The Emirates Red Crescent is to provide more than Dh107 million to help rebuild roads, schools and hospitals on the west coast of Yemen.
The area, which runs from Bab Al Mandeb to Al Hudaydah, has been largely liberated from Houthi militia control following a ground offensive by the Arab Coalition which began in June.
Mohammed Al Falahi, chairman of the ERC, said the aid would be used to assist more than 7.1 million residents.
Roads, wells and schools would all be rebuilt, he said, and help would be given to farmers and fishermen.
“They [the Houthis] bombed schools and clinics,” Mr Al Falahi said. “They even bombed maternity hospitals and child clinics.”
The ERC has already taken steps to address rebuilding parts of Yemen, now in its third year of conflict.
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The charity has provided funding for six medical facilities and aims to rebuild seven more. More than one million people are expected to benefit once the facilities are operational.
The Western Coast highway, which is more than 140km long, will also be repaired. The road has been bombed extensively by the Houthis, the ERC said.
“The parts that can be used are severely damaged,” said Mr Al Falahi. “People have to drive on the hard shoulder.
“It’s quite difficult for old people or pregnant women because it’s very bumpy and has many holes in it.
“Building a 143km road in a country like Yemen is a huge challenge but the Yemeni people have been quite receptive and welcoming for UAE aid projects.”
Aside from repairing bomb-damaged roads, the ERC also aims to assist low-income families who have lost loved-ones in the fighting.
About 28,000 pupils from 43 schools will benefit from maintenance projects which will include equipping buildings with solar power and science laboratories, as well providing school bags and stationery.
Similarly, more than 15,000 university students will also benefit from new computers on campus.
The Arab Coalition, which includes Saudi Arabia and the UAE, first intervened in Yemen’s war in 2015 to fight the Iranian-backed Houthi rebels at the request of the internationally recognised government of Yemeni President Abdrabu Mansur Hadi.
The UAE’s humanitarian campaign, represented by the ERC, has stepped up operations since 2017. It has already provided 35,000 tonnes of food and supplies, sufficient for two million people for a month.
On Sunday, the ERC said initiatives to help small businesses in the country were also high on their agenda.
More than 20 bakeries will be built plus nearly 30 carpentry, tailor, and blacksmith workshops.
“Today, many homes are deprived of electricity and cold water,” said Fahad Bin Sultan, deputy head of international aid at ERC.
“Marinas and ports also have to be maintained. We will provide fishing boats, nets and other critical equipment that is up to Emirati standards. Thousands of fishermen will be helped.
“The supply of fish has increased, a healthy fish market has been established, and nine marinas have been maintained and are benefiting 2,250 fishermen.”
Programmes designed to educated civilians about the threat of landmines would also be started, added Mr Al Falah.
He said 10 initiatives, including the distribution of videos warning of the dangers of mines, would reach one million people.
“Because of the war it’s necessary to educate people about the risks of mines that were spread. We need to hold educational courses for families on how to deal with mines," he said.
“Yemen is a country with limited resources and we are trying to rebuild infrastructure damaged by the Houthis. We will continue to expand our projects.”
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.”
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)
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
more from Janine di Giovanni
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The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
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The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
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The number of followers that Michael Cinco’s Instagram account has garnered.
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
