A picture taken on February 24, 2018 shows Yemenis walking through a gateway into a market in the ancient city of Zabid, a UNESCO World Heritage Site currently on the list of World Heritage in danger, in the western Hodeidah province. (Photo by ABDO HYDER / AFP)
Yemenis walking through a gateway in the ancient city of Zabid, a UNESCO World Heritage Site. AFP

Houthis condemned for pillaging historic Yemeni library


The National

The Iran-backed Houthi rebels have been condemned for pillaging a library in the Unesco-listed heritage site of Zabid, one of the oldest towns in Yemen.

The Islamic Educational, Scientific and Cultural Organisation (IESCO) slammed the rebels for ransacking the library and taking historic artifacts, scientific books and manuscripts.

Zabid is in Hodeidah province, the site of the battle between the Arab Coalition and the rebels for control of the Red Sea port city vital for the delivery of humanitarian aid to the Yemeni population.

ISESCO director general Abdulaziz bin Othaman Al Twajairi said that the pillaging of such heritage was a criminal offence that was a betrayal of the Yemeni people and a violation of international agreements.

He called on the UN and its cultural agency Unesco to ensure that the rebels returned the items they had stolen from the library. He cited the Hague Convention for the Protection of Cultural Property in the Event of Armed Conflict that prevents the theft of such historic items.

_______________

Read more:

Dr Anwar Gargash calls out Houthis for undermining Yemen peace efforts

UN experts urge stricter checks on arms smuggling into Yemen

UN expands Hodeidah ceasefire monitoring mission

Senior Houthi official defects and flees to Aden

_______________

The Yemeni government has accused the rebels of trying to smuggle antiquities they have stolen in the civil war out the country and on to the black market in a bid to profit from the ancient items.

The town once served as the capital of Yemen centuries ago but the history preserved at its library is now at risk from the rebels who overran a series of Yemeni cities from 2014 onwards.

Unesco listed the town as a World Heritage site in 1993. It hosts the world’s fifth-oldest mosque.

Yemen has been embroiled in civil war for almost four years but a splurge of international diplomacy has seen the warring sides come closer to a resolution than at any time in the conflict.

Talks in Sweden late last year produced a ceasefire agreement that will see Hodeidah fall under the watch of international monitors. That deal is still to be implemented amid reports of Houthi violations.

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

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

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Company profile

Company name: Letswork
Started: 2018
Based: Dubai
Founders: Omar Almheiri, Hamza Khan
Sector: co-working spaces
Investment stage: $2.1 million in a seed round with investors including 500 Global, The Space, DTEC Ventures and other angel investors
Number of employees: about 20

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Poacher

Director: Richie Mehta

Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya

Rating: 3/5

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

The specs: 2018 Mercedes-Benz S 450

Price, base / as tested Dh525,000 / Dh559,000

Engine: 3.0L V6 biturbo

Transmission: Nine-speed automatic

Power: 369hp at 5,500rpm

Torque: 500Nm at 1,800rpm

Fuel economy, combined: 8.0L / 100km