An Al Qaeda logo on a street sign in the town of Jaar in Yemen’s southern Abyan province in 2012. Hani Mohammed / AP Photo / June 15, 2012
An Al Qaeda logo on a street sign in the town of Jaar in Yemen’s southern Abyan province in 2012. Hani Mohammed / AP Photo / June 15, 2012

US launches multiple strikes on Al Qaeda in Yemen



ADEN // At least four militants were killed in US air strikes on Al Qaeda in Yemen on Thursday, including in the same province where American forces carried out a ground raid against the extremists in late January.

The early morning strikes by US drones and warplanes targeted areas of Shabwa, Al Bayda and Abyan – all provinces where the extremists hold significant amounts of territory.

The Pentagon said the strikes against Al Qaeda in the Arabian Peninsula (Aqap), the extremist group’s Yemen branch, were carried out in “partnership” with the government of president Abdrabu Mansur Hadi.

The 20 precision strikes targeted militants, equipment and infrastructure, Pentagon spokesman Capt Jeff Davis said.

“The strikes will degrade the Aqap’ s ability to coordinate external terror attacks and limit their ability to use territory seized from the legitimate government of Yemen as a safe space for terror plotting,” Capt Davis said.

However, deaths were reported only from Shabwa, where US drones struck Al Qaeda targets in Al Saeed district, according to a journalist in the province.

Drones also unleashed strikes on an Al Qaeda mountain stronghold in the Shoqra district of Abyan.

"US drones targeted a mountain in Mogan area which is a stronghold of Al Qaeda members. Residents in Shoqra said they heard Explosions in the mountains," a journalist based in Abyan's Zinjubar district told The National.

Since only members of Al Qaeda and their supporters live in the area targeted, it is difficult to get more information on the strikes, the journalist said.

US drones also launched six strikes on Al Qaeda strongholds in Al Sowmaa district of Bayda, the province where US navy Seals carried out a raid in January. However, there were no casualties because the militants had left the district last month, according to reports from local journalists.

The strikes come barely a month after a controversial American commando raid against the extremists in which several civilians and a US commando were killed.

A US official said Tjursdya’s strikes had been planned months ago and were unrelated to the botched raid, which the White House has repeatedly claimed was a success that yielded crucial intelligence.

foreign.desk@thenational.ae

* With additional reporting from Agence France-Presse

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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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