Yemen opposition says power transition deal agreed with Saleh



The deal, which the opposition said would be signed later today, would ease Yemen's entrenched President Ali Abdullah Saleh out of power within a month after a nearly 33-year rule in the impoverished state.

The GCC states' exit plan that would see a government of national unity formed, President Saleh would transfer power to his vice president and there would be an end to protests. In exchange, Mr Saleh and his top aides would be granted immunity from prosecution.

At least 180 people have been killed in clashes during protests against Mr Saleh's regime that erupted in late January, according to a toll compiled from reports by activists and medics.

Opposition official Yahya Abu Usbua said: "After American, European and Gulf efforts, there was agreement by the president on the Gulf initiative after simple changes, and the signing will be today,".

Al Arabiya television quoted an adviser to the Yemeni president as confirming the signing would take place on Wednesday.

The United States and Saudi Arabia, both targets of foiled attacks from al Qaeda's Yemen wing, are keen to see an end to Yemen's political stalemate, fearing continued chaos could give the militant group more room to operate freely. Abdullatif al Zayani, the secretary general of the Gulf Cooperation Council, has been in the capital, Sana'a, since Saturday trying to revive the GCC-brokered deal that Qatar, one of its six members, backed out of citing stalling and "lack of wisdom".

Mr Saleh, a shrewd political survivor who has outlasted previous opponents' attempts to challenge his power, indicated in April he would sign the Gulf deal, but refused to put his name to it in the final hours.

He said at the time he would only sign in his capacity as ruling party leader, not as president.

The opposition, whose coalition includes Islamists and leftists, said that among the minor modifications in the deal were changes in who would sign and in what capacity for the opposition and for the government.

"The president will sign for the government in his capacity as president of the republic and as head of the ruling party," Mr Abu Usbua said.

Protesters, frustrated that three months of street protests have failed to dislodge Mr Saleh, want the 69-year-old leader out immediately and have said they will step up their campaign by marching on government buildings, a move that brought new bloodshed last week as security forces fired to stop them.

Protesters blocked the entrance of the Red Sea port of Hudaida, Yemen's second largest port, preventing traffic from entering or leaving, protesters said. The cities of Ibb, Taiz and Hadramout were brought to a standstill as most workers complied with a strike aimed at pressuring Saleh to leave.

* Reuters and AFP

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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.

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