A Yemeni fighter loyal to the president stands next to an army pickup truck as it lies in a hole on the road leading to Khaled Ibn Al Walid on April 15, 2017. AFP / Saleh Al Obeidi
A Yemeni fighter loyal to the president stands next to an army pickup truck as it lies in a hole on the road leading to Khaled Ibn Al Walid on April 15, 2017. AFP / Saleh Al Obeidi

Clashes near Yemen's Mokha kill more than 40 troops, rebels



More than 40 troops and rebels have been killed in several days of clashes between Yemen's Saudi-backed army and insurgents allied with Iran near the Red Sea port of Mokha, officials said on Sunday.

Fighting has intensified around the Khaled Ibn Al Walid military base east of Mokha since government forces backed by a Saudi-led coalition seized it from the Houthi rebels last week.

Sixteen Houthis and seven soldiers were killed in overnight clashes and air raids outside Mokha, according to military officials and witnesses at hospitals in the area.

Twenty Yemeni soldiers were also killed in a rebel strike on the Khaled base in Taiz province, around 40 kilometres east of Mokha, on Thursday, a military official there said.

The port of Mokha on the Red Sea, a key waterway for international trade and imports, is under army control.

The Saudi-led coalition, which includes the UAE, on Saturday said the Houthis had attacked the port with a remote-controlled boat carrying explosives.

No casualties were reported in the attack, which the Shiite rebels claimed hit a battleship from the UAE.

The coalition also said a ballistic missile fired by the Houthis was shot down on Thursday near Mecca in Saudi Arabia, the site of the annual Muslim Hajj pilgrimage that falls next month.

Backed by the coalition, the government of president Abedrabbo Mansour Hadi has battled the Houthi rebels for control of the impoverished country for two years.

More than 8,000 people have been killed and millions displaced in the conflict, which has pushed the country to the brink of famine.

A cholera outbreak has also claimed the lives of more than 1,800 people since April, with 400,000 suspected cases across the country, according to the UN and the International Committee of the Red Cross.

The UN last week warned 80 per cent of Yemen's children were in desperate need of aid in what the organisation has described as the "largest humanitarian crisis in the world".

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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

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.”

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 

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Fireball

Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.

A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.

"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.

Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.

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