The United States this month placed sanctions on seven senior members of Yemen's Houthi militia, along with a Yemeni businessman linked to the Iran-backed group, for allegedly procuring weapons from Russia and supplying Moscow with fighters for its war in Ukraine.
The sanctions announced on March 5 came a day after the Trump administration redesignated the Houthis as a Foreign Terrorist Organisation, raising fears about the impact on aid deliveries to Yemen and efforts to broker peace after 10 years of civil war.
Several of the sanctioned Houthi members made trips to Russia to secure weapons and other support, according to the US Department of Treasury. The US action blocks the sanctioned individuals' access to assets and interests in the US or under the control of US entities, and imposes penalties for dealing with them.
Mohammed Abdulsalam
As the main spokesman for the Houthis, Mohammed Abdulsalam is one of the group's most prominent figures and chairs the board of the rebel-affiliated Al Masirah Media Network. Mr Abdulsalam “played a key role in managing the Houthis' internal and external financing network”, according to the US Treasury, and visited Moscow to secure Russian weaponry and support. He also met Russian Foreign Ministry and military officials to arrange further visits by Houthi delegations, it said.
Eshaq Almarwani
The US Treasury described Eshaq Almarwani as a “high-ranking Houthi operative and aide to Mr Abdulsalam” who has visited Russia as a member of Houthi delegations seeking to advance the group's interests internationally.
Mahdi Al Mashat
Mahdi Al Mashat is chairman of the Supreme Political Council (SPC) in the rebel-held capital Sanaa, which serves as the executive branch in the Houthi-led administration. He has been in charge of issuing official statements regarding the Houthis' military positions and diplomatic ties. He has also worked on building a relationship between the Houthis and Russia's government, specifically with President Vladimir Putin, according to the US Treasury.
Mohammed Ali Al Houthi
Mohammed Ali Al Houthi is a member of the SPC and served as chairman of its precursor, the Supreme Revolutionary Committee. As a spokesman of the Houthis, Mr Al Houthi has stressed the rebels' commitment to ensuring safe passage for Russian vessels amid the group's campaign of attacks on shipping in the Red Sea in retaliation for Israel's war in Gaza.
The US Treasury said Mr Al Houthi planned to visit Russia with other Houthi members to discuss details of Russian aid to the group.
The Houthis, led by Abdul Malik Al Houthi, have repeatedly targeted merchant vessels in the Red Sea since November 2023, a month after the Gaza war began. The attacks disrupted global trade and prompted the US and the EU to send warships to the area. The group also launched drones and missiles at Israel, most of which were intercepted. Those attacks resumed on Thursday after Israel launched military operations in Gaza, ending a two-month ceasefire.
The US launched three rounds of strikes on the Houthis since March 15 after the rebels threatened last week to resume attacks on shipping because of its blockade on aid entering Gaza.
Ali Al Hadi
Ali Al Hadi was appointed head of the Sanaa Chamber of Commerce (SCC) after the Houthis took control of the organisation in June 2023. He became a key figure in allocating financial resources to procure weapons, using his position on the SCC to facilitate purchases of military-grade equipment, the US Treasury said. He has also travelled to Russia to secure equipment for rebel fighters and Russian investment in Houthi industries, it said.
Abdulmalik Al Agri
As a senior Houthi operative, Abdulmalik Al Agri represented the group in meetings with high-ranking Russian officials in Moscow. He has also issued statements explaining the rebel group's efforts to counter international pressure against Houthi-affiliated banking institutions, the US Treasury said.
Khaled Saleh Jaber
Khaled Saleh Jaber is a Houthi operative who was involved in meetings with Russian Ministry of Foreign Affairs officials as part of delegations sent to Russia. The US Treasury said he is closely connected to Houthi financial official Said Al Jamal and co-ordinates with him in “illicit procurement and finance activities”.
Abdul Wali Al Jabri
Formerly a major general in the Houthi militia, Abdul Wali Al Jabri is head of Al Jabri General Trading and Investment and was involved in the transfer of Yemeni civilians to Russian military units in Ukraine through his company, the Treasury said. This recruitment, “often under false and misleading pretences”, generated more revenue on behalf of the Houthi leadership, it said.
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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
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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.”
