GENEVA // Yemen’s exiled government is willing to discuss a limited ceasefire with the Houthis if the Iran-backed rebels meet certain conditions, foreign minister Reyad Yassin Abdulla said on Monday.
Mr Abdulla, part of President Abdrabu Mansur Hadi’s government in exile in Riyadh, said: “If they start complying with the UN resolution, release prisoners they are holding – more than 6,000, including the defence ministers and others, if they withdraw from Aden and Taez and other cities and stop killing innocent people, then you can discuss.”
A delegation of Yemen’s Houthi rebels was due to arrive in Geneva on Tuesday morning after their UN-chartered plane was delayed Djibouti. The rebels blamed Egypt, a member of the Saudi-led coalition that has been targeting them with airstrikes since March, for the delay.
Houthi leader Zeifullah Al Shami said Egypt refused to allow their plane to land at Cairo airport. However, the plane was able to take off for Geneva after Oman intervened diplomatically, he said.
Cairo denied the charge. The head of Egypt’s civil aviation authority, Mahmoud Zanaty, said Egypt had not received a request for the plane to land at any of its airports or pass through its airspace.
UN spokesman Stephane Dujarric said the plane left Djibouti at 1610 GMT and was due to arrive in Geneva early on Tuesday morning.
The delegation, which also includes loyalists of former president Ali Abdullah Saleh, a Houthi ally, and representatives of other political groups, had left Sanaa on Sunday.
The delay meant the Houthis missed a meeting with the UN secretary general Ban Ki-moon, who was to return to New York in Monday.
Before he left, the UN chief called for a halt to the fighting in Yemen at the beginning of Ramadan, which starts later this week.
Mr Ban, who met some of the delegations taking part in the talks, said he had “emphasised the importance of having another humanitarian pause, at least two weeks”.
“I’m urging them that, particularly during this Ramadan – which is a period for peace for people, and praying for peace – they must stop,” he said.
Such a pause will not be enough in itself to get aid to all needy Yemenis “given the obstacles to access and the scale of destruction”, Mr Ban said. He called for the warring factions to go further, agree on local ceasefires and withdraw fighters from cities.
A previous five-day pause was violated repeatedly, and aid groups said it was hardly sufficient to reach millions in the Arab world’s poorest country.
Yemen’s conflict pits the Houthis – who seized the capital, Sanaa, last year – and military units loyal to Mr Saleh against an array of forces, including southern separatists, local and tribal militias, extremist militants and loyalists of Mr Hadi.
The Saudi-led coalition began launching airstrikes against the Houthis and their allies on March 26, shortly after Mr Hadi fled a rebel advance on the south. Riyadh views the Houthis as a proxy of Shiite Iran, which supports the rebels but has denied arming them.
The talks in Geneva are expected to last two or three days. The UN has said they will start off as proximity talks – in which mediators meet separately with the various factions – with the hope of eventually getting everyone to sit around the same table.
“The parties have a responsibility to end the fighting and begin a real process of peace and reconciliation,” Mr Ban said, arguing that “the region simply cannot sustain another open wound like Syria and Libya”.
Inside the country, however, there were few signs of the violence abating, with airstrikes continuing in the capital and several other cities, including the southern port of Aden, central Taez, and the Houthi stronghold Saada.
The Houthis said they consolidated control of Al Jawf province bordering Saudi Arabia and planned to move forces to the frontier.
Mr Al Shami said the move followed heavy fighting with tribes and forces loyal to Mr Hadi, especially in the provincial capital, Hazm, leaving dozens of civilians dead.
Houthi-run television showed dozens of bodies lying in the streets of Hazm, while doctors and witnesses backed up reports of the deaths.
Security officials said the Saudi-led air campaign has been targeting the city since the Houthis took it over a day earlier, with airstrikes again picking up on Monday morning.
They said ground fighting with heavy weapons raged on in several other areas of Yemen, including Marib province, killing at least a dozen civilians.
Meanwhile in the eastern city of Mukalla, the officials said Al Qaeda’s local affiliate and its allies stormed the historic Rawdah mosque, detaining young people who had been singing and chanting against the extremist group, which seized the city earlier this year.
* Reuters and Associated Press
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.”
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Our Time Has Come
Alyssa Ayres, Oxford University Press
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
