Members of a UN delegation arrive with the Huthi rebel party from peace talks in Sweden at Sanaa airport. AFP
Members of a UN delegation arrive with the Huthi rebel party from peace talks in Sweden at Sanaa airport. AFP
Members of a UN delegation arrive with the Huthi rebel party from peace talks in Sweden at Sanaa airport. AFP
Members of a UN delegation arrive with the Huthi rebel party from peace talks in Sweden at Sanaa airport. AFP

Push for UN Security Council resolution on Yemen after Hodeidah ceasefire


  • English
  • Arabic

UN diplomats said on Friday that the focus for peace in Yemen must move quickly towards a new Security Council resolution to back up a tentative ceasefire in Hodeidah, where attacks from Houthi rebels overnight highlighted how hard implementing such a plan may be.

Members of the UN Security Council gathered at a behind-closed--doors meeting in New York to be briefed by Martin Griffiths, the special envoy to Yemen, who spoke via a video link from Amman.

Minutes earlier, reporters were told the Security Council would urgently seek to put together a plan that can put into effect the truce – which does not apply elsewhere in Yemen – struck at the conclusion of peace talks in Sweden on Thursday.

_______________

Read more:

Yemen’s warring parties close to Sanaa airport deal, sources say

Yemen government and Houthi rebels exchange lists ahead of planned prisoner swap

Beyond the Headlines podcast: Yemenis continue to suffer as warring sides negotiate

_______________

“We see a glimmer of hope,” said Karel van Osterom, the permanent representative of The Netherlands and a member of the Council.

“We have been pushing for progress but the situation on the ground is still one of utter desperation. We feel very strongly we need a resolution as soon as possible.”

Maintaining any ceasefire in Hodeidah likely means more UN involvement but Mr van Osterom said it was “too early” to say if that would involve a Blue Helmet force being deployed.

“Very soon we need to have... someone on the ground to do a recce,” he said, calling for the Security Council resolution to be put together early next week if possible “but certainly before Christmas”.

Mr Griffiths addressed the Council for 20 minutes. The UN's humanitarian aid and relief chief, Mark Lowcock, spoke to members immediately afterwards.

Thursday's ceasefire in Hodeidah was announced at the end of more than a week of talks between Yemen's government and the Houthis, the first face to face peace negotiations in more than three years of war.

Under the plan the UN said armed forces from both sides must withdraw within 21 days at the most. Hodeidah, a Red Sea port where much of the country's imports land, should instead come under control of local forces with the UN playing a role in port operations, according to a document seen at the end of the talks in Rimbo, Sweden. Humanitarian corridors are to be established and monitored by the UN.

However within hours of the talks ending in Rimbo, Houthis attacked a village in southern Hodeidah, forcing dozens of families to leave their homes.

Speaking in New York before Friday's Security Council meeting, Olof Skoog, Sweden's permanent representative to the United Nations, said the peace talks hosted by his country “can be a breakthrough but most important was the ceasefire in Hodeidah” and there was a need for UN monitoring there.

“Our efforts must be to the implementation,” he said. “The Council should now come together to support that agenda.”

The specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 849Nm

Range: 456km

Price: from Dh437,900 

On sale: now

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

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.”

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The Specs

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now

Disturbing%20facts%20and%20figures
%3Cp%3E%3Cstrong%3E51%25%3C%2Fstrong%3E%20of%20parents%20in%20the%20UAE%20feel%20like%20they%20are%20failing%20within%20the%20first%20year%20of%20parenthood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E57%25%20vs%2043%25%3C%2Fstrong%3E%20is%20the%20number%20of%20mothers%20versus%20the%20number%20of%20fathers%20who%20feel%20they%E2%80%99re%20failing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E28%25%3C%2Fstrong%3E%20of%20parents%20believe%20social%20media%20adds%20to%20the%20pressure%20they%20feel%20to%20be%20perfect%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E55%25%3C%2Fstrong%3E%20of%20parents%20cannot%20relate%20to%20parenting%20images%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E67%25%3C%2Fstrong%3E%20of%20parents%20wish%20there%20were%20more%20honest%20representations%20of%20parenting%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E53%25%3C%2Fstrong%3E%20of%20parents%20admit%20they%20put%20on%20a%20brave%20face%20rather%20than%20being%20honest%20due%20to%20fear%20of%20judgment%3C%2Fp%3E%0A%3Cp%3E%3Cspan%20style%3D%22font-size%3A%2014px%3B%22%3ESource%3A%20YouGov%3C%2Fspan%3E%3C%2Fp%3E%0A
Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

Company profile

Name: Oulo.com

Founder: Kamal Nazha

Based: Dubai

Founded: 2020

Number of employees: 5

Sector: Technology

Funding: $450,000