SANA'A // Tens of thousands of protesters took to the streets across Yemen today, trying to draw record crowds to show President Ali Abdullah Saleh his offers of reform would not soften their demand for his resignation.
At Sana'a University, the launchpad for protests in the capital, Yemenis flooded the streets, even cramming into tiny alleys, in crowds stretching back about two kilometres.
The demonstrations came after yesterday's proposal by Mr Saleh for a new constitution to be put to referendum within the year and new electoral laws to ensure equal representation. Opposition figures rejected the offer, calling it "too little, too late".
Protesters in Sana'a, many of whom brought their children in what the opposition has billed the "Friday of no return", said they were intent on his ending his 32-year grip on power.
Chanting slogans against Mr Saleh, many held signs saying, "Leaving means leaving. There isn't a better option".
Mr Saleh, whose failing state was already plagued by on-off rebellions in the north and south, has struggled to quell weeks of mass protests that have claimed almost 30 lives.
Preacher Abdulwehab al Dilmy asked protesters in Sanaa: "The president said he doesnt want to leave power because he's afraid for the country, so he sent his love by shooting at you on Tuesday night. What would he do if he stayed in power?"
In the capital's main Tahrir Square, tens of thousands of Saleh loyalists, touting pictures of the 68-year-old leader, voiced their support, chanting "Yes to dialogue. No to chaos."
As Yemen's water and oil resources dry up, it has become increasingly difficult for Mr Saleh to fuel the patronage system that kept his tribal and political supporters loyal. At least a dozen former allies have joined the protesters in recent weeks.
In the central province of Maareb, residents told Reuters that hundreds of Yemenis took to the streets demanding payment for attending Mr Saleh's speech in Sana'a yesterday. The local newspaper Maareb Press said participants had been promised 50,000 Yemeni riyals (Dh855), but when this was not paid, began shouting "The people demand the fall of the regime."
Protesters want an end to Mr Saleh's autocratic system, in which his relatives and allies hold key posts. They are also frustrated with rampant corruption and soaring unemployment.
Some 40 per cent of Yemen's 23 million people live on less than $2 a day and a third face chronic hunger.
Earlier today, residents in Ibb, south of Sana'a, said masked men threw a grenade at the headquarters of a leading opposition party. No one was hurt.
The US ambassador, in an interview with a state-backed magazine to be published on Saturday, encouraged protesters to engage in dialogue with the government on Yemen's future.
"Our question is always, if President Saleh leaves, then what do you do on the next day?" Gerald Feierstein asked.
The US fears that Mr Saleh's overthrow might lead to a power vacuum that would be exploited by Islamist militants.
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
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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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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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013