The UN envoy has called for a Ramadan respite from the fighting in Marib, Yemen. EPA/YAHYA ARHAB
The UN envoy has called for a Ramadan respite from the fighting in Marib, Yemen. EPA/YAHYA ARHAB
The UN envoy has called for a Ramadan respite from the fighting in Marib, Yemen. EPA/YAHYA ARHAB
The UN envoy has called for a Ramadan respite from the fighting in Marib, Yemen. EPA/YAHYA ARHAB

‘Dangerous signs’ of escalation in Yemen’s Marib, says UN envoy


James Reinl
  • English
  • Arabic

UN envoy Martin Griffiths on Thursday described "dangerous signs" that a Houthi-rebel assault in Yemen's oil-rich Marib province was growing fiercer and called for a Ramadan respite to the fighting.

Mr Griffiths said the “major centre of gravity” in Yemen’s six-year civil war was Marib, the capital of an oil-rich region and the Saudi-backed government’s last strategic pocket of territory in the north.

“The fighting in the area is showing dangerous signs of escalating once again,” Mr Griffiths told the UN Security Council.

“Internally displaced people, along with local communities, have been in the line of fire.”

He also described worsening violence around the southern city of Taez, where civilians are on the front lines of fighting as they also tackle an "alarming resurgence" of coronavirus.

The council met hours after Saudi Arabia reported intercepting five missiles and four armed drones launched by the rebels towards the southern Saudi city of Jizan, with falling debris causing a small fire at Jizan University.

Mr Griffiths said he was “alarmed by reports of multiple drone and ballistic missile attacks”, some of which have struck civilian buildings.

Yemen’s conflict has claimed some 233,000 lives and pushed the country to the brink of famine in what the UN calls the world’s worst humanitarian emergency.

Fighting began in 2014 when the Iran-aligned Houthis seized the capital Sanaa and pushed out the internationally recognised government.

A Saudi Arabia-led coalition intervened militarily the next year to restore that government with an air bombing campaign that has been criticised for causing mass civilian casualties.

US President Joe Biden ended support to Riyadh’s war and launched a diplomatic offensive to end the devastating war that has yet to gain traction.

“The urgency of progress towards a peaceful settlement makes the continued violence on the ground all the more concerning,” said Mr Griffiths.

Mr Griffiths was on Wednesday in Abu Dhabi for talks with Aidarus Al Zubaidi, president of Yemen's Southern Transitional Council, and senior UAE officials, as part of renewed efforts to cut a political solution to end the six-year conflict.

The UN's head of humanitarian affairs Mark Lowcock said 360,000 doses of Covid-19 vaccines reached Yemen this month, but shots were not arriving fast enough to halt the fast-spreading pathogen.
"The second wave is coming at a time when large-scale famine is still bearing down on the country," said Mr Lowcock.
"Tens of thousands of people are already starving to death with another five million just a step behind them."

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UAE currency: the story behind the money in your pockets
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Day 1 fixtures (Saturday)

Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)

Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)

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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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Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

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The specs: 2018 Ford F-150

Price, base / as tested: Dh173,250 / Dh178,500

Engine: 5.0-litre V8

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Sreesanth's India bowling career

Tests 27, Wickets 87, Average 37.59, Best 5-40

ODIs 53, Wickets 75, Average 33.44, Best 6-55

T20Is 10, Wickets 7, Average 41.14, Best 2-12

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

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