SANA'A // Yemen's president Ali Abdullah Saleh yesterday rejected mediation by Gulf states trying to broker an agreement between him and his opponents, but his office said he is still open to negotiations.
With diplomacy stalled, Mr Saleh's security forces killed at least two protesters and wounded hundreds during demonstrations yesterday.
Sadek al Shujaa, head of the field clinic in Taiz, called the confrontation between police and protesters in that city "a massacre".
"This is a massacre and we live in an atmosphere of a war between two countries. We appeal to the police and army to stop killing peaceful protesters," Mr al Shujaa said.
He said at least two protesters was killed and that more than 100 were injured with live ammunition. He also said that more than 400 protesters suffered from gas inhalation. Witnesses said that police snatched protesters suffering from injuries.
In Sana'a, Mr Saleh told thousands of his supporters that he would not accept an exit plan announced by Qatar.
"Our power comes from the power of our great people, not from Qatar, not from anyone else. This is blatant interference in Yemeni affairs," he said.
Qatari Prime Minister Sheikh Hamad bin Jassem Al Thani said on Thursday that members of the Gulf Co-operation Council (GCC) "hope to reach a deal with the Yemeni president to step down".
Under the GCC exit plan, Mr Saleh would hand power over to his deputy in return for guarantees of protection for him and his family.
An opposition leader said the proposal includes the formation of a national unity government led by the opposition.
Abu-Bakr al Qirbi, Yemen's foreign minister in the caretaker government, said late on Thursday that the government was studying the Gulf proposal, and that "any initiative aimed at finding a solution to the crisis in accord with the constitution of the Republic of Yemen is welcome".
Mr Saleh had met on Wednesday with Saudi, Qatari and Omani ambassadors and said he welcomed GCC mediation.
In contrast to Mr Saleh's critical remarks yesterday about the plan, the state Saba news agency quoted an unnamed source at the presidential office saying that he welcomed "the good efforts exerted by the brothers at the GCC, primarily Saudi Arabia, to solve the crisis between Yemeni sides, but he rejects the statement of the Qatari prime minister and foreign minister Hamad bin Jassem Al Thani and considers it an interference in Yemen's affairs which cannot accepted."
The Yemeni opposition, known collectively as the Joint Meeting Parties (JMP), has welcomed the GCC's proposal, but some youth leaders have said it is too lenient on Mr Saleh and his regime.
In Taiz yesterday, at least two protesters were killed and hundreds injured when police fired bullets and tear gas to disperse protesters.
Protesters took to the streets in Taiz for the fourth consecutive day to denounce the violence last week that left at least 15 protesters dead and hundreds wounded.
About 125 people have been killed in protests that have raged across Yemen for more than two months.
The capital Sana'a yesterday featured protests both for and against the regime. The slogan of the anti-government gathering was "Day of Steadfastness", while the pro-government rally was dubbed the "Day of Reconciliation". Anti-regime protesters, including thousands of women, gathered at al Tagheer Square outside Sana'a University. The protesters, who carried Yemeni flags, chanted, "We are steadfast, steadfast ... the people want the regime to fall."
"America: you like Saleh, take him," one banner read, displaying a photograph of Mr Saleh and George W Bush, the former US president.
Judge Hamud al Hitar, the former minister of endowment, said the al Qa'eda presence in Yemen is exaggerated and that some Yemeni officials have used the spectre of extremism to keep support for the regime.
"This is a peaceful revolution which rejects violence, extremism and terrorism. The al Qa'eda presence in Yemen is not more than 10 per cent of what is being reported in the media," said Judge al Hitar.
About 10 other provinces staged large demonstrations yesterday to condemn violence and demand Mr Saleh's departure.
Pro-regime demonstrators assembled in Tahrir Square, chanting slogans in support of Mr Saleh, who has been in power since 1978. "With our souls, with our blood, we sacrifice for Ali Abdullah Saleh," his supporters chanted.
They then marched from Tahrir Square to Sabaeen Square, where Mr Saleh delivered his speech.
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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.”