UN special envoy for Yemen Ismail Ould Cheikh Ahmed during a press conference at Kuwait's information ministry in Kuwait City on April 22, 2016. UN-brokered peace talks between the Saudi-backed Yemeni government and the Houthi rebels began on April 21 in an attempt to end a year-long war in Yemen. Raed Qutena/EPA
UN special envoy for Yemen Ismail Ould Cheikh Ahmed during a press conference at Kuwait's information ministry in Kuwait City on April 22, 2016. UN-brokered peace talks between the Saudi-backed Yemeni government and the Houthi rebels began on April 21 in an attempt to end a year-long war in Yemen. Raed Qutena/EPA
UN special envoy for Yemen Ismail Ould Cheikh Ahmed during a press conference at Kuwait's information ministry in Kuwait City on April 22, 2016. UN-brokered peace talks between the Saudi-backed Yemeni government and the Houthi rebels began on April 21 in an attempt to end a year-long war in Yemen. Raed Qutena/EPA
UN special envoy for Yemen Ismail Ould Cheikh Ahmed during a press conference at Kuwait's information ministry in Kuwait City on April 22, 2016. UN-brokered peace talks between the Saudi-backed Yemeni

Yemenis distrust Houthis, adopt wait-and-see approach to peace talks


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ADEN // Yemenis remain cautious about the prospects for peace despite UN-mediated negotiations between the government and rebels entering their fourth day on Sunday.

The UN envoy to Yemen, Ismail Ould Cheikh Ahmed, acknowledged that there were difficulties but expressed hopes for progress after the talks ended on Saturday.

“The atmosphere of the talks is promising and there is common ground to build on in order to reconcile differences,” he said.

Ekhlas Al Kasadi, a political activist who is also a journalist with the Aden Time news website in the sourthern port city of Aden, said she did not trust the Houthi rebels because they did not honour earlier agreements, but hoped the outcome of the latest talks will be different.

"The Houthis violated the agreements more than once," Al Kasadi told The National. "But Saudi Arabia is still trying to negotiate with them and this is a clear indication that the Saudi-led coalition wants a peace solution that will not cost the Yemenis a lot."

Nawar Abkar, a human rights activist in Aden, is even more pessimistic than Al Kasadi, saying people should wait to see if the Houthis accept a peace deal or not.

“The Houthi rebels and [former president Ali Abdullah] Saleh’s forces did not abide by the ceasefire yet, and they still target civilians in various provinces, so I hope the peace talks in Kuwait will discuss the southern issue and then we can regain our country,” Mr Abkar said referring to demands by southern Yemenis who are calling for the secession of their formerly independent region.

Mr Cheikh Ahmed said delegates had agreed to appoint two officials, one from each side, to make recommendations on the ceasefire, which went into effect on April 11.

However, there are differences in priorities for the ceasefire.

The government delegation said after Saturday’s talks that the ceasefire should include opening safe passages to all besieged areas and releasing political prisoners as well as those abducted, as part of confidence-building measures.

The Iran-backed Houthi rebels, who are allied to forces loyal to Mr Saleh, are demanding an immediate halt to air strikes that a Saudi-led coalition has been carrying out since March 2015 in support of president Abdrabu Mansur Hadi.

The coalition has said it is carrying out strikes only in response to ceasefire violations.

The two sides also differ on how to tackle other central issues.

The government wants the discussions to start with the issue of a Houthi pullout from areas including the capital Sanaa and relinquishing heavy arms and missiles, as required under UN security council resolution 2216.

The rebels want the political process and the establishment of a national unity government to be first, sources close to the talks said.

Hussam Majd, a student at Aden university, said the only way towards a better future for Yemen was a peace reached through negotiations and not military victory, but he did not believe the rebels would allow this to happen.

“I think the Houthis will try to equivocate as they did in the last negotiations in Geneva and not implement any agreement, and then the coalition forces will have to use the force against them,” he said.

Mr Majd, like many southern Yemenis, would prefer that the south becomes independent, as it was before 1990. However, he is waiting to see if the Kuwait talks can arrive at a new formula for peace.

Despite the ceasefire, the Houthis have continued to target the city of Taez, and residents are pessimistic about the latest round of negotiations.

"I do not believe in any peace talks, because the warring sides did not abide by the ceasefire, which was supposed to be the first step of the talks," Ameen Mamoon, 30, told The National.

He said the fighting was continuing in Taez city, which is under siege by the rebels.

Residents of the rebel-held capital are also desperate for an end to the conflict. “One year of war is enough, we need to resume our regular life and work in Yemen,” said Basem Qubati, who works in the marketing department of a local firm. “I hope the warring sides respect the outcome of the Kuwait talks, as both are tired of the war.”

According to the UN, nearly 9,000 people – a third of them civilians – have been killed in the war and about 2.4 million people have been forced to flee their homes.

Previous UN-sponsored peace efforts failed to make any headway, and the last ceasefire in December was repeatedly violated and eventually abandoned by the Saudi-led coalition on January 2.

foreign.desk@thenational.ae

* With reporting from Agence France-Presse

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2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

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September 2021

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October 2021

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GAC GS8 Specs

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Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

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Fuel economy, combined: 8.7L / 100km

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Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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UAE currency: the story behind the money in your pockets

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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Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

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4.35pm: Tilal Al Khalediah
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Date started: 2015

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(Coffee House Press)
 

Tour de France Stage 16:

165km run from Le Puy-en-Velay to Romans-sur-Isère