A UN team will try to transport more than 51,000 tonnes of wheat stored in the Red Sea Mills after finally reaching the centre on Tuesday, but sources warned much of the supplies have already rotted.
The World Food Programme and other organisations had said that the wheat stored in the mills was in danger of rotting and gave priority to reaching the damaged supplies.
Officials said the mills could feed 3.7 million Yemenis a month in a country where 14 million are on the verge of famine.
The Houthis have made the mill inaccessible for at least six months, adding to fears that the wheat would be inedible.
Col Wathah Al Dubaish, a spokesman for the joint forces in Hodeidah, inspected the mills on Tuesday and said that a large amount of the wheat stored in the mills was rotten.
Col Al Duabish the mill had the smell of rot and the colour of the wheat had changed.
But Stephen Anderson, the programme's director in Yemen, said the grain could be "reconditioned".
“We finished our preliminary evaluation," Mr Anderson said. "It was the first time we visited.
"We are in the process of preparing a report to recommend further action. Some of the grain needs to be reconditioned and repairs are needed, such as cleaning the milling facilities."
The programme has called for sustained access and safe passage to the mills.
"The wheat is infested with weevils, which is something we anticipated," programme spokesman Herve Verhoosel said. "We need to fumigate the wheat. We didn’t see any evidence of water damage to the wheat, which is a good sign.
"The silos show evidence of damage from the fighting but there is no serious structural damage. There is one silo with WFP wheat, which shows evidence of serious fire damage, which is the silo that was hit in late January."
The generators appear to be in a good condition and more than 30,000 litres of diesel remains, he said.
With the lack of access to the mills, the programme has been relying on other wheat stocks and imports by sea and overland from Oman, Mr Verhoosel said.
During a UN donor conference for Yemen in Geneva this week, it was said that 80 per cent of the Yemeni population needs urgent humanitarian assistance.
Col Al Dubaish said the logistics of transporting wheat that is still usable could prove dangerous.
“The UN de-mining expert Stephen Hock, a member of the UN team visited the facility, was shocked when he saw the big amount of mines planted in and around it," he said.
"He said in all his work trips, he has never seen so many mines planted in such a horrible way."
But Mr Anderson said that the road leading to the mills was de-mined and accessible to the UN and the programme's team.
He said the road leading north, which is under Houthi control, could still be dangerous.
Hodeidah has been under the control of the rebels since shortly after the war broke out.
They have refused to adhere to a complete withdrawal from the city, as agreed to by the warring sides in December, and continue to attack areas within the city despite the UN presence.
“We found more than 3,000 landmines planted in and around the mills facility,” Col Al Dubaish said.
The team from the programme will work on supply routes from the mills to the rest of Yemen despite complications caused by clashes and faction-controlled checkpoints.
Col Al Dubaish said the team was forced to bunker down in the mills during the visit as Houthis began shelling sites controlled by the National Resistance around the mills.
The civil war continues to fragment the country, restricting the delivery of aid to many of the communities most in need of assistance.
Although the mills remained in the National Resistance's control, the Houthis, who control the roads leading north to Sanaa, have refused access to the UN.
More than 100,000 citizens have been stranded in Hajjah province, north of Hodeidah, amid clashes between tribesmen and the Houthis.
Families in other parts of the country are internally displaced and too detached to receive humanitarian aid.
Palestine and Israel - live updates
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
