Houthi rebels fired two missiles at a government-controlled village in Hodeidah on Friday in the latest of repeated violations of a UN-brokered ceasefire in the province, the pro-government forces said.
The attack came hours before the Security Council was to discuss a resolution to authorise UN ceasefire monitors in Hodeidah.
The missiles were fired at Al Nakheela village in the Duraiyhmi district near the port city of Hodeidah but fell short of their target without causing any casualties, the deputy provincial governor Waleed Al Qudaimi told The National.
Mr Al Qudaimi said the Houthis had been trying to provoke government forces into retaliating so that they could accuse them of breaking the ceasefire that went into effect on Tuesday.
On Thursday, several members of the government forces were killed and 16 others were injured in Houthi attacks in the province, according to military sources.
"The Houthi militia pounded sites controlled the Amalikah First Brigade in the mills area east of Hodeidah city with artillery and mortars at noon, killing two soldiers and injuring 10," a military source said.
"The Houthi militia also attacked military sites controlled by the Amalikah Second Brigade in Kilo 16 area east of the city using Katyusha rockets, killing two soldiers and wounding four others," the source said.
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Col Wathah Al Dubaish, an Amalikah Brigades spokesman, said they had formed a special team to log the Houthi ceasefire violations.
"Eighty-nine violations committed by the Houthi militia against our forces and civilians over all the battlefronts in Hodeidah," he told The National on Thursday. "Such violations are monitored and documented precisely."
Colonel Al Dubaish said government forces had not responded to the Houthi attacks and remained committed to the ceasefire, but their patience was about to run out. "Then we will never halt if the UN and the special envoy keep silent about the Houthi violations."
According to Fuad Ali, a member of the Amalikah media centre, the rebels also attacked sites controlled by the Amalikah 12th brigade in Tuhaiyta district on Wednesday night but were repelled after a four-hour battle.
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Tomorrow 2021
Towering concerns
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
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
MATCH INFO
Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
The Meg
Director: Jon Turteltaub
Starring: Jason Statham, Bingbing Li, Rainn Wilson
Two stars
ENGLAND SQUAD
For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.
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A list of the animal rescue organisations in the UAE
Looking for a new family pet? Here are the links to visit when it comes to adopting...
Arabian Saluki Center of Dubai (Ascod)
Emirates Animal Welfare Society
Rescue Animals in Need United Arab Emirates
Sniff - Strays Needing Interim of Furever Friends
PARA UAE - Protection of Animal Rights Association
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Fixture and table
UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City
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UAE Premiership – final standings
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