US President Joe Biden delivers a foreign policy address as Vice President Kamala Harris and Secretary of State Antony Blinken listen during a visit to the State Department in Washington, February 4, 2021. REUTERS
US President Joe Biden delivers a foreign policy address as Vice President Kamala Harris and Secretary of State Antony Blinken listen during a visit to the State Department in Washington, February 4, 2021. REUTERS
US President Joe Biden delivers a foreign policy address as Vice President Kamala Harris and Secretary of State Antony Blinken listen during a visit to the State Department in Washington, February 4, 2021. REUTERS
US President Joe Biden delivers a foreign policy address as Vice President Kamala Harris and Secretary of State Antony Blinken listen during a visit to the State Department in Washington, February 4,

Yemen takes centre stage as Biden’s Middle East priority


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President Joe Biden used his first major foreign policy address in office to fulfil his campaign pledge to end US support for the Saudi-led coalition fighting the Iran-backed Houthi rebels in Yemen.

Mr Biden's announcement on Thursday that the US would end all support for the coalition's operation is a stark turnaround in Washington's stance on the six-year civil war.

He was vice president when the Obama administration agreed to back the Saudi-led coalition’s campaign and bolster Yemen’s internationally recognised government against the Houthi rebels.

That support included logistical, intelligence, targeting and mid-air refuelling support for the Saudi-led campaign.

At the time, there was little opposition from Washington’s foreign policy establishment against US involvement in the war, and a vote to block arms sales to Saudi Arabia during the conflict failed by 71-27 in the Senate.

But under former president Donald Trump, opposition to US involvement in the war intensified, with anti-war advocacy groups lobbying Congress to force him to end US support for the conflict.

Several former Obama administration officials who first supported the coalition joined the anti-war advocacy efforts through a non-profit organisation called National Security Action.

National Security Adviser Jake Sullivan sat on National Security Action's advisory board before joining the Biden White House.

The lobbying was fruitful. Under the Trump administration, Congress passed bipartisan bills to end US involvement in the Yemen war and blocked an $8 billion arms sale to Saudi Arabia and the UAE.

Mr Trump ultimately vetoed all four bills, but his administration did end mid-air refuelling to the Saudi coalition in 2018 amid a growing congressional backlash.

However, the logistical, targeting and intelligence support remained in place throughout the rest of his presidency.

And while the Biden administration initiated a review of US relations with Saudi Arabia, including a temporary freeze on the Trump administration's last-minute arms sales to Riyadh, the president said that the US was committed to defending the kingdom against threats from Iran and its regional proxies.

“Saudi Arabia faces missile attacks, UAV strikes and other threats from Iranian-supplied forces in multiple countries,” Mr Biden said.

“We’re going to continue to help Saudi Arabia defend its sovereignty and its territorial integrity and its people.”

Saudi Arabia welcomed Mr Biden's "commitment to co-operate with the kingdom to defend its sovereignty and counter threats against it", in a statement released on the official Saudi Press Agency.

It also reiterated its commitment to finding a political solution to end the Yemen conflict.

Aside from Yemen, Mr Biden made no mention of other regional conflicts, such as that in Libya.

He also failed to touch on Iraq, Syria and Afghanistan, where US troops are stationed.

Mr Biden made no mention of the Arab-Israeli conflict, countering terrorism or the Iran nuclear deal.

This is in stark contrast to his predecessors. George W Bush made the war on Al Qaeda an early priority, as did Barack Obama on the Palestinian-Israeli conflict and Iran nuclear negotiations, and Mr Trump made early moves to counter Iran.

For the Biden administration, ending US offensive support in Yemen is a goal that has bipartisan backing in Congress and fulfils a campaign promise.

It is low-hanging fruit in comparison with the Syrian conflict, Iran nuclear negotiations or talks with the Taliban in Afghanistan.

The National  reported on Thursday that the administration is re-evaluating its Syria policy, although naming an envoy to the country, unlike Tim Lenderking's recent appointment as envoy to Yemen, will have to wait.

Mr Biden, without mentioning the Trump administration specifically, also tried to emphasise the sharp contrast with the previous approach to the Middle East.

He has not yet called any Middle East leader, including Israeli Prime Minister Benjamin Netanyahu.

While he pledged to continue work on the Abraham Accord, Mr Biden is not giving priority to Arab-Israeli negotiations.

Instead, the speech confirmed the US focus and swing to global priorities such as the rising influence of China, confronting Russia and mending ties with Nato allies.

At the same time, the speech did not signal US abandonment of traditional commitments in the Middle East.

Mr Biden did not announce partial withdrawals of troops from the region, sought by Mr Trump, and is instead suspending those to Germany and Afghanistan pending a review.

The speech offered a preliminary view of US priorities in the Middle East but ones that fit an American audience and remain in synch with Mr Biden’s domestic policies.

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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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

FROM%20THE%20ASHES
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The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

The years Ramadan fell in May

1987

1954

1921

1888

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

'Cheb%20Khaled'
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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

UAE Falcons

Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Envi%20Lodges%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3ESeptember%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Noelle%20Homsy%20and%20Chris%20Nader%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Hospitality%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%20to%2015%0D%3Cbr%3E%3Cstrong%3EStage%20of%20investment%3A%20%3C%2Fstrong%3ESeries%20A%3C%2Fp%3E%0A
The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million