RIYADH // Talks aimed at pulling Yemen out of crisis are open to the Houthi militia which seized power in Sanaa last month, Qatar’s foreign minister Khalid Al Attiyah said on Thursday.
The Houthi have so far opposed any change in venue for UN-brokered talks which broke down after Western-backed president Abdrabu Mansur Hadi escaped from house arrest in Sanaa last month and resumed power from second city Aden in the south.
With no agreement on a venue to continue dialogue inside Yemen, Mr Hadi proposed that talks move to neighbouring Saudi Arabia.
The six Gulf Cooperation Council members agreed to that request last Monday but have not set a date for the meeting.
“The invitation concerns the Houthis,” Mr Al Attiyah, whose country currently holds the GCC’s rotating presidency, told reporters following a meeting of Gulf foreign ministers in the Saudi capital.
“It’s their business to accept or not.”
Dr Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, led the UAE delegation at the talks.
GCC Secretary General Abdullatif Al Zayani confirmed that “the invitation was addressed to all” protagonists in the crisis in Yemen, which is a front line in the war against Al Qaeda.
At the joint news conference with Mr Al Attiyah, Mr Al Zayani underlined that anyone joining the negotiations must adhere to Mr Hadi’s conditions.
These include rejecting “the coup d’etat” by the Houthis, returning seized military equipment and allowing the state “to recover its authority over all territory,” Mr Hadi said in a letter to Saudi Arabia’s King Salman.
The talks came as thousands of Houthis held military exercises in the northern part of the country near the border with Saudi Arabia, local tribal and Houthi sources said on Thursday.
The drill in Al Buqa area, which lies in the Houthis’ home province of Saada, involves using different kinds of weaponry, including heavy weapons acquired from the Yemeni army, the sources said.
“There is a joint manoeuvre between the army and the Popular Committees,” Houthi commander Mohammad Al Bukheiti said, referring to the mainly Houthi forces which have fanned out across Yemen since September.
The talks would aim for a resumption of the political process begun after the departure of former president Ali Abdullah Saleh in early 2012 after a bloody year-long popular uprising.
The process, which stalled after Houthis overran Sanaa in September, called for turning the republic into a federation of six regions. Houthis have rejected that idea, saying it would divide the country into rich and poor areas.
They have instead favoured the “national dialogue” in the capital Sanaa under the supervision of UN envoy Jamal Benomar.
The planned talks in Riyadh would be a separate initiative, Mr Al Zayani said.
Mr Saleh’s General People’s Congress party has also warned that it will boycott talks held outside Sanaa. Mr Saleh is widely accused of backing the Houthis.
Separatists from Southern Yemen have taken an opposite point of view. They suspended their participation in the UN-sponsored discussions until they are moved abroad.
The Gulf states are deeply suspicious of the Houthis, fearing they will take Yemen into the orbit of Shiite Iran.
On Thursday, Houthi militiamen killed two protesters when they opened fire on a rally in support of Mr Hadi, a medic and an activist said.
Thousands of people had joined the demonstration in the central city of Bayda, which the Houthi militiamen who control the capital seized last month, said organising committee member Fahd Al Tawil.
The Huthis fired live rounds to disperse them, said Mr Al Tawil.
A medic said “two people were killed and six others were wounded,” raising an earlier toll, after injured protester succumbed to his wounds.
Demonstrations in support of Mr Hadi have multiplied since he escaped from house arrest in the capital last month and resumed power from second city Aden.
They have been particularly widespread in confessionally mixed and mainly Sunni central provinces where opposition to the Shiite militia runs deep.
The Houthis control much of northern Yemen but Aden and adjacent southern provinces are largely in the hands of troops and paramilitaries loyal to Hadi.
* Agence France-Presse, Wam Reuters.
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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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues