Helicopter rescue from UAE mission in Yemen



SANA'A // Six senior ambassadors and the secretary-general of the Gulf Co-operation Council were rescued by helicopter from the UAE Embassy in Sana'a yesterday after it was besieged by armed supporters of the Yemeni president Ali Abdullah Saleh.

Men armed with machineguns, pistols and knives surrounded the embassy as a 4pm deadline passed for Mr Saleh to sign a GCC-brokered peace deal.

The GCC secretary-general Abdullatif bin Rashid al Zayani was inside with leading envoys including the ambassadors of Britain, the European Union and the United States.

The UAE Minister of Foreign Affairs, Sheikh Abdullah bin Zayed, called his Yemeni counterpart Abu Bakr al Kurbi urging him to "take swift measures to secure" the embassy and those inside.

Yemeni government helicopters arrived shortly afterwards and airlifted the diplomats to the presidential palace. No one was injured.

The drama took place as Mr Saleh once again refused to sign the peace agreement, and set new conditions for the handover of power. The president, who has been in office since 1978, insisted that opposition leaders who have already signed the deal do so again in the presidential palace.

Mr al Zayani returned to Riyadh last night for a crisis meeting of GCC foreign ministers amid expectations that the organisation's mediation will be withdrawn.

"This is not the Yemeni way of hospitality. It's a shame that President Saleh forced his followers to surround guests and diplomats," said Ahmed Bahri, a senior official with the opposition Joint Meeting Parties (JMP).

"He is putting their lives in danger by having gunmen surround them. We did everything we were told to do by Zayani. We agreed to the proposal not because we are weak but to avoid bloodshed in Yemen." Mr Bahri said he expected the GCC to come out with a strong statement to condemn Mr Saleh's actions.

A ruling party statement said Mr Saleh objected to signing the deal "behind closed doors" and wanted a public event attended by the opposition, which signed the deal on Saturday in the presence of Mr Zayani.

"Zayani thanked us for signing the proposal and putting Yemen's interests above our own," said Hasan Zaid, a JMP official.

The deal calls for Mr Saleh to step down within 30 days after signing the proposal and transfer power to his vice president. It also would give him and his inner circle immunity from prosecution.

"I will sign only if the opposition comes to sign in the palace," Mr Saleh said in a televised address yesterday.

He has backed away from signing the deal at least twice before.

"It was very difficult for us to accept signing the GCC proposal and now Saleh wants us to sign again. We will never sign it at the palace," said Hasan Zaid, the general secretary of the Haq party and one of the five opposition leaders who have signed the GCC proposal.

Saleh Shareef, an armed tribesman who was among the protesters at the embassy, said: "These ambassadors are trying to force Saleh to step down while he is Yemen's legal president. We will risk our lives for Saleh."

Abdullah Abdul Kareem, who lives near the UAE Embassy, said he told his children to move away from the windows of the house when he saw dozens of men with guns.

"I was scared to even look out of the window. They were armed and we were scared that the supporters might attack the embassy and the houses near by," he said.

Earlier Mr Zayani's vehicle was attacked by armed pro-Saleh supporters. The motorcade had rocks thrown at it while driving away.

Mr Zayani said the GCC wanted the best for Yemen and should not be treated in this way by the Yemeni people. The Chinese ambassador's convoy also came under attack by armed men, and dozens of pro-Saleh loyalists gathered in front of the police academy, where the ruling party general assembly had convened to discuss the deal.

"We are coming under pressure, to reject the initiative," said Mohammed Saad, a general assembly member.

The Organising Committee for the Yemeni Revolution announced that it will escalate protests this week to ensure the GCC proposal fails.

According to the committee, by next month Mr Saleh's forces will control only the area near the presidential palace because they will close down main roads and expand their protests.

More than 170 have been killed by pro-Saleh troops since protests began in January.

"We march peacefully with roses and flowers in our hands, and Saleh forces meet us with weapons and bullets. How can we forgive him?" said Sameer Wael, a youth protester.

"The blood of martyrs will not go in vain."

* With additional reporting by Agence France-Presse and Associated Press

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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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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

ESSENTIALS

The flights 
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. 
Where to stay 
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

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Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
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Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
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Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
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The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

Honeymoonish
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