Gargash: UAE-Saudi partnership a 'strategic necessity' in Yemen


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The Arab Coalition to support Yemen is a “strategic necessity in light of the surrounding challenges”, Dr Anwar Gargash, UAE Minister of State for Foreign Affairs, said on Sunday.

"As a result of our strategic relationship with Saudi Arabia, it is the one deciding whether to continue our role in supporting stability in Yemen within the Arab Coalition or not," Dr Gargash tweeted.

"Our engagement with Riyadh is ontological and more comprehensive, especially in the surrounding difficult circumstances and in light of our firm conviction of Riyadh's pivotal and leading role."

The UAE has backed the UN efforts to calm the situation in southern Yemen after clashes between government forces and the secessionist Southern Transitional Council.

“We must not forget the important part my country has played in the liberation of Aden and most of the country occupied by the Houthi rebellion," Saud Al Shamsi, the UAE's deputy permanent representative and charge d'affaires to the UN, told the Security Council last week.

"The UAE has prevented the terrorist parties from taking advantage of the security vacuum during this critical and difficult phase of Yemen's life, and the UAE has managed to play a great part in reconstructing the liberated areas.”

The UAE and Saudi leaders attended a meeting in early August in Makkah to discuss the situation.

Saudi King Salman and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, urged all parties to "prioritise dialogue and reason in the interest of Yemen and its people".

Meanwhile, the Coalition shot down a drone launched by Yemen's Houthi rebels on Sunday morning towards Khamis Mushait in south-west Saudi Arabia.

"The coalition forces intercepted and downed a drone launched from the city of Sanaa in the direction of Khamis Mushait's residential neighbourhoods," coalition spokesman Col Turki Al Malki told the official Saudi Press Agency.

The Houthis' Al Masirah TV channel reported that the rebels had launched at the control towers of Khamis Mushait airbase and Abha civilian airport, also in the south-west of the kingdom.

The Iran-backed rebels, who seized the Yemeni capital Sanaa in 2014, have increased drone and missile attacks on Saudi Arabia in recent months.

While most of the attacks were intercepted, some have caused deaths and injuries, including two strikes on Abha airport in June and July.

The escalation undermines UN attempts to put into effect a ceasefire in the port city of Hodeidah, the main entry point for desperately needed food and aid for millions of Yemenis affected by the war.

The truce brokered in Sweden last December is seen as a first step towards a political resolution to the conflict, in which the Saudi-led coalition is supporting the internationally recognised government.

The escalation in violence threatens the UN-sponsored deal for a ceasefire and troop withdrawal from Hodeidah.

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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

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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.”

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Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)

Man of the match Harry Kane

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