The leader of an Iran-backed militia in Iraq has declared support for Houthi rebels in Yemen, strengthening Tehran's influence in the region.
The declaration came as an offensive on the rebel-held port city of Hodeidah has been put on hold by the Saudi-led Arab Coalition, which includes the UAE, to give the United Nations a chance to broker a peaceful resolution.
Abu Walaa Al Walai, leader of the Katab Sayyed Al Shuhada, said his forces were ready to fight beside the Houthis and were awaiting orders from the leader of the Iran-backed rebels, Abdul Malik Al Houthi.
The brigades are a part of the Iraqi paramilitary forces known as the Popular Mobilisation Units that include the Badr Organisation and Katab Hezbollah as well as several others that were largely armed, funded and trained by Iran's Islamic Revolution Guard Corps to fight against ISIS in Iraq.
“I am a soldier standing at the signal of Abdul Malik Al Houthi. I say to you, sir, that I am at your disposal,” Mr Al Walai said in a video posted on Twitter.
The powerful Iranian proxy group was formed in 2013 to fight in Syria. Its offer to fight alongside the Houthis came days after the Arab Coalition supporting Yemen's legitimate government reported that eight members of Lebanon's Hezbollah, another Iran-backed force, were killed in the country's north.
Tehran says it supports the Houthis politically but denies arming the rebels, despite investigations by the United States and United Nations showing that weapons and missiles used by the rebels originated in Iran.
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Read more:
Yemen forces make significant advances in Saada province
Newly-deployed UAE-trained Yemeni forces key to Hodeidah victory
Houthis cut off internet to 80 per cent of Yemen
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The port of Hodeidah is the entry point for most of Yemen's aid and commercial goods, but the coalition says it is also being used by the Houthis to smuggle in weapons provided by Iran.
A senior IRGC officer boasted last month that Iran's regional policies and the use of proxy forces from Lebanon to Yemen had allowed it to push the battlefield away from the country’s borders.
“We have pushed back in the enemy’s field to control the vast geographic areas and move the battlefields away” from Iran, Brig Gen Hossein Salami said.
Although Iran had once lacked the power to project militarily and despite a “massive war with global ranks” waged against it, the Iranian government was able to build up its power, Brig Gen Salami said in remarks reported by the Iranian Students' News Agency.
“From Lebanon and Syria to Iraq and Yemen, with all that poverty you can still see the rise of a power called the Islamic Resistance,” he said.
Meanwhile, Yemeni government forces made significant advances against the rebels in the eastern province of Saada, taking full control of key mountains in the Kataf directorate, according to a military source quoted by the state-run Saudi Press Agency.
The coalition struck more than eight Houthi targets, including a troop convoy on its way to Saada.
The UN's Special Envoy to Yemen, Martin Griffiths, has been attempting to restart peace talks between the rebels and government and avert a battle for Hodeidah.
The Yemeni government has called for the rebels to make an "unconditional withdrawal" from the city. The Houthis have refused to hand over the city but recently offered to submit the port to UN control as part of a ceasefire in the city.
Mr Griffiths is expected to hold another meeting with President Abdrabu Mansur Hadi on Monday.
The war in Yemen was triggered when the Houthis seized the capital, Sanaa, in September 2014 and later advanced south, taking large areas of the country.
The coalition intervened in the war in March 2015 at the request of Mr Hadi to help re-establish government control across the south.
Saudi Arabia and the UAE are involved in extensive aid efforts for Yemeni civilians, with an Emirati ship taking food supplies to the eastern province of Hadramawt docking at Mukalla port on Sunday.
DUBAI%20BLING%3A%20EPISODE%201
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Josip Llicic 3' (P), 43' (P), 71', 82'
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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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.