This week, the Yemeni government and its former ally the Southern Transitional Council (STC) have signed a Saudi-brokered deal, agreeing to join their forces once again to fight against extremists such as Al Qaeda, as well as the Iran-backed Houthi rebels. This is good news for the people of Yemen, as it brings warring factions one step closer to engaging in a peace process that has stalled since the signing of the Stockholm agreement between the Houthis and the government forces last December.
The UN-brokered deal included a ceasefire in the port city of Hodeidah, the opening of a humanitarian corridor for the movement of aid as well as a prisoner swap between the Houthi rebels and the country’s internationally recognised government, that aimed to build confidence.
Since then, the political landscape has been even more fractured as the STC, led by General Aidrous Al Zoubaidi, fell out with government forces they were allied to, ousting Yemeni President Abdrabu Mansur Hadi’s internationally recognised government from Aden, the country’s temporary capital, where clashes erupted.
The deal brokered by Riyadh and signed jointly by Mr Hadi and Gen Al Zoubaidi has paved the way for these two factions to work together again and solve some of their longstanding differences.
Many southern Yemenis had felt marginalised by the national government formed after the unification of Yemen in 1994. Even after the fall of Ali Abdullah Saleh, Yemen’s former president who had allied himself with the Houthis, the STC had been excluded from government. But under this Saudi-brokered deal, the STC will enjoy equal representation within a new government, which will be formed in the coming days. The group is also to be included in talks regarding the peace process in Yemen, and will be considered as an official partner of the Arab Coalition led by Saudi Arabia.
In return, Mr Hadi’s government should be able to return to Aden and STC forces will be incorporated into the Yemeni government’s defence and interior ministries.
This fruitful effort has been praised by the UN special envoy for Yemen Martin Griffiths, who views it as a crucial step “to advance a peaceful settlement to the conflict” and commended Saudi Arabia’s mediation in this deal.
The deal brokered by Riyadh has paved the way for the government and the STC to solve some of their longstanding differences
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Saudi Crown Prince Mohammed bin Salman attended the signing in Riyadh, proving that the two Gulf nations are committed to peace in Yemen as they continue to stand by the country’s internationally recognised government and its allies on the ground.
The international community has also hailed the deal as a success for the Yemeni peace process. The UK has praised Saudi Arabia’s efforts in securing the deal, while US President Donald Trump has described the agreement as a “very good start” and urged all parties to “work hard to get a final deal”. Hundreds of ordinary people also took to the streets of southern Yemen to celebrate a deal that has given them hope for a better future.
As for the rebels, Mohammed Ali Al Houthi, a member of the Houthi council has declared the deal “will amount to nothing”. The Houthi reaction to this milestone, showed what little concern the armed militia has for ending the war.
For the first time since last December, Yemenis have reason to hope that better days lie ahead. The Houthis owe it to the people of Yemen to show a true interest in peace, instead of condemning any efforts to end the bloodshed.
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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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UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
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NINE WINLESS GAMES
Arsenal 2-2 Crystal Palace (Oct 27, PL)
Liverpool 5-5 Arsenal (Oct 30, EFL)
Arsenal 1-1 Wolves (Nov 02, PL)
Vitoria Guimaraes 1-1 Arsenal (Nov 6, Europa)
Leicester 2-0 Arsenal (Nov 9, PL)
Arsenal 2-2 Southampton (Nov 23, PL)
Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)
Norwich 2-2 Arsenal (Dec 01, PL)
Arsenal 1-2 Brighton (Dec 05, PL)
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
