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
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Mobile phone packages comparison
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
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Mainz v FC Schalke (9pm)
The five pillars of Islam
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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COMPANY PROFILE
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
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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
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Teaching in coronavirus times
The years Ramadan fell in May
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.”
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
VEZEETA PROFILE
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
Company%20Profile
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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
Avatar%20(2009)
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Empty Words
By Mario Levrero
(Coffee House Press)
Tour de France Stage 16:
165km run from Le Puy-en-Velay to Romans-sur-Isère