Ahmed bin Mubarak, Yemen's ambassador to the US since 2015, speaks at the conclusion of Yemen's National Dialogue Conference in Sanaa on January 24, 2014, months before the capital was overrun by Houthi rebels. EPA
Ahmed bin Mubarak, Yemen's ambassador to the US since 2015, speaks at the conclusion of Yemen's National Dialogue Conference in Sanaa on January 24, 2014, months before the capital was overrun by Houthi rebels. EPA
Ahmed bin Mubarak, Yemen's ambassador to the US since 2015, speaks at the conclusion of Yemen's National Dialogue Conference in Sanaa on January 24, 2014, months before the capital was overrun by Houthi rebels. EPA
Ahmed bin Mubarak, Yemen's ambassador to the US since 2015, speaks at the conclusion of Yemen's National Dialogue Conference in Sanaa on January 24, 2014, months before the capital was overrun by Hout

Yemen's ambassador to US urges talks with Houthi rebels to end civil war


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Yemen’s government wants to resume direct peace talks with Iranian-backed Houthi rebels to end a brutal five-year conflict, but getting the insurgents back to the negotiating table will require both military pressure and international diplomacy, the nation’s US envoy said.

“We want peace and want to end this war,” Ambassador Ahmed Bin Mubarak said. “Ending the war for us doesn’t mean just stopping the air strikes. The Houthis, when they ensure there is no military pressure on them, will never come to the table.”

The ambassador's comments in an interview to Bloomberg came as Yemen’s conflict risks escalating even further after five years of fighting that’s created what the United Nations has called the world’s worst humanitarian disaster. A UN-commissioned report in April said the conflict, including side effects such as disease, will have killed about 233,000 people by the end of last month. That is about 0.8 per cent of the country’s population.

The UN envoy to Yemen, Martin Griffiths, arrived in the rebel-held capital Sanaa on Thursday in a bid to stop an escalation in clashes between the rebels and government forces in Nihm district, north-east of the city. He called on the parties involved to take all necessary measures to de-escalate clashes that have reportedly killed dozens.

An attack on a military base in Marib killed more than 100 government soldiers earlier this month. The government blamed the Houthis, who denied they were behind the strikes by missiles and drones.

Government soldiers and other people inspect the site of a Houthi missile attack on a military camp’s mosque in Marib, Yemen January 20, 2020. REUTERS/Ali Owidha
Government soldiers and other people inspect the site of a Houthi missile attack on a military camp’s mosque in Marib, Yemen January 20, 2020. REUTERS/Ali Owidha

A Saudi-led coalition intervened in the conflict in March 2015, months after the rebels seized Sanaa, in an effort to roll back gains being made by the Iranian-backed Houthi rebels. The rebels were sweeping south through and threatening to seize control of the country from the government of President Abdrabu Mansur Hadi.

Halting the Houthi advance would have been impossible otherwise, said Mr Mubarak . “Without Saudi support and air strikes, the Houthis and Iran would control the entire of Yemen,” he said.

The coalition forced the Houthis out of much of the territory in the south and east but failed to push the rebels from Sanaa, territory along the Saudi border and the Red Sea city of Hodeidah.

Mr Mubarak said Yemeni officials did not want the war to morph into an even broader international conflict. “We hope that we will keep the international voices unified on Yemen,” he said. “Let’s let them fight in Syria, Libya, but let them put all their efforts together and make some success in Yemen.”

While the US provides military support to Saudi Arabia and has targeted extremist militants fighting for Al Qaeda and ISIS in Yemen, it has avoided getting dragged directly into the conflict on the side of Saudi-led coalition and the Yemeni government. It has helped the government by imposing crippling sanctions on Iran, Mr Mubarak said.

The pressure will “have an impact on the Yemeni situation” by limiting Iran’s ability to fund the Houthis, Mr Mubarak said. “The administration is sending the right messages, strong messages, which we do appreciate. We think this is very helpful.”

Efforts to end the country’s conflict have been complicated by tension between the internationally recognised government and separatists in the south.

The UAE told the Yemeni government in June that it planned to unwind its military role in the country by the end of last year. Mr Mubarak said the Saudis sent troops into the south as the UAE forces left and “put all their weight” on this situation.

“Weakening the legitimate government in Yemen, and its institutions, will prolong the conflict,” he said.

The war has allowed a resurgence by Al Qaeda and ISIS in the security vacuum in some areas of the country. It is also causing splits along sectarian lines that did not exist in Yemen before the war, one being abetted by Houthi religious indoctrination of Yemeni youth, Mr Mubarak said.

“This is what concerns me more than the destruction of the infrastructure or the war,” he said. “What concerns me more is the social fabric of Yemen. The cracks – this is something that will stay for decades.”

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Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

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In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

MATCH INFO

Rugby World Cup (all times UAE)

Third-place play-off: New Zealand v Wales, Friday, 1pm

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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

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Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

The biog

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Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

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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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Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.