epa06805315 Yemeni forces backed by the Saudi-led coalition take position during an attack on the port city of Hodeidah, on the outskirts of Hodeidah, Yemen, 13 June 2018. According to reports, Yemeni government forces backed by the Saudi-led coalition launched a military offensive to regain control of the Red Sea port-city of Hodeidah acts as an entrance point for Houthi rebel supplies and humanitarian aid. EPA/NAJEEB ALMAHBOOBI
epa06805315 Yemeni forces backed by the Saudi-led coalition take position during an attack on the port city of Hodeidah, on the outskirts of Hodeidah, Yemen, 13 June 2018. According to reports, YemeniShow more

Yemen's Hadi rejects plan for Houthis to remain in Hodeidah port



Yemeni President Abdrabu Mansur Hadi has rejected an offer that would have placed the Red Sea port of Hodeidah under UN supervision and allowed the Iran-backed Houthi rebels to remain there, according to reports.

Martin Griffiths, the United Nations Special Envoy for Yemen, met Mr Hadi on Wednesday as he scrambled to avert an all-out assault on city and its port, the country’s second-largest.

In his first trip to the southern city of Aden, Mr Griffiths reportedly presented an offer to the Yemeni leader from the Houthi leadership to hand the port over to UN control. The offer would have allowed the rebel group to retain a physical presence at the port. The UN has not confirmed the offer.

But the Yemeni leader “completely rejected” the premise of an armed Houthi presence remaining in the port, according to Sky News Arabia.

Echoing a demand repeatedly made by the Arab Coalition, the Yemeni leader “insisted on the need for the Houthis to withdraw completely and without conditions from Hodeidah, or face a military solution,” a Yemeni government source told AFP on condition of anonymity.

A statement released by the Yemeni Ministry of Foreign Affairs after the meeting stressed that “the management and security of the port of Hodeidah cannot be realised without securing the city itself”.

Mr Griffiths said he appreciated Mr Hadi’s “constant efforts towards peace”. He highlighted upcoming meetings regarding the peace process to be held in Muscat and Sanaa.

The Houthis have controlled the western city of Hodeidah, and its port, since 2014, when they drove the Hadi government out of the capital and seized large swathes of northern Yemen. The port is the entry point for some 70 per cent of Yemen’s food.

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Read more

Houthis cut water and electricity to Hodeidah residents

UAE’s Gargash: Liberation of Yemen’s Hodeidah key to political solution

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On June 13, the UAE and its allies, including Saudi Arabia, launched a massive military operation – dubbed "Golden Victory" – to drive the rebels out of the Hodeidah port. A coalition led by Saudi Arabia and the UAE intervened in the civil war in 2015 at the request of Mr Hadi’s internationally recognised government.

UAE Minister of State for Foreign Affairs Dr Anwar Gargash said that the Houthis had been given plenty of opportunities to negotiate, but had continued to threaten civilians in Hodeidah.

“Houthis not treated like any other terrorist militia and have dialogue with UN and opportunity to negotiate political process. Yet in threatening civilians behave like any other terrorist organisation. International community must hold them to account,” he tweeted.

Dr Gargash added that Coalition-backed forces were attempting to ready the airport to receive humanitarian aid.

“We want #Hodeidah airport secure so we can begin humanitarian airlifts of food and medicine; Houthi snipers and machine guns, shooting from civilian areas, hold us back. Houthis planting sea mines, endangering aid delivery,” he said on Twitter.

Last week, Mr Griffiths, who only assumed the role of UN envoy to Yemen in March, visited Sanaa where he held talks with the Houthi leadership. On Tuesday, he met with EU foreign ministers in Luxembourg.

Aid organisations have warned of a humanitarian catastrophe if the flow of goods through the port is blocked. Coalition officials insist that recapturing the port will force the rebels to the negotiating table.

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

COMPANY%20PROFILE%20
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Bangladesh tour of Pakistan

January 24 – First T20, Lahore

January 25 – Second T20, Lahore

January 27 – Third T20, Lahore

February 7-11 – First Test, Rawalpindi

April 3 – One-off ODI, Karachi

April 5-9 – Second Test, Karachi

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Company%20Profile
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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.”

Civil%20War
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SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20flat-six%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E525hp%20(GT3)%2C%20500hp%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E465Nm%20(GT3)%2C%20450Nm%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh944%2C000%20(GT3)%2C%20Dh581%2C700%20(GT4)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Book%20Details
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The%20specs
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Race%20card
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Ramy%3A%20Season%203%2C%20Episode%201
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Company%20Profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

UAE currency: the story behind the money in your pockets