Protests continued in Taiz yesterday as GCC powerbrokers again failed to get President Ali Abdullah Saleh to sign a deal.
Protests continued in Taiz yesterday as GCC powerbrokers again failed to get President Ali Abdullah Saleh to sign a deal.
Protests continued in Taiz yesterday as GCC powerbrokers again failed to get President Ali Abdullah Saleh to sign a deal.
Protests continued in Taiz yesterday as GCC powerbrokers again failed to get President Ali Abdullah Saleh to sign a deal.

GCC's deal to end Yemen troubles has failed after three days of discussions


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SANA'A // An attempt by the Gulf Co-operation Council at mediating a deal to resolve Yemen's political crisis has reached a dead end, a senior official said yesterday.

After three days of talks in Sana'a, Abdul Latif al Zayani, the GCC general secretary has not succeeded in convincing the Yemeni government and opposition to sign the GCC proposal and the Yemen crisis could take longer than expected to solve, the official said.

"Zayani is extremely disappointed with the negotiation tactics of Yemen's ruling party and opposition," said the official. "Both sides are not expected to sign for at least one month or two, and this keeps the Yemen fate unknown and dangerous."

A new GCC proposal is expected to be brought up very soon, they added, without providing details, but President Ali Abdullah Saleh is not yet convinced to leave office. "Saleh can't imagine himself living in Yemen and not being president of the country, he said.

The Qatari Shark Awsat newspaper quoted a senior GCC official as saying Mr Zayani's visit - his fifth - will be his final one if Mr Saleh continues to snub the proposal for him to resign.

Leaders of the main opposition Joint Meeting Parties (JMP) said that the GCC is losing confidence that a solution can be reached.

"They are trying very hard, but the dirty game of Yemeni politics is making them consider stepping aside," said Ahmed Bahri, head of the political arm of the opposition Haq party.

Mohammed Abulahoum, a former senior figure in the Saleh administration and now president of the opposition Justice and Building Bloc, met with Mr Zayani several times this week. Despite the lack of progress in the talks, he said the GCC will continue to pressure both sides to help prevent the country from sliding into a civil war.

"Zayani has been very sincere in dealing with the Yemen crisis," said Mr Abulahoum. "He wants to help the people of Yemen, but Yemenis must want to help themselves first."

The JMP opposition has refused to meet with the GCC general secretary until Mr Saleh signs the proposal. But, later yesterday, in one of Mr Zayani's unofficial meetings with the opposition officials, they expressed disappointment at the weak Gulf stance in exerting pressure on Mr Saleh to accept the deal. "Every time Saleh is not happy, the GCC change a little in the proposal. We know Saleh and his tricks and the GCC nations are only starting to understand him," said Mohammed Basendowah, the president of the opposition preparatory dialogue committee. "We will not be involved in the GCC proposal for now, and it's Zayani's job to convince Saleh to sign, not ours."

The GCC's transition plan was initially accepted by both the government and opposition. Under the deal, Mr Saleh would resign and hand power to his vice president within 30 days of signing. The deal offered Mr Saleh and his inner circle, including relatives who run branches of the security and military forces, immunity from prosecution.

The proposal began to unravel, however, when the president said he would only sign as a head of the party rather than as head of state. Last week, GCC member Qatar withdrew its support of the plan, blaming Mr Saleh for the impasse.

Dr Khaled Akwa, deputy minister of local administration in Mr Saleh's government, said there is a lack of trust in the president and concern that he is trying to buy more time to reorganise his political cards.

"Saleh's words are not credible and of no value. Even if he signs, everyone expects him to find an excuse to change his stance," he said. "He is preparing his family and close aides for the post-Saleh political era."

The youth movement largely credited for leading the anti-government protests for the past three months have called on the GCC nations to withdraw their proposal. "We will not give Saleh immunity. Qatar pulled out of the proposal, Kuwait is next, and soon the GCC proposal will have no power to it," said Salah Sundus, a youth leader in Sana'a. "We will decide the fate of Saleh, not the GCC."

In addition, Abdul Kareem Eryani, Mr Saleh's political adviser, told Mr Zayani that the problems in the south of Yemen with separatists and in the north with the Houthi rebels must also be given priority in the GCC proposal.

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The specs

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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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MATCH INFO

Bayern Munich 2 Borussia Monchengladbach 1
Bayern:
 Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)

Man of the Match: Breel Embolo (Borussia Monchengladbach)

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Hamilton profile

Age 32

Country United Kingdom

Grands Prix entered 198

Pole positions 67

Wins 57

Podiums 110

Points 2,423

World Championships 3

How it works

Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.

As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.

A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.

Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.

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RESULTS

2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m 

Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer) 

3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m 

Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar 

3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m 

Winner Tahdeed, Fernando Jara, Nicholas Bachalard 

4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m 

Winner Shanty Star, Richard Mullen, Rashed Bouresly 

4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m 

Winner Autumn Pride, Bernardo Pinheiro, Helal Al Alawi 

5.25pm Al Tayer Motor – Handicap (TB) Dh95,000  T) 1,000m 

Winner Dahawi, Antonio Fresu, Musabah Al Muhairi 

6pm Jaguar F-Pace SVR – Handicap (TB) Dh87,500 (D) 1,600m 

Winner Scabbard, Sam Hitchcock, Doug Watson  

The stats: 2017 Jaguar XJ

Price, base / as tested Dh326,700 / Dh342,700

Engine 3.0L V6

Transmission Eight-speed automatic

Power 340hp @ 6,000pm

Torque 450Nm @ 3,500rpm

Fuel economy, combined 9.1L / 100km

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
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Race card

6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m

7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m

7.40pm: Handicap (TB) $135,000 (T) 2,000m

8.15pm: Handicap (TB) $135,000 (D) 1,600m

8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m

9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m

10pm: Handicap (TB) $135,000 (T) 2,000m

10.35pm: Handicap (TB) $175,000 (T) 1,400m

The National selections

6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath