SANAA // Tens of thousands protested in Sanaa, Taiz and other cities, demanding the outgoing president, Ali Abdullah Saleh, be prosecuted for the killings of more than 1,100 people, including three yesterday, since the uprising against him began a year ago.
On Saturday, an aide to Mr Saleh said the president had reversed a decision to leave the country for medical treatment while the new government was taking shape.
In November, Mr Saleh agreed to step down after 33 years in power in exchange for immunity from prosecution for him and his inner circle.
"It is not possible in any way, shape or form to allow the collapse of state establishments and institutions that have been built over the last 49 years," Mr Saleh had said about the strikes and protests sweeping state institutions demanding the dismissal of officials on corruption charges.
Yesterday, a Yemeni opposition leader said Mr Saleh's change of mind about leaving the country was indicative of his "slippery tactics" and bid to retain power.
"His end should be behind the bars at the International Criminal Court," said Mohammed Al Sabri, a leader in the Joint Meeting Parties, an opposition coalition.
Sami Hadi, a protester in Sanaa, echoed those sentiments. "We are demanding that this mass killer should not be allowed to escape the country. We want justice for our colleagues who were killed by the family troops," he said yesterday.
Ahmed Al Zurkah, an analyst and freelance writer, said Mr Saleh's flip-flop on leaving the country was about maintaining influence.
"This is a part of his strategy based on slippery tactics. It has something to do with his worries that he might be trapped if he goes to the US not as a president," said Mr Al Zurkah. "Saleh's people at the state agencies have been alarmed by the current strikes and uprisings that will push them out."
Other critics have said that Mr Saleh has been using his influence over the army and security forces, in which his relatives maintain power, and loyalists in his political party to undermine the vice president, Abdurabu Mansur Hadi, who is taking over from him ahead of presidential elections next month in which Mr Hadi will be the only candidate.
Under the terms of the transition agreement, Mr Saleh handed over all his authority to Mr Hadi and committed to step down formally once parliament granted him immunity from prosecution.
But Sultan Al Barakani, the assistant secretary of the ruling General Peoples Congress, said yesterday that his party would not take part in the presidential vote as long as "provoking acts" continue.
Tribal chief Sheik Mohammed Al Shayef, who is also a leading member of the People's Congress Party, told the Associated Press that Mr Saleh had decided to remain in the country because of the unrest, which he blamed on the opposition.
"Dangerous developments have led to this decision" to stay, Mr Al Shayef said. "It is in the interest of Yemen that Saleh remains in here."
Mr Hadi met for the second time with the unity governmen yesterday.
"The international community is constantly following up what we are doing here in Yemen ... There is no option but to succeed and overcome the challenges," he said.
malqadhi@thenational.ae
* With additional reporting by the Associated Press
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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.”
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
Mohammed bin Zayed Majlis
