British hostage rescued by UAE forces in Yemen



ABU DHABI // A British oil engineer held prisoner by terrorists in Yemen for 18 months has been freed in a UAE intelligence operation.

Robert Semple, 64, was rescued by Emirati troops operating from the southern port city of Aden.

“I’m pleased to confirm that a British hostage held in Yemen has been extracted by UAE forces in a military intelligence operation,” the British foreign secretary Philip Hammond said on Sunday.

“The British national is safe and well and is receiving support from British government officials. We are very grateful for the assistance of the UAE.”

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, contacted British prime minister David Cameron on Saturday night to inform him of the successful rescue operation.

“I’m so pleased for the family of the British hostage in Yemen who has been released safe and well. Thanks to the UAE for their help,” Mr Cameron said on Twitter.

Mr Semple was flown by UAE military aircraft from Aden to Abu Dhabi, where he was received by local officials and the British ambassador. He was taken to hospital for medical checks.

The authorities also arranged for him to speak to his wife by telephone, and he is expected to fly home once medical checks and treatment have been completed.

Mr Semple is thought to have worked for Intracs Middle East, an engineering and construction company in Yemen.

He was abducted in February last year in Haddah, a neighbourhood in the south-west of the capital Sanaa, by terrorists from Al Qaeda in the Arabian Peninsula.

Witnesses said four armed men forced Mr Semple out of his car and into another vehicle.

Political analysts hailed the rescue operation as a vital development for the UAE’s Armed Forces and said it showed the country’s counter-terrorism strategies and capabilities were evolving.

“The freeing of the hostage by the Armed Forces in Yemen represents an important step in counter-terrorism methods,” said Sabahat Khan, a senior analyst at the Institute for Near East and Gulf Military Analysis, a think tank in Dubai.

“It shows the international community the value of GCC efforts taking place there.”

Mr Khan said the UAE was positioning itself against violent extremism and terrorists with a multi-faceted approach.

“Its operations in Yemen have been in support of these objectives,” he said. “The operations that the UAE Armed Forces conducted in Yemen have been critical in the process of stabilising Yemen over the past few weeks.”

Taufiq Rahim, another analyst in Dubai, said Al Qaeda would increasingly look to “play spoiler in southern Yemen where the UAE is trying to restore stability”.

“This operation is an important precedent demonstrating that the UAE has the capability to meet that threat, at least in the short-term.”

Others called the rescue a high point for the Armed Forces.

“It illustrates their capabilities and sets an important precedent for the future that the UAE is very serious when it comes to the situation in Yemen and other hotspots,” said Dr Theodore Karasik, a geopolitical analyst.

“It’s a message to terrorist groups that hostage-taking will not be tolerated and that foreign nationals held by groups like Al Qaeda or ISIL will be freed by the UAE Armed Forces in the future.”

cmalek@thenational.ae

* Additional reporting by Ben Flanagan

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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.

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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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