A photo distributed by the Houthi Military Media Unit shows the launch by Houthi forces of a ballistic missile aimed at Saudi Arabia on March 25, 2018. Reuters
A photo distributed by the Houthi Military Media Unit shows the launch by Houthi forces of a ballistic missile aimed at Saudi Arabia on March 25, 2018. Reuters

Saudi Arabia shoots down Houthi missile from Yemen over Jazan

This is the second time this week the Houthi rebels target the southern city

The National

May 24, 2018

Saudi Arabia’s air defence shot down a ballistic missile fired by the Houthi rebels from Yemen’s Saada governorate towards the kingdom, the Arab coalition said on Thursday.

“At exactly 1.58am, the coalition noted a ballistic missile launched by the Houthi militia that belongs to Iran,” said coalition spokesman Turki Al Malki in a statement carried by the Saudi Press Agency (SPA).

“It was headed towards the city of Jazan and was fired with the intent to target civilian and populated areas.

“The Saudi air defence intercepted the missile and destroyed it, which resulted in debris falling on a residential neighbourhood, but no one was injured.”

This incident marks the second time this week that the Iran-backed Houthi rebels target the southern city of Jazan.

On Saturday, the Houthis fired two missiles towards Saudi Arabia’s city of Khamis Mushait. One was intercepted, and the other landed in the desert in an uninhabited area, said the coalition.

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Earlier this month, Saudi Arabia shot down four missiles in two separate incidents. Two were headed towards the southern city of Najran and two were headed towards the capital Riyadh.

A Saudi-led coalition, which includes the UAE, intervened in the Yemen war in March 2015 to fight the rebels at the request of the internationally-recognised  government of Yemeni President Abdrabu Mansur Hadi.

The Houthis have repeatedly fired missiles at Saudi Arabia, which the United States and UN experts say are of Iranian origin, a claim Tehran denies.

The United States on Monday targeted five Iranians with sanctions over providing the rebels with ballistic missile expertise in Yemen.

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Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

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  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE%20
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Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

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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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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.

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Company profile

Name: Tharb

Started: December 2016

Founder: Eisa Alsubousi

Based: Abu Dhabi

Sector: Luxury leather goods

Initial investment: Dh150,000 from personal savings

 

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