Hans Grundberg addresses a UN Security Council meeting on Yemen. AFP
Hans Grundberg addresses a UN Security Council meeting on Yemen. AFP
Hans Grundberg addresses a UN Security Council meeting on Yemen. AFP
Hans Grundberg addresses a UN Security Council meeting on Yemen. AFP

Yemen truce talks remain 'inconclusive' due to lack of trust, says UN envoy


Adla Massoud
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The UN special envoy for Yemen said on Tuesday the renewal of the truce between the internationally recognised Yemeni government and the Houthi rebels remained “inconclusive” due to a lack of trust.

Hans Grundberg, who was briefing the UN Security Council on Yemen during a closed-door meeting, said the “overall challenge of reluctance by parties to agree on an actual settlement of the conflict” was hindering chances for peace.

“The Houthis impose preconditions; the government of Yemen faces the challenge of defining its priorities,” he said.

The UN envoy warned that the possibility of a “new conflict remains real”.

Since the breakdown in negotiations, UN officials have been talking to the warring sides as well as international stakeholders to try to end the violence and enact a formal ceasefire.

It is important, Mr Grundberg said, to frame the renewal of the truce as the starting point to a comprehensive settlement of the conflict, as it could help build confidence.

Compromise will be needed from all to move forward, as the country remains in a “precarious state of uncertainty”, he added.

On Monday, the EU called on the Iran-backed Houthis to abandon what it called their “extremist positions” and engage constructively with UN efforts to resolve the crisis.

In a statement, the EU reaffirmed “its principled commitment to the unity, sovereignty, independence and territorial integrity of Yemen, and its full support to the UN peace efforts and … Hans Grundberg in his mediation efforts”.

The bloc urged the Houthis to abandon “maximalist” positions and engage constructively in talks.

Mr Grundberg shared his concerns over the Houthis' “continued threat” to international shipping and warned of lasting repercussions that could lead to a deterioration of the local economic situation.

The Houthis have hindered the Yemeni government's ability to export oil, a vital revenue source, by launching drone attacks on terminals in the south to deter tankers from loading crude.

Yemen's pro-government forces mark 56th anniversary of revolution — in pictures

  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib. All photos by AFP
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib. All photos by AFP
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
  • Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.
    Fighters loyal to Yemen's Saudi-backed government take part in a military parade marking the 56th anniversary of the 1962 revolution that established the Yemeni republic, in the country's northeastern province of Marib.

The group has defended its actions, saying it was preventing the “theft” of Yemen's oil wealth.

Mr Grundberg noted the future of the country should be decided not only by the parties but by a diverse range of Yemeni stakeholders.

To that end, he said: “I am in close contact and grateful for co-operation with Saudi Arabia and Oman.

“We have a real and rare opportunity to finally resolve the conflict. We have a collective responsibility to remind the parties to seize the opportunity and to not escalate.”

Yemen's devastating civil war began in 2014, when the Iranian-backed Houthis seized the capital Sanaa and much of northern Yemen. A Saudi-led coalition intervened at the request of the government.

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.”

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
if you go

The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.

The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.

 

 

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

THREE
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Our Time Has Come
Alyssa Ayres, Oxford University Press

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Results

Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

Updated: December 13, 2022, 10:09 PM