The Joint Forces Command of the "Coalition to Support Legitimacy in Yemen" publishes a set of photos of the remains of Houthi drones, which the coalition announced intercepting and destroying yesterday. @SPAregions
The Joint Forces Command of the "Coalition to Support Legitimacy in Yemen" publishes a set of photos of the remains of Houthi drones, which the coalition announced intercepting and destroying yesterday. @SPAregions
The Joint Forces Command of the "Coalition to Support Legitimacy in Yemen" publishes a set of photos of the remains of Houthi drones, which the coalition announced intercepting and destroying yesterday. @SPAregions
The Joint Forces Command of the "Coalition to Support Legitimacy in Yemen" publishes a set of photos of the remains of Houthi drones, which the coalition announced intercepting and destroying yesterda

Senate defeats move to block Biden's arms sale to Saudi Arabia


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  • Arabic

The Senate on Tuesday failed to block President Joe Biden’s proposed $650 million arms sale to Saudi Arabia.

Several key senators who supported blocking other sales to Riyadh under former president Donald Trump threw their support behind the White House this time.

Senators voted 30-67 against a bipartisan resolution introduced by Republican Rand Paul to block the sale, which the Biden administration says will be used to replenish Saudi Arabia’s stock of medium-range, air-to-air missiles used to intercept Houthi drone attacks.

A Saudi-backed coalition has battling the Iran-backed rebels since 2015 after a request from the internationally recognised Yemeni government.

Mr Paul's failed efforts to stop the sale were joined by independent Senator Bernie Sanders, Republican Mike Lee and a handful of other Democrats.

Mr Biden halted the Trump administration's sale shortly after taking office when he vowed to end military support to the Saudi-led coalition fighting Yemen’s Iran-backed Houthi rebels.

But the Biden administration proposed a much smaller sale to replenish Saudi missile stocks, classifying it as defensive, which convinced two key senators to support the transaction despite them leading efforts to block weapons for Riyadh under Mr Trump.

“This looks to me like a traditional defensive sale and these weapons are used in part to shoot down drones that are launched into Saudi territory from Yemen,” Chris Murphy, the Democratic chairman of the Senate Middle East panel, told The National.

Iran has stepped up its supply of drones and missiles to the Houthis in recent years, allowing the rebels to launch attacks similar to those used by Tehran’s proxies in Iraq and Syria.

Mr Young, the top Republican on the Middle East panel, echoed Mr Murphy’s assessment despite joining Mr Murphy in the tussle over Mr Trump’s 2019 sale.

“The circumstances have changed considerably,” Mr Young told The National. “We’ve seen some in the Houthi movement who have aligned themselves with the Iranians terrorising Saudis and also threatening the lives and welfare of American troops and civilians in the country as well.”

The Biden administration in September also notified Congress of a separate $500m sale to maintain and service Saudi Arabia’s fleet of helicopters.

The helicopters have reportedly been used on the Saudi-Yemeni border where the Houthis have launched drone attacks into the kingdom.

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.”

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
Updated: December 08, 2021, 12:59 AM