United Nations special envoy for Yemen Martin Griffiths gives a press conference ahead of peace talks with the government and Houthi rebels in Geneva. AFP
United Nations special envoy for Yemen Martin Griffiths gives a press conference ahead of peace talks with the government and Houthi rebels in Geneva. AFP

Geneva talks offer best hope for Yemen peace



Peace talks to end the conflict in Yemen collapsed in Switzerland in 2015 and in Kuwait a year later. Fruitless, too, have been all diplomatic efforts since. However, a fresh round of peace talks, which get underway in Geneva tomorrow, still present the best opportunity to negotiate a settlement.

The mediation of UN special envoy for Yemen, Martin Griffiths – who took up his post in February and has approached the conflict with diligence – is another source of optimism. As UAE Minister of State for Foreign Affairs Dr Anwar Gargash remarked on Tuesday, "Yemen's suffering following the Houthi coup can only end through a UN-led political process." Taking to Twitter, Dr Gargash concluded: "We urge all Yemeni parties to engage constructively with the UN process."

Given the intransigence of the Houthi rebels, who overthrew the internationally recognised government of Abdrabu Mansur Hadi and have previously refused to engage in peace talks, an end to the conflict will not come soon. But significant progress can nevertheless be made on fostering trust and dialogue between the parties. The great hope, perhaps, is the groundwork is prepared for fruitful peace talks at a later date.

It might not be headline grabbing, but that is a worthy aim. Overall, more than 10,000 have been killed and millions displaced since the conflict began, with the Houthis continually violating UN Security Council resolution 2216, which demanded all parties “immediately and unconditionally end violence”.

Earlier this week, the rebels fired a ballistic missile towards Saudi Arabian soil – adding to the dozens that came before. Meanwhile, on the same day, the Saudi-led coalition fighting to restore Mr Hadi’s rightful government killed 38 rebels in airstrikes. Peace might look doubtful against such a backdrop, but it is more essential than ever.

In the two years since talks last collapsed, the situation in Yemen has worsened considerably on both the humanitarian and economic front. Topping the agenda in Geneva will be the release of thousands of prisoners and the vital Hodeidah port, over which the Houthis have had a stranglehold since 2014. Some 70 per cent of Yemen's imports traverse the port.

It has been reported that the Houthi delegation could arrive late for talks – a stalling tactic employed previously by the Houthis and the Syrian regime in earlier rounds in Geneva – or even, perhaps, not at all. Talks must be targeted and build confidence on the ground.

The challenge facing Mr Griffiths might be colossal, but this is his moment to make real inroads. All sides must approach the talks with genuine commitment and solemnity. After years of bloodshed, Yemen's exhausted population deserves nothing less.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

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.”

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

US Industrial Market figures, Q1 2017

Vacancy Rate 5.4%

Markets With Positive Absorption 85.7 per cent

New Supply 55 million sq ft

New Supply to Inventory 0.4 per cent

Under Construction 198.2 million sq ft

(Source: Colliers)