The Saudi-brokered peace agreement between the Yemeni government and the secessionist Southern Transitional Council will hold and lead to institutional reforms in the government, said Yemen’s Deputy Prime Minister, Salem Al Khanbashi.
In an interview with The National at his home in Mukalla, capital of the south-eastern province of Hadramawt, Mr Al Khanbashi said delays in applying some terms of the agreement and recent brief skirmishes in the south would not harm the pact.
“The Riyadh Agreement is a historical document that addresses major problems that have accumulated over the past 30 years," he said.
“The agreement is a road map for structural reforms in the state’s system. It will also bring together the southerners ahead of a comprehensive settlement in the country and against our common enemy, the Houthis.”
Mr Al Khanbashi signed the agreement on behalf of the government.
A senior member of the General People’s Congress, the party that has ruled Yemen for decades, he was appointed deputy prime minister by President Abdrabu Mansur Hadi in October last year.
Born in Hadramawt in 1952, Mr Al Khanbashi is an associate professor of philosophy at Hadramawt University and served as governor of the province.
The November 5 agreement restored the southern city of Aden to government control after it was seized by STC-allied forces in August and provided for the formation of a new government with equal representation for the council within 30 days.
Although Prime Minister Maeen Abdul Malik returned to Aden two weeks later with members of his Cabinet, formation of a new 24-member government and replacement of governors and security chiefs in southern provinces has not yet taken place.
Mr Al Khanbashi said that the deadlines set were ambitious.
“Let me admit that we pressured ourselves in terms of deadlines," he said. "I think deep-rooted social problems cannot be solved in one or two weeks.
"There will be objections here and there. But by the end of the day, the deal will be implemented. It is alive and renewable.”
Mr Al Khanbashi said Saudi-led negotiations were long and tough because the government and the STC at first refused to engage in direct talks.
“A Saudi committee made up of the Saudi ambassador to Yemen and other figures held almost 15 meetings with the government," he said.
"They listened to our ideas and suggestions and put them in three drafts. The final draft was approved by us and members of the Transitional Council."
Mr Al Khanbashi was full of praise for the STC’s role in battling the Houthi rebels.
“Some military formations loyal to the council are battling Houthis in Karesh, Dhalea and the western coast,” he said.
After more than four years of war, the Iran-backed rebels continue to hold Yemen's capital, Sanaa, and much of the north.
Supported by a Saudi-led military coalition, in which the UAE has played a leading role, the government has regained control of south.
Mr Al Khanbashi said Yemenis appreciated the UAE's quick response to the Mr Hadi's appeal for help when the Houthis forced his government to leave Sanaa for Aden in early 2015.
“In Aden, the first to provide military assistance to the popular resistance was the UAE," he said. "The UAE also militarily supported the west coast battlefield and Marib.
“The UAE Red Crescent has given out food baskets, treated injured people, renovated schools, police stations and Riyan airport and is offering assistance still now.”
Mr Al Khanbashi said the government efforts to defeat the Houthis were made more difficult by Iran supporting the rebels with arms and finances.
“The Iranians might not be in the picture but they are exploiting any loophole to smuggle arms into the country,” he said.
He said one of the government's priorities in the coming year will be depriving the Houthis of revenues from local telecoms companies.
“The Houthis collect billions of riyals from mobile companies annually," Mr Al Khanbashi said. "The government will be asking mobile companies to relocate offices to Aden."
It will also work to improve its finances by fighting corruption, increasing oil production, tightening control over border crossings and efficiently collecting taxes and customs.
“When we prepared the 2019 budget, we found out that contribution of taxes and customs in the budget was very modest," Mr Al Khanbashi said.
"There is huge corruption in this sector. The government will make sure all revenues from border crossings are deposited in the Central Bank."
The Central Organisation for Control and Auditing will be asked to monitor the performance of government agencies and report corruption.
"The Saudis also agreed to send a committee of financial experts to help us oversee implementation of the plans and collection of revenues,” Mr Al Khanbashi said.
He said that the rebels had stolen more than 750 billion riyals (Dh11bn) from the government’s account for pension payments at the central bank in Sanaa, and earned billions more by taxing businesses and merchants.
But they still refused to pay government employees in areas under their control.
“We pay all pensioners from Mahra to Saada," Mr Al Khanbashi said.
"We are committed to paying salaries of government bodies in Houthi-controlled areas, such as health, education, higher education and judiciary."
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
If%20you%20go
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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.”
HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
Bawaal%20
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
UAE currency: the story behind the money in your pockets
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
COMPANY%20PROFILE
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The%20specs
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The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
