Saudi ambassador to Yemen Mohammed Said Al Jaber arrives in Aden to oversee an fuel aid from Saudi Arabia. All photos AFP

Saudi ambassador to Yemen oversees fuel aid delivery to Aden



The Saudi ambassador to Yemen visited the southern port city of Aden on Monday to oversee the Kingdom's first shipment of a promised $60 million monthly fuel aid delivery.

Flanked by bodyguards and with military helicopters circling overhead, Mohammed Said Al Jaber toured the port where tankers were to deliver the fuel, before addressing local media at a press conference.

He described Monday’s delivery as an extension of ongoing Saudi aid to Yemen. Saudi Arabia can’t wait for Iranian-backed Houthi militias to accept a political settlement before commencing with development projects, he said, describing aid and development as a "priority for all Yemenis".

“The Saudi development and reconstruction programme for Yemen is a real example of the extent to which Saudi Arabia is serious about assisting Yemen to build a better future,” he told reporters.

In August, as rising living costs prompted protests in Aden, Ambassador Al Jaber announced that Saudi Arabia would start providing monthly petroleum products to the value of $60 million in order to fuel power stations and boost the riyal.

The stimulus package would “greatly contribute to improving the economic situation in Yemen and boost the Yemeni Riyal’s exchange rate against foreign currencies to improve the standard of living," he said at the time.

Saudi Arabia, along with the UAE, has intervened in the civil war at the request of Yemen's internationally recognised government, which is currently headquartered in Aden.

They have also provided significant aid to the country, which aid organisations continue to warn is on the brink of famine.

Earlier this month, the UN’s humanitarian chief Mark Lowcock told the Security Council that 14 million people – half of Yemen’s population – needed aid to survive.

“There is a clear and present danger of an imminent and great big famine engulfing Yemen," he said. This famine would be “much bigger than anything any professional in this field has seen during their working lives."

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Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

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

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.”

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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