After their attack on civilian facilities in Abu Dhabi in January 2022, it became amply clear that the Houthis in Yemen pose a serious threat to the Middle East.
The threat they posed has since also extended to international maritime navigation in the Red Sea. They have allied with likeminded militias in other countries, especially since such groups have little interest in international rules and laws, and receive support from regional countries to implement agendas that do not serve Arab interests.
The Houthis have chosen to detach themselves from Arab geography and history and join a regional project that directly challenges the Arab security system. However, Yemen’s interests remain within the Arab sphere, represented by the legitimate state authority, not the militia’s coup. Rebellion against the state, no matter how long it lasts, is temporary. Hostility towards the Arab populations will only harm the militia. Their activities are destined to fail and will only increase tension and instability in the region, with the Yemeni people being the first victims.
Following the attack on Abu Dhabi, the UAE made an astute diplomatic move by emphasising the cross-border nature of Houthi terrorism, rather than dealing with the militia as a political entity. This approach was particularly important given the group’s obstruction of any resolution to the Yemeni crisis and its disregard for international law and regional stability.
In this context, the international community, particularly the UN, was urged to designate the Houthis as a terrorist organisation. However, the failure to take this measure has allowed the group to continue destabilising the region. In the months that followed, they have continued mounting direct attacks against international navigation and the region more broadly, showing little regard for regional security.
While managing the crisis and countering Houthi terrorism, UAE leaders have focused on protecting the country’s continued economic and social development. As always, the Emirati people demonstrated remarkable solidarity and unity in the fight against terrorism. The state remained steadfast in its ambitious plans to continue boosting the country’s fortunes, pursuing a comprehensive crisis management approach by acting on several fronts: economic, social, security and military.
Despite the Houthis’ attacks on Abu Dhabi, their campaign has been a failure. The UAE, as a “haven of security and safety” and the region’s leading financial and commercial hub, continues to thrive at every level. It remains a top destination for business and investment, despite tensions in the Middle East.
This success is reflected in the UAE’s status as one of the most desirable countries to live globally. Abu Dhabi ranks first in the global safety index, according to last year’s Crime Rates and Safety Index, thanks to the wise and informed management of the crisis.
On the military front, the UAE Armed Forces are fully prepared and capable of deterring any threat to the country’s security and achievements. It is this preparedness that has enabled its swift and effective response to the Houthi attacks, which included decisive retaliatory strikes.
Through action, and not just words, the UAE sent a clear message: the land of security and safety is ready and able to deter terrorism. The UAE military is equipped with state-of-the-art air defence systems and advanced fighter aircraft, ensuring its readiness to address any future threats. The army is well-prepared to protect the country’s achievements and implement the state’s regional policy of peace and stability, aimed at fostering development and prosperity for all.
The Houthis’ aggressive actions towards the Yemeni people and neighbouring countries are fuelled by the supply of military aid, including ballistic missiles and drones. Halting these supplies could be a crucial step in ending the dangerous adventures that threaten peace in Yemen, provoke conflict with other Arab countries, and disrupt shipping in the Red Sea and Arabian Sea regions. Such threats have far-reaching consequences for Arab economies.
The UAE has been, and continues to be, determined to achieve its goals of contributing to building a stable and prosperous region for all and promoting the values of coexistence and tolerance. To this end, it will continue to fight terrorism in all its forms to protect its own security and that of the region. Military strength is the greatest guarantee for achieving and preserving peace.
For its part, the international community must shoulder the responsibility of restoring regional security by preventing the flow of arms to militias. Removing armed militias from the international political arena is essential for reviving the role of the nation-state across the region.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
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
UAE currency: the story behind the money in your pockets
More coverage from the Future Forum
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.”
Killing of Qassem Suleimani
