Marib: a former Al Qaeda bastion turned booming city

The clang and thump of jackhammers and excavators fills the streets of Marib, an oil-rich Yemeni boomtown once accustomed to the sounds of conflict, now an oasis of stability in a country embroiled in a civil war.

Yemen is convulsed by the world's worst humanitarian crisis, with rampant disease, famine and a ruinous war pitting supporters of president Abdrabu Mansur Hadi against Iran-aligned Houthi rebels.

But the fall of Yemen has coincided with the rise of Marib, once seen as an Al Qaeda bastion, which has been spared much of the misery owing to its oil and gas reserves, proximity to Saudi Arabia and rare tribal cohesion that has helped repel Houthi incursions.

"We have managed to push the war far away from Marib," said provincial governor Sultan Al Arada. "Marib is untouchable."

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The border city is now Yemen's most thriving industrial hub, thanks in part to an influx of hundreds of thousands of internally displaced people, among them entrepreneurs, doctors and Yemen's elite that is driving up investments and real estate prices.

Hundreds of new businesses have come up, ranging from eateries to water bottling plants.

Jobs in Marib offer salaries, a novelty to legions of employed youths in a country with chronic joblessness.

"The spectacular rise of Marib has come not despite the conflict, but because of it," Farea Al Muslimi, a Yemen expert at Chatham House think tank based in London.

"Marib has gained from the chaos surrounding it."

Its university is expanding and businessmen who once fled the war are slowly returning.

That includes Obaid Zubaiyen, head of a family-run trade and construction enterprise with interests across the Arabian Gulf, who fled Yemen in 2011 amid increasing turmoil.

"The family is back because Marib means opportunity," said Misbah Ohag, a group manager, showing a blueprint of a planned multimillion dollar project of villas, apartments and malls.

Governor Arada plans an international airport and aims to make Marib, home to temple ruins from the ancient Sabaean kingdom, a magnet for tourists.

But some scars of the war rumbling on outside Marib are still visible inside the province.

At a rehabilitation centre for child soldiers, drawings sketched by the youngsters are telling.

One showed a grenade, a tank, a helicopter gunship and crimson splashes of blood.

"They blew up my school," read the caption.

Houthi rebels have planted thousands of landmines around Marib and the mangled wreckage of cars litter its mountainous border.

"So many dead and limbless people," said Mohammed Abdo Al Qubati, head of Marib general hospital, home to Yemen's only functional prosthetic limbs centre in government territory.

"It's like we are waiting for the remaining people to die."

Marib, with an original population of about 350,000, is reeling under the weight of what officials say are 1.5 million displaced people from across Yemen, putting a strain on resources.

In a decrepit camp on its outskirts, dozens of people from a tribe called Jaham tugged at the sleeves of Saudi aid officials, imploring them for more relief supplies.

"This is the kind of life you wish upon your enemy. We used to live in palaces, now we live in tents," said a tribesman from nearby Sirwah district, which was overrun by the Houthis.

"No, no," interjected another tribesman. "This is not even a tent; this is wood covered with a flimsy blanket."

Houthi rebels besieged Marib for months in 2015 after they captured the capital Sanaa but they were pushed back in fierce clashes with local tribesmen aided by the Saudi-led coalition of which the UAE is a member.

Arada, one of the region's most influential tribal leaders, rallied fellow elders to pledge loyalty to the Hadi government — even those who traditionally supported the Houthis.

The US, behind regular drone strikes in the territory to combat Al Qaeda, has imposed sanctions on Mr Arada's brother, accusing him of supporting the group, a charge the governor vehemently denies.

Marib faces the constant threat of Houthi rockets, hundreds of which have been launched towards the city.

A missile strike killed six children last year during Eid festivities, Mr Arada said.

Paying a heavy price for the conflict are thousands of divided families in Yemen, split between Houthi and government territory.

"We go through checkpoint, checkpoint, checkpoint," said Amina Al Ayashi, 55, describing a circuitous route to Sanaa, where her journalist son Taufiq is in a Houthi jail as the rebels crack down on the media.

"It feels like a whole lifetime. They humiliatingly search us. We bring clothes, bread, vegetables. They refuse," she trailed off.

Morsal Haidara, an English professor at Marib University, which restarted in 2016 after being shut down during months of fighting, draws parallels with Shakespeare's Hamlet, comparing the rebels to the character King Claudius who seized the throne by poisoning his own brother.

"What's happening in Yemen is a tragedy," he said.

UAE currency: the story behind the money in your pockets

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.”

10 tips for entry-level job seekers

Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.

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WRESTLING HIGHLIGHTS

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