Sheikh Abdullah, the Foreign Minister, is joined by Catherine Ashton, the EU representative for foreign affairs and security policy, at a press conference after the GCC-EU meeting in Abu Dhabi yesterday.
Sheikh Abdullah, the Foreign Minister, is joined by Catherine Ashton, the EU representative for foreign affairs and security policy, at a press conference after the GCC-EU meeting in Abu Dhabi yesterdShow more

GCC talks stall on peace deal for Yemen



ABU DHABI // The Gulf Cooperation Council's proposal for a peaceful transition of power in Yemen appeared to be at an impasse last night after two days of talks in Abu Dhabi.
The Yemeni president Ali Abdullah Saleh continued to insist that he would abide by the country's constitution, under which he remains in office until 2013. In response, the opposition called for more mass protests.
In a statement issued after the annual GCC-European Union meeting in the capital yesterday, ministers said they "reiterated their commitment to support Yemen's development as a unified, stable, democratic and prosperous state".
"Dialogue is the only way to make progress on political, economic and social reforms acceptable to all Yemenis," the statement read. Ministers "welcomed and supported the ongoing GCC initiative and efforts to encourage concerned sides in Yemen to urgently reach a political settlement of the current impasse".
Yesterday's GCC-EU meeting followed several hours of talks the night before between the GCC and representatives of Mr Saleh's government.
The GCC proposal calls for Mr Saleh to cede power to his deputy. The Yemeni opposition have rejected it because there is timetable for a handover.
A senior Yemeni government official blamed the impasse on the opposition demand for Mr Saleh's immediate departure. The president wanted two months to oversee the handover of power, the official said, while the opposition would permit only a single week.
Ahmad Obaid Bin Dagher, assistant secretary-general of the ruling General People's Congress and spokesman for the Yemeni delegation at yesterday's meeting, said any solution should not violate the constitution.
"We are not holding on to the power," he said. "Our only request is that any solutions, whether regional or international, should respect the Yemeni constitution and the Yemeni people who voted in 2006 in free elections.
"The ruling party's main concern is that if they step down now, it is an unconstitutional move."
Nevertheless, speaking yesterday after the GCC-EU meeting, the Foreign Minister, Sheikh Abdullah, hinted that a resolution would be reached soon.
"We have to be clear this is the second meeting with nationals from Yemen regarding events in Yemen," he said last night.
"We listened to the protesters and then the ruling party – now the GCC is in internal consultation to look in the next step and in the next few hours you will hear about the next step from GCC countries."
Confrontations have raged between security forces and anti-Saleh protesters this week, with at least eight people shot dead since Tuesday, including a passer-by and a policeman.
One protester was killed when a gunman on a motorbike opened fire early yesterday at demonstrators staging a sit-in at Al Nasr Square in the western Red Sea city of Hudaydah.
The attacker managed to escape after also wounding about eight other protesters, most of whom had been asleep.
Also yesterday, a policeman was shot dead during clashes between police and protesters in the main southern port city of Aden, and five demonstrators were shot dead in the capital Sana'a on Tuesday.
At yesterday's meeting, the European Union and the GCC also reiterated their support for the Libyan rebel Transitional National Council.
Talks between GCC ministers and Catherine Ashton, the European Union's foreign policy chief, stressed that Libyan leader Muammar Qadaffi's "regime has lost its legitimacy and expressed support to the Transitional National Council as a legitimate interlocutor representing the aspirations of the Libyan people", according to a statement.
International forces have been carrying out air strikes on forces loyal to Gadhafi since March 19, in a mission headed by Nato since March 31. The UAE and Qatar are the only Arab states to send war planes for operations over Libya.
When asked when the UAE will recognise the Rebel Council, Sheikh Abdullah said the UAE was in talks with Dr Abduljaleel Jebreel, head of the Rebel Council, and that they were studying ways to cooperate with the group.
hdajani@thenational.ae
* With additional reporting by the Associated Press and Agence France-Presse

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

Rating: 3/5

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

Asia%20Cup%202022
%3Cp%3E%3Cstrong%3EWhat%3C%2Fstrong%3E%3Cbr%3EAsia%20Cup%20final%3A%20Sri%20Lanka%20v%20Pakistan%3Cbr%3E%3Cbr%3E%3Cstrong%3EWhen%20%3C%2Fstrong%3E%3Cbr%3ESunday%2C%20September%2011%2C%20from%206pm%3Cbr%3E%3Cbr%3E%3Cstrong%3EWhere%3C%2Fstrong%3E%3Cbr%3EDubai%20International%20Stadium%3Cbr%3E%3Cbr%3E%3Cstrong%3EHow%20to%20watch%3C%2Fstrong%3E%3Cbr%3ECatch%20the%20live%20action%20on%20Starzplay%20across%20Mena%20region.%26nbsp%3B%3C%2Fp%3E%0A
The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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.”

Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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.

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