Yemen rebels say US plotted bomb attack, offer no proof



SANAA // Rebel forces yesterday accused US intelligence agencies of plotting the car-bomb attack that killed two people and injured one in Al Matamma, north-east of Sanaa, on Sunday.

Al Houthi rebels said in a statement that the blast targeted a government complex in which their leaders were meeting.

"This is clearly a US intelligence-style criminal act," the rebels said, while offering no evidence supporting their claim.

The blast came two days after the Al Houthi rebels and the Islamist Islah party agreed to a truce to end the fighting that had flared intermittently since March when Al Jawf province, in which Al Matamma is located, fell to the anti-government tribes.

The Al Houthis said the attack was intended to "provoke sectarian divisions between Yemenis", adding that the attack was aimed to "help maintain the unjust regime" of President Ali Abdullah Saleh, who has been facing six months of protests calling for him to relinquish power.

Mr Saleh, who has ruled Yemen for 33 years, is in Saudi Arabia recovering from wounds suffered in a bomb blast on the mosque at his presidential compound in June.

In remarks published yesterday, a prominent member of Mr Saleh's ruling party accused Hamid Al Ahmar, a leading figure in the Ahmar tribe, of being behind the assassination attempt.

Mr Al Ahmar is the brother of Sadeq Al Ahmar whose forces engaged in heavy fighting with Mr Saleh's loyalists in the weeks before he was injured.

"There is no longer room for doubt that Hamid Al Ahmar is the prime suspect in the sinful assassination attempt to which the president of the republic and a number of officials were subjected," Sultan Al Barakani told the Saudi-owned daily Asharq Al-Awsat. "The results of the investigation indicate that the Sim cards used in the operation all belonged to the company Sabafon, which is owned by Hamid Al Ahmar," added Mr Barakani, the head of the General People's Congress parliamentary bloc. Over the weekend, in the south, renewed fighting erupted in Zinjibar, the capital of Abyan province.

A government spokesman said 17 militants and three Yemeni soldiers were killed.

The militants had overtaken towns in Abyan shortly after Mr Saleh went to Saudi Arabia.

Government forces have been trying to dislodge the Islamic militants in the south, but they have only made modest headway after weeks of sporadic fighting and air strikes.

* With additional reporting by the Associated Press, Reuters and Agence France-Presse

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
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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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1st Test July 26-30 in Galle

2nd Test August 3-7 in Colombo

3rd Test August 12-16 in Pallekele

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July 29: OTA Gymnasium in Tokyo, Japan

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