Locals purchase vegetables at a market in the old part of Yemen's southwestern city of Taez on May 13, 2015. Abdel Rahman Abdallah/AFP Photo
Locals purchase vegetables at a market in the old part of Yemen's southwestern city of Taez on May 13, 2015. Abdel Rahman Abdallah/AFP Photo

Sanaa wedding symbolises hope in Yemen on first day of ceasefire



SANAA // A new wave of optimism was seen in Sanaa on Wednesday as aid agencies began delivering help to desperate Yemenis across the country.
It came after a five-day ceasefire took effect at midnight on Tuesday, bringing to a pause nearly seven weeks of fighting between Houthi rebels and forces loyal to the exiled government, backed by Saudi-led air strikes.
In central Sanaa, around 150 people gathered in the Al Mafrj wedding hall for the marriage of 32-year-old Tarek Al Zarqah and his new wife, Najwa Al Baghdadi.
After weeks filled with grief and fear, the wedding was a happy occasion for those attending - made even happier by the absence of gunfire and explosions.
"I am here to celebrate with my dear friend this memorable occasion, and we hope the ceasefire lasts to be able to buy goods and basic needs and to get ready for the next stage of the war," said Abdulsalam Al Ansi, a civil engineer and friend of Mr Al Zarqah.
The groom, meanwhile, said he was grateful that his wedding could take place in relative peace.
Despite the smiles, however, the wedding was a sombre affair by pre-war Yemeni standards. Weeks of fighting has led to power and fuel shortages across the country, and many of Mr Al Zarqah's friends and relatives from other parts of the country were unable to attend.
Elsewhere in Sanaa, the previously ghostly streets were crowded for the first time in more than a month. People were laughing and speaking animatedly.
Ghumdan Al Sabahi, a telecommunication engineering student, said the halt in fighting had given residents freedom - albeit temporary.
"Personally, my house was terribly damaged by the air strikes and I was stuck in home," he said. "Today I finally could go to see doctors and get some treatment."
A tour operator in Sanaa's Old City said: "I think today is a holy day, Allah is with us."
This optimism had begun to fade slightly by Wednesday evening, however, when the sounds of explosions and gunfire returned to the city.
The ceasefire was also showing signs of faltering in other parts of the country. Just hours after the truce took effect, a Saudi defence ministry official said rockets were fired from Houthi rebel's stronghold in the north, hitting the border areas of Jazan and Najran inside the kingdom.
However, the official said Saudi forces had "practised self-restraint as part of their commitment to the humanitarian truce" and that there had been no casualties.
The attack came despite a promise by the Iran-backed Houthi rebels and their allies, supporters of the former president Ali Abdullah Saleh, to abide by the ceasefire. Riyadh has warned it will punish any attempt to exploit the truce.
More than 1,500 people have been killed since mid-March in the air campaign and fighting between rebel forces and supporters of exiled president Abdrabu Mansur Hadi, according to the United Nations.
The Houthis have taken control of large parts of Yemen including Sanaa and were advancing on Mr Hadi's southern stronghold of Aden when Riyadh launched the air campaign on March 26.
The weeks since the start of the air war have seen repeated warnings of a dire humanitarian crisis, with shortages of food, water, fuel and medical aid.
UN agencies and private aid groups had been preparing to boost their efforts since the ceasefire was announced last week and on Wednesday began taking steps.
A ship chartered by the United Nations World Food Programme (WFP), which arrived in Yemen last week, began distributing much-needed fuel to areas across the country, an industry official in the port city of Hodeidah said.
News of the deliveries prompted motorists to start queuing at petrol stations in Sanaa, residents said.
The head of Doctors Without Borders (MSF) in Yemen, Marie-Elisabeth Ingres, said her group was also hoping to "take advantage of the truce that seems to be holding".
A plane carrying medical aid and MSF personnel was expected to arrive in Yemen later on Wednesday, she said, with a second aircraft set to follow on Thursday.
But the five-day truce is "not sufficient given the needs of the population", Ms Ingres said, insisting on the need for "permanent access" to all regions affected by the conflict.
* Additional reporting from Agence France-Presse

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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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The lowdown

Rating: 4/5

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

UAE currency: the story behind the money in your pockets
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5