Yemeni fighters loyal to the government, with massive air support from the UAE-backed Arab coalition, dealt Al Qaeda a blow in Hadramaut. AFP
Yemeni fighters loyal to the government, with massive air support from the UAE-backed Arab coalition, dealt Al Qaeda a blow in Hadramaut. AFP

In Yemen, a clarifying moment in conflict



The world was a given a clarifying insight into the conflict in Yemen on Friday, when Houthi militias fired five missiles from Sanaa in the direction of Marib, a province which lies 173 kilometres northeast of the capital. The missiles were intercepted by the air defence systems supplied by the Saudi Arabia-led coalition – of which the UAE is a key member – that is fighting to restore Yemen's legitimate government. The projectiles were intended to decimate the Yemeni forces who, supported by the Arab coalition, had earlier in the day pushed back an offensive to take back control of areas liberated from their grip.

To get a sense of what is at stake there, consider the tale of two cities. Sanaa, once a thriving city, has become desolate and oppressive ever since the Houthis seized it 2014 and dislodged Yemen's internationally recognised president. Marib, the capital of Marib province that was once home to a mere 350,000  people, is now a bustling and prosperous city that hosts 1.5 million people. Sanaa suffocates in the shadow of the Houthis. Marib blossoms under the protection of the Arab coalition: Yemeni business people, doctors, professors and refugees, driven from their homes by the Houthis, have found a new lease of life there. A territory that was once a stronghold of Al Qaeda is today a place of possibility. It is the Arab coalition's unflinching support for the brave Yemenis striving to regain control of their country that accounts for Marib's prosperity in a land ravaged by the Houthis and their backers. If the Houthis had their way, Marib would resemble the rest of Yemen: a barren dependency that serves as a launching pad for Iranian aggression.

But thanks to the Arab coalition, the rest of Yemen is slowly but surely following the trajectory of Marib. Over the past week, Al Qaeda was dealt a fatal blow by the Arab coalition's fighter jets in Wadi Al Masini in Hadramaut. Yemeni forces secured large quantities of ammunition that would have been used to deliver death and destruction. Soon, normal life will return to places that have suffered for too long under militancy and extremism. The World Health Organisation, supported by Emirates Red Crescent, has already begun distributing medical aid to ten provinces in Yemen. As the pathway to a peaceful and prosperous Yemen begins gradually to open up, it is important to remember the service of countless individuals that enabled this progress. Members of the the UAE's armed forces have bravely sacrificed their lives for Yemen's security, without ever wavering from their commitment. The third Union Fortress demonstration of the Armed Forces in Al Ain on Saturday was an occasion to remember their sacrifices shall not have been in vain.

Wydad 2 Urawa 3

Wydad Nahiri 21’, Hajhouj 90'

Urawa Antonio 18’, 60’, Kashiwagi 26’

ICC Awards for 2021

MEN

Cricketer of the Year – Shaheen Afridi (Pakistan)

T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)

ODI Cricketer of the Year – Babar Azam (Pakistan)

Test Cricketer of the Year – Joe Root (England)

WOMEN

Cricketer of the Year – Smriti Mandhana (India)

ODI Cricketer of the Year – Lizelle Lee (South Africa)

T20 Cricketer of the Year – Tammy Beaumont (England)

ULTRA PROCESSED FOODS

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MATCH INFO

Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)

Where: Wanda Metropolitano
When: Thursday, kick-off 10.45pm
Live: On BeIN Sports HD

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Price: From Dh801,800

The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus  Press

Western Region Asia Cup Qualifier

Results

UAE beat Saudi Arabia by 12 runs

Kuwait beat Iran by eight wickets

Oman beat Maldives by 10 wickets

Bahrain beat Qatar by six wickets

Semi-finals

UAE v Qatar

Bahrain v Kuwait

 

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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.”

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JOURNALISM 

Public Service
Anchorage Daily News in collaboration with ProPublica

Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.

Investigative Reporting
Brian M. Rosenthal of The New York Times

Explanatory Reporting
Staff of The Washington Post

Local Reporting  
Staff of The Baltimore Sun

National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica

and    

Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times

International Reporting
Staff of The New York Times

Feature Writing
Ben Taub of The New Yorker

Commentary
Nikole Hannah-Jones of The New York Times

Criticism
Christopher Knight of the Los Angeles Times

Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press

Editorial Cartooning
Barry Blitt, contributor, The New Yorker

Breaking News Photography
Photography Staff of Reuters

Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press

Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”

LETTERS AND DRAMA

Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)

Drama
"A Strange Loop" by Michael R. Jackson

History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)

Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)

Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)

General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)

and

"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)

Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019

Special Citation
Ida B. Wells