Saleh tells Yemen protesters he will only go 'through ballot box defeat'



SANAA// Amid increasing street protests across the country demanding his departure, Ali Abdullah Saleh, the president of Yemen, attacked the demands of demonstrators yesterday and said he would quit only through a ballot box defeat.

"We have offered reforms based on the opposition request but their demands have increased their demands and some of which are illegal. If they want me to quit, I will only leave through the ballot box," Mr Saleh told reporters at a news conference yesterday in Sanaa.

Mr Saleh who has been in power for 32 years, said protests in Yemen are not new and that they are a "sign of democracy and multiparty system".

He called on the opposition for dialogue but he said he would not accept that the US or European embassies supervise the talks as a guarantee of success. He said protesters cannot achieve their goals through "anarchy and killing".

"Our reference is the Yemeni people only," he said.

Violence has marked several days of anti-Saleh street protests. One protester was killed and four others wounded yesterday in the port city of Aden. According to local sources and eyewitnesses, police opened fire at young protesters who were hurling stones at their military patrol in the city's Khormaksar district.

Yesterday's incident raises the death toll of violent protests to 12 in four days, though the interior ministry said on its website yesterday that only four people were killed. Mr Saleh said yesterday that security forces have been told to open fire only in cases of self-defence.

During the past days, pro-democracy protesters, mainly in Sanaa, were attacked by the government supporters armed with batons, daggers and pistols. Dozens of protesters were reportedly wounded in such attacks.

The European Union said it "strongly condemns the use of violence against peaceful protesters and calls for the Yemeni authorities to immediately halt attacks by security forces and armed pro-government groups on peaceful protesters and journalists and avoid any escalation", the EU said in a statement issued late on Sunday.

Mr Saleh said on February 2 that he would not seek to extend his term when it expires in 2013 and that his son wouldn't succeed him as president. On Sunday, he offered to open talks with the opposition and said the government is willing to listen to "legitimate" demands, but the opposition rejected the call and said it will not hold talks as long as security forces are attacking protesters.

Thousands of Yemenis went to the streets yesterday after the Joint Meeting Parties, an opposition coalition of six parties, called on Sunday for its supporters to join the young protesters who have been demonstrating in some cities for the last 12 days, demanding the ouster of Mr Saleh.

In Sanaa, thousands gathered at what they now call "Change Square" in front of Sanaa University campus and were joined by opposition MPs. Hundreds set up their tents and spent their night at the site.

After days of harassment by the government supporters, the protest yesterday went smoothly without any reported clashes. The protesters set up their own checkpoints and started searching people coming into the location where loud speakers broadcasting national songs and anti-government slogans were heard from a distance. Large posters demanding that Mr Saleh leave were densely posted at the site. The protesters chanted: "The people want to overthrow the regime. Hey Ali,leave, leave, without your departure, there is no solution."

"We will not leave this site till the president and his corrupt regime go. The president speaks about the ballot box while we know that the box is dirtier than the rubbish bin and election is always rigged," said Raid Ali Salem, a 27-year protester as he wrapped his head with a red piece of cloth on which the word "leave" has been written.

The protesters seemed in high spirits. On their shoulders, dozens of people carried a man, with a red card in his hand, as the protesters shouted: "Red card to Ali."

Anti-regime protests also spread to the north of the country, with tens of thousands of Shiite Houthi rebels demonstrating yesterday in Saada to demand the departure of Mr Saleh. The call for demonstrations in the stronghold of the Zaidi Shiite rebels, who have been fighting a sporadic war against the government, was made by Abdulmalik al Houthi, the group leader, and the opposition. Saada is the stronghold of the rebels, who from 2004 fought six wars with Mr Saleh's government before signing a peace treaty in 2010.

Thousands also protested in Taiz, Hodiedah and Lahj provinces.

Meanwhile, the Yemeni clerics association banned yesterday the use of force on peaceful protests and called for an immediate national dialogue and a unity government. The clerics, led by Sheikh Abdulmajeed al Zindani, a prominent religious hardliner accused by the US of financing terrorism, said in a statement that "any act of beating or killing of protestors is an deliberate crime" called for a ban on arbitrary arrest and torture. They also said that pro-government rallies should be held away from protest demonstrations to avoid the deadly clashes of recent days.

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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.”