Ali Abdullah Saleh's last act was also the finest hour of his life. Mohammed Huwais / AFP
Ali Abdullah Saleh's last act was also the finest hour of his life. Mohammed Huwais / AFP

Yemen is now deadlier than ever before



Ali Abdullah Saleh spent his last days striving to bring peace to Yemen. It is his push for an end to war that led to his gruesome assassination on Monday. Saleh dominated Yemen for more than three decades, emerging as president of North Yemen in 1978 before becoming the head, in 1990, of the entire country. He reluctantly exited the presidency in 2012, just under a year after anti-government protests swept through Yemen. In a deal conceived in Saudi Arabia and endorsed by the permanent members of the United Nations and the Gulf Cooperation Council, Saleh was granted full immunity and could remain in his country. But instead of going into retirement, he made an energetic attempt to retake power. In this pursuit, he entered into a marriage of convenience with the Iranian-backed Houthi militias that has now culminated in his own treacherous death.

In the days ahead, there will be a multitude of reflections on the life of Saleh; but about the reason for his death there can be no dispute. He has been killed because he wanted, in his own words, to “turn the page”. After years of bloodshed, Saleh appears to have concluded that his alliance with the Houthis, instead of returning Yemen’s control to him, was going to annihilate Yemen. His last act was also the finest hour of his life. He defied the Houthis and their masters in Iran – and paid with his life.

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Yemen is now deadlier than ever before. “The militias of treason are finished and their leader has been killed,” declared the Houthi-controlled interior ministry in a triumphant statement. With this, the Houthis are signalling to any other potential peace seekers that they are now Sanaa’s rulers and defying them will have fatal consequences. This is a colossal blow to the prospects of peace that surfaced when Saleh broke from the Houthis. And it can only crush the already bruised spirits of the millions of Yemenis who have endured, and continue to endure, disease, deprivation and starvation under Houthi rule. Any hope of an abatement to their suffering is now indefinitely deferred.

What is happening in Yemen is inseparable from the wider security of the Middle East. For Yemen is not a standalone or self-contained nightmare but one of the many crises meticulously engineered as part of a larger project for regional hegemony by Iran. As HR McMaster, the US national security adviser, said on Saturday, Tehran is fueling and accelerating “cycles of violence” across the Middle East so that it “can take advantage of chaos and weak states to make them dependent on Iran”. Under the Houthis, Yemen has become a launching pad for Iranian-supplied missiles against Tehran’s perceived enemies, chief among them Saudi Arabia and the UAE, which have sacrificed blood and treasure in the fight to restore Yemen’s legitimate government. That fight, Saleh’s murder shows, cannot be given up.

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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Rating: 3/5

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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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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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

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Squad for first two ODIs

Kohli (c), Rohit, Dhawan, Rayudu, Pandey, Dhoni (wk), Pant, Jadeja, Chahal, Kuldeep, Khaleel, Shami, Thakur, Rahul.