Yemen's President Abdrabu Mansur Hadi has announced a new cabinet featuring 24 ministers that represent various political factions.
The formation of the new government, which will be again led by Prime Minister Maeen Abdulmalik, is part a power-sharing agreement brokered by Saudi Arabia between the current Yemen government and the Southern Transitional Council, which was signed in Riyadh in November last year.
The new technocrat government is divided between South Yemen and North Yemen with 12 ministers from each region.
Defence Minister Mohammed Al Maqdishi and Finance Minister Salem Saleh Bin Braik retained their posts in the new government. Ahmed Awad Bin Mubarak, Yemen’s ambassador to the US, was named foreign minister in place of Mohammed Abdullah Al Hadrami.
The STC holds five ministerial portfolios in the new government, including the Ministry of Fishery and Agriculture, the Ministry of Transportation, the Ministry of Civil Service and Insurance, the Ministry of Social Affairs and Labour and the Ministry of Public Works and Highways.
UN special envoy for Yemen Martin Griffiths welcomed the reshuffle as “a pivotal step towards a lasting political resolution to the conflict in Yemen”.
The government formation follows the redeployment of government and STC fighters, overseen by Saudi Arabia, from Aden and the southern coastal province of Abyan. Clashes between the two sides broke out in August last year, prompting the Saudi Arabia intervention to resolve differences.
The Kingdom leads a coalition supporting the Yemeni government against Iran-backed Houthi rebels who seized the capital, Sanaa, in late 2014 and control much of northern Yemen. The government and STC are allies against the rebels, but the rift between them derailed the war effort.
Mr Abdulmalik told state-owned Saba News that the move will allow the government to consolidate its position.
The STC also welcomed the formation of the new cabinet.
“We wish all success for the newly formed government and hope it carries out its duties, particularly saving the local currency, which is an immediate task,” an STC official in Aden told The National on Friday.
The new cabinet will convene in Aden in the coming days.
The newly formed government includes five pro-STC ministers.
Abdulnaser Al Wali, 61, an Orthopaedic surgeon and professor assistant in Aden university, has been appointed a minister for Civil Service and insurance, while Brig Salem Al Socotri, 50, a military figure from Socotra was appointed as Minister for Fishery and Agriculture.
Brig Al Socotri previously worked as a governor for Socotra province between 2016 and 2017.
Dr Mohammed Al Zaawari, 50, from Al Sabbaiyha in Lahj province, was appointed as Minister for Social Affairs and Labour.
Dr Al Zaawari was previously an active leader in the Southern Movement Al Hirak Al Janoubi.
Dr AbdulSalam Homaid, 60, who has been the general manager of Yemen’s petroleum company, a deputy in the Ministry of Oil and Minerals and chief of the economic department, has been appointed as Minister for Transport.
Manea Binyamin, 36, a young engineer from Hadramawt, was appointed as a minister of the public Works and Highways.
He was previously director of the Hadramawt electricity authority.
No women were included in the new government, a move that was controversial with some.
“I am not optimistic about this government at all,” said Hend Omairan, a Southern Human Rights defender, adding that such ignorance means that the civil state the government claims to be aiming for “remains a matter of slogans”.
“This government doesn’t represent the Yemeni people. It represents the political factions,” said Akdar Mukhtar, a female lawyer from Aden.
Company%20profile
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The five pillars of Islam
UAE currency: the story behind the money in your pockets
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
