President Abdrabu Mansur Hadi was present at the Yemeni parliament's first meeting last week since the civil war broke out in late 2014. AP
President Abdrabu Mansur Hadi was present at the Yemeni parliament's first meeting last week since the civil war broke out in late 2014. AP
President Abdrabu Mansur Hadi was present at the Yemeni parliament's first meeting last week since the civil war broke out in late 2014. AP
President Abdrabu Mansur Hadi was present at the Yemeni parliament's first meeting last week since the civil war broke out in late 2014. AP

Yemen parliament drafts law to label Houthis 'terrorists'


Mina Aldroubi
  • English
  • Arabic

Yemen’s parliament on Tuesday referred a draft bill to designate Houthi rebels as a “terrorist group” to a higher committee for revision.

Members of the Parliament loyal to President Abdrabu Mansur Hadi held their first session on Saturday for the first time in four years.

The session was held in the town of Sayoun in Hadramawt province because Houthi rebels control the capital Sanaa.

The session focused on the need to combat the Iran-backed rebels and ways to pursue a political resolution to the war, Yemeni officials.

The members said the rebels' actions in areas under their control, such as holding elections in the capital Sanaa, were baseless.

They also condemned repeated Houthi attacks on Saudi Arabia, which have included firing missiles at civilian areas.

“We call on the international community to take responsibility in supporting the legitimate government of Yemen and to compel the Houthis to implement the UN peace deal without any further delay,” the Parliament said.

A preliminary peace deal was reached in Sweden last December between the two sides leading to a ceasefire agreement and withdrawal of troops from the port city of Hodeidah.

But the agreement is yet to be fulfilled, with forces loyal to the Yemeni government accusing the Houthis of thousands of breaches, while fighting continues outside areas included in the ceasefire.

Disagreements have deepened between the two sides as to who would secure Hodeidah’s port when fighters from both sides withdrew.

The pact is intended to clear the way for wider political negotiations, with a transitional government supported by both sides, to end the war.

UN Special Envoy to Yemen Martin Griffiths said on Monday that the country's warring factions had finally agreed on terms for a withdrawal of troops from Hodeidah.

“I am happy to announce that both parties have now accepted the detailed redeployment plan for phase one,” Mr Griffiths told the UN Security Council.

But members of Yemen’s internationally recognised government remain sceptical of Mr Griffiths' announcement.

“The Houthis are not only obstructing the implementation of the Hodeidah deal but are also refusing to implement the agreement on the release of prisoners and detainees,” the Parliament said.

Yemen’s four-year war has created one of the world’s worst humanitarian crises. An estimated 10 million people are on the brink of famine, while more than 10,000 have been killed, the UN said.

Yemen’s Parliament consists of 301 members elected for a six-year term.

The election in 2009 was postponed by the then-president Ali Abdullah Saleh, who faced a boycott from a coalition of smaller parties after failing to negotiate a new body to oversee the vote.

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Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

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Investors: Series A - Audacia Capital 

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In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

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It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

UAE currency: the story behind the money in your pockets

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.”