Houthi fighters inspect the damage caused by airstrikes on the airport of Yemen's northwestern city of Saada, a Houthi stronghold near the Saudi border on March 30, 2015. Naiyf Rahma/Reuters
Houthi fighters inspect the damage caused by airstrikes on the airport of Yemen's northwestern city of Saada, a Houthi stronghold near the Saudi border on March 30, 2015. Naiyf Rahma/Reuters
Houthi fighters inspect the damage caused by airstrikes on the airport of Yemen's northwestern city of Saada, a Houthi stronghold near the Saudi border on March 30, 2015. Naiyf Rahma/Reuters
Houthi fighters inspect the damage caused by airstrikes on the airport of Yemen's northwestern city of Saada, a Houthi stronghold near the Saudi border on March 30, 2015. Naiyf Rahma/Reuters

Yemen’s Houthis renew offensive on Aden


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SANAA // Yemen’s Shiite rebels and forces loyal to the former president launched a fresh offensive on Monday against the city of Aden as King Salman said Saudi Arabia was open to a meeting of Yemeni political parties.

His call came as an attack on a displaced persons camp in a northern rebel stronghold killed 40 people. The rebels, known as Houthis, said the deaths came from an airstrike by the Saudi-led coalition. Yemen’s foreign minister however blamed Houthi artillery.

King Salman told a cabinet meeting that Saudi Arabia would be open to a meeting of all Yemeni political parties willing to preserve the country’s security and stability.

Such a meeting must be “under the umbrella of the Gulf Cooperation Council in the framework of preserving legitimacy”, King Salman said in a statement reported by the state news agency SPA.

The conditions for the talks would include returning weapons to state authorities and not threatening the security of Yemen’s neighbours, it added.

Despite five days of airstrikes against Houthi positions, the rebels continued their offensive on Aden yesterday, shelling it and battling local militias, but were pushed back by at least two airstrikes.

Aden was declared the provisional capital by President Abdrabu Mansur Hadi before he fled the country last week.

The Houthis overran the capital Sanaa in September. They are backed by Iran and allied with former president Ali Abdullah Saleh, who stepped down following a 2011 Arab Spring uprising but has maintained influence through loyalists in the security forces.

Yemeni security officials said the combined force of Houthis and Saleh loyalists is positioned about 30km east of Aden, near the southern city of Zinjibar. The rebels have used artillery to target pro-Hadi militias known as the Popular Committees. Battles were also underway near the airport.

Emboldened by the air strikes, the Popular Committees have largely held their ground in Aden province and still control most of the city.

Warships from the coalition joined the battle to save Aden, shelling a column of Houthi fighters as they tried to advance on the city of Aden on Monday, residents said.

They said the vessels were believed to be Egyptian warships that sailed last week through the Suez Canal toward the Gulf of Aden. Egypt is a member of the Saudi-led coalition that also includes the UAE and Kuwait. Yesterday, Pakistan’s defence minister said it had not yet decided whether to send troops to Saudi Arabia but “if Saudi Arabia as a state comes under threat we will surely protect it”.

The death toll in Aden since the air strikes began on Thursday has reached 86, with some 600 people wounded, according to Abdel-Nasser Al Wali, head of a local medical centre in the city.

Meanwhile in Sanaa, a series of air strikes shook the city overnight and early Monday morning. The strikes have targeted militants, jets, air defence systems and Scud missile launch pads that could threaten Saudi Arabia.

Later in the day, the officials said aircraft struck areas near the presidential palace in Sanaa.

There were differing accounts of the attack on the Al Mazrak camp in Hajja province in the north-west.

The International Organization for Migration said 45 internally displaced people were killed and 65 wounded. IOM spokesman Joel Millman said the organisation had 75 staff on hand assisting the victims.

However, witnesses told the Associated Press that the camp was used to house displaced people from a conflict that ended five years ago and is now occupied by Houthi forces and that most of those killed were fighters.

Earlier Doctors Without Borders said 15 dead bodies and 30 wounded were taken to a hospital where it operates near the Al Mazrak camp.

MSF’s Middle East programme manager Pablo Marco said 500 new families had arrived at the camp over the past two days.

Speaking in Riyadh, Yemen’s foreign minister Riyadh Yaseen denied the attack was linked to the Saudi-led military operations and said it came from “artillery strikes” by the Houthis.

The daily airstrikes have created a climate of anxiety and uncertainty in Sanaa. Schools are shuttered, residents are staying indoors, and hundreds have fled to the safety of nearby villages.

Leaders meeting in Egypt for a two-day Arab League summit unveiled plans on Sunday to form a joint Arab military intervention force – setting the stage for an escalation in the conflict.

So far the strikes have targeted eight out of Yemen’s 21 provinces. Since the air campaign began, the Houthis have arrested about 140 foreign nationals on suspicion that they are providing the Saudis with intelligence on the locations of army barracks, radars and air defence positions, according to the rebel-controlled interior ministry.

Meanwhile, nations have been rallying to evacuate their nationals from the country,

A Chinese naval flotilla, which had been carrying out antipiracy escort missions in the Gulf of Aden and Somali waters, was sent to Yemen on Sunday to evacuate Chinese nationals. More than 500 Chinese citizens have been evacuated over the past two days, China’s defence ministry said.

About 4,000 Indian nationals have been caught up in the conflict, more than half of them working as nurses. India’s foreign ministry said it was attempting to airlift nationals from Sanaa. Eighty Indians were flown out on Sunday to Djibouti and 400 were being evacuated by sea from Aden and would reach Djibouti on Tuesday.

Associated Press, Reuters and Agence France-Presse

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.”

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 currency: the story behind the money in your pockets
Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

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500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

U19 World Cup in South Africa

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE squad

Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

SANCTIONED
  • Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
  • Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB. 
  • Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.  
  • Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
  • Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.