Pro-government Yemeni forces in Abyan have been conducting sweeps to rid the southern province of Al Qaeda. AFP.
Pro-government Yemeni forces in Abyan have been conducting sweeps to rid the southern province of Al Qaeda. AFP.
Pro-government Yemeni forces in Abyan have been conducting sweeps to rid the southern province of Al Qaeda. AFP.
Pro-government Yemeni forces in Abyan have been conducting sweeps to rid the southern province of Al Qaeda. AFP.

UAE-backed fighters in Yemen seize large Al Qaeda base


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The UAE-backed Security Belt Forces have taken control of a large Al Qaeda training base and staging post in Yemen's Abyan governorate, an official has told The National.

“Troops from our forces backed by Arab coalition Apache [helicopters] stormed the key outpost of Al Qaeda in the Aumaran valley in Moudiya, eastern Abyan, following fierce confrontations with the extremists, who have been using the rugged terrain as a base for training and as a depot to hide their weapons," the official said.

Storming the Al Qaeda stronghold “came after fierce clashes with the extremists”, who had taken up positions in well-fortified trenches in the surrounding hills, he added.

The same official said the Security Belt Forces were supported by air strikes carried out by the coalition, which killed “dozens” of Al Qaeda fighters and destroyed a number of weapon caches.

A senior commander taking part in the battle survived a Saturday morning rocket attack by Al Qaeda that targeted his vehicle, although two of his soldiers were injured.

The military campaign to remove Al Qaeda from Aumaran valley was launched on Friday night. The terror group are said to have used the area as a training base and to hide its fighters. It is geographically linked to the governorates of Bayda and Shabwa, where Al Qaeda previously had a province.

Abyan, in Yemen’s south, has gained a reputation as a stronghold for Al Qaeda in the Arabian peninsula. The extremists threatened to take full control in 2011 but were pushed back by Yemeni government fighters.

The Security Belt Forces have driven Al Qaeda fighters out of Hadramawt, large patches of Shabwa and about 90 per cent of Abyan.

Meanwhile on Sunday clashes erupted south of Hodeidah between the Houthis and fighters affiliated with the Resistance of Tehama, Colonel Mamoon Al Mahjami, a spokesman for Giant Brigades told The National.

The Houthis used mortars to attack Al Duraihimi, an area controlled by the Resistence of Tehama affiliated fighters, who retaliated, killing two Houthi fighters.

Col. Al Mahjami said the Houthi group still holds ground inside Hodeidah, including the ports. This, he added, violates the ceasefire agreement the warring parties signed in Sweden in December. It was "ink on paper for the Houthis," said Col. Al Mahjami. “The Houthis will keep playing their dirty game as usual."

“Our reliable sources inside the city confirmed that the Houthis transferred dozens of their fighters last week from Al Mahweet province as well as Raimah province in northern Yemen and stationed them inside mosques inside the city,” Col Al Mahjami said.

UN special envoy Martin Griffiths on Tuesday told the Security Council there would be a withdrawal this week of all forces from the ports and “critical parts of the city associated with humanitarian facilities”.

The imminent evacuation of military personnel and militia fighters from the war-scarred city is set to coincide with the announcement on Sunday by the UK to step up humanitarian support in Yemen.

A press release issued by the British Department for International Development (DFID) said new aid worth £200 million (Dh958 ml) in food, water and sanitation would reach millions in need, bringing the total that the UK has committed to £770 million.

“Yemen is suffering the world’s worst humanitarian crisis. Millions of people edge ever closer to famine every day that the conflict continues. Today’s UK aid package will feed millions of Yemenis who face constant uncertainty over when they will next eat," said Minister for the Middle East, Alistair Burt.

“But aid is not enough. We are also doing all we can to support the UN-led peace process. The only way to end this crisis and the suffering of the Yemeni people is for both parties to agree a political settlement.”

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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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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What is Bitcoin?

Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.

The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers. 

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching