was covered in bamboo scaffolding and littered with concrete debris and shards of broken glass.
Two passengers, including an Indian national, who suffered injuries recalled pandemonium and screams after a loud explosion triggered a blaze, leaving the lounge covered in smoke.
Human Rights Watch denounced the strike as an apparent "war crime".
"The Houthis should immediately stop all attacks on civilian infrastructure in Saudi Arabia," said HRW's deputy Middle East director Michael Page.
A Saudi civil aviation official said authorities were still investigating rebel claims that they fired a cruise missile at the airport.
If confirmed that would represent a major leap in the rebels' military capability, experts say.
The official also confirmed that it had not been intercepted by the kingdom's Patriot anti-missile batteries.
The coalition has provided numerous documents that show the rapid increase in rocket skill and technology used by Houthis that they say is evidence that Iran – which has its own sophisticated ballistic missile technology – has been arming the rebels. Tehran denies that it provides missiles to the rebels.
The coalition intervened in support of the Yemeni government in 2015 when President Hadi fled into Saudi exile as the rebels closed in on his last remaining territory in and around second city Aden.
Since then, the conflict has killed tens of thousands of people, many of them civilians, relief agencies say.
It has triggered what the UN describes as the world's worst humanitarian crisis, with more than 24 million Yemenis – more than two-thirds of the population – in need of aid.
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
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.”
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
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