One part of a twin-pronged UN effort to push forward peace in Yemen failed to break the deadlock on Thursday as talks in Hodeidah broke off without any final agreement on how to redeploy rival forces as part of a stumbling ceasefire.
The head of the UN monitoring mission in Hodeidah, Major General Michael Lollesgaard, this week chaired discussions between government and Houthi representatives to try and preserve the limited truce, which has been undermined by numerous and persistent breaches by the rebels during the six weeks it has been in force.
A spokesman for UN Secretary General Antonio Guterres said plans were being made for more talks between the two sides as although “challenges remain, not least because of the complex nature of the current frontlines” in Hodeidah, a compromise had been agreed in principle. The details, which were not disclosed, would now go to government and Houthi leaders for approval.
The talks about the withdrawal of all forces from the city and its three Red Sea ports started on Monday on a ship docked in the inner harbour of Hodeidah port, reflecting the high level of distrust between the two sides, who agreed to the ceasefire at UN-brokered talks in Sweden in December.
Major General Lollesgaard chairs the joint Redeployment Coordination Committee which was later established to ensure the ceasefire is fully implemented. Repeated promises to do so have not materialised, raising fears of an escalation in the conflict. The agreed ceasefire applies only to Hodeidah.
“To help overcome these issues, the RCC chair tabled a proposal that proved acceptable, in principle, to both parties to move forward on the implementation of the Hodeidah agreement,” the UN spokesman told reporters in New York on Thursday, confirming that this week's talks had ended.
“A preliminary compromise was agreed, pending further consultation by the parties with their respective leaders. The RCC chair expects to reconvene the RCC within the next week, with the aim of finalising details for redeployments.”
There is, however, deep scepticism about whether the ceasefire will come into full effect.
On Thursday the UN's humanitarian aid chief, Mark Lowcock, said the Houthis were still refusing to grant access to the Red Sea Mills in Hodeidah, which hold tens of thousands of tonnes of grain which is urgently needed to feed millions of starving people.
“Access to the mills grows ever more urgent as time passes and the risk of spoilage to the remaining grain increases,” Mr Lowcock said in a statement.
Last week, the Arab-led coalition that backs Yemen's government sent a letter to the UN Security Council that outlined hundreds of incidents where the rebels had breached the ceasefire.
The plan for talks on the ship to save the ceasefire was announced hours later.
“The negotiations came to an end because the Houthis are refusing to withdraw their forces from Hodeidah and the ports,” a Yemeni government official told The National on Thursday.
Meanwhile, negotiations on implementing a prisoner exchange that was also agreed in Sweden entered their third and final day on Thursday with no reports of any progress.
UN Special Envoy to Yemen Martin Griffiths had said he expected the two sides to agree upon a final list of prisoners to be released as a measure to build confidence between the internationally recognised government and the Iran-backed rebels.
During the opening session of the talks in Jordan on Monday, Mr Griffiths highlighted the importance of the swap deal to making progress on ending the four-year war.
An agreement would see the release of about 15,000 prisoners in total, but government officials question the rebels' commitment to the deal.
"The Houthis have suggested that only a partial amount of prisoners will be released – this was not part of the agreement," an official taking part in the talks told The National.
The government insists that all of the names it presented to the rebels be released immediately.
"We are ready to release all of the individuals proposed by the rebels, just as was agreed in Sweden," the official added.
The exchange is to be managed by the International Committee of the Red Cross, which says it could take weeks to complete.
The two sides swapped lists of detainees they want freed at talks in Amman last month, but mistrust has prevented them from finalising the list of names.
The government claims the rebels are not serious in wanting to conclude the deal and are deliberately hiding information about the fate of those detained in Houthi prisons.
The only prisoner exchange to take place so far was at the end of January, when the Houthis released a captured Saudi soldier and Riyadh released seven Houthi prisoners.
For weeks the government has been calling on the international community to pressure the Houthis to abide by the Sweden agreements.
“Yet they do not want peace and have been trying to sabotage the efforts made in Stockholm,” the official said.
The Sweden talks raised hopes of reaching a political solution to Yemen's war, which has left millions of people on the brink of starvation and dependent on aid to survive. The commitments made by both sides included opening up humanitarian corridors for all parts of the country to receive relief shipments, most of which arrive through Hodeidah.
UFC%20in%20Abu%20Dhabi
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The%20specs
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
The Cockroach
(Vintage)
Ian McEwan
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.
6pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: Qader, Adrie de Vries, Jean de Roualle
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 (T) 1,600m, Winner: Mujeeb, Fabrice Veron, Eric Lemartinel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,600m, Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly
8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan
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.”
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888