Yemen rebels target Mokha port with bomb boat



Yemen's Houthi rebels attacked the Red Sea port of Mokha with a remote-controlled boat packed with explosives on Saturday.

The Saudi-led coalition backing Yemen's government said the boat detonated at dawn after colliding with a pier near a group of ships but caused no casualties or substantial damage.

The attack comes a little over a month after the Iran-backed rebels fired a missile at an Emirati ship carrying medical aid as it was leaving Mokha, injuring a crew member.

"In carrying out such criminal acts, the rebels are disrupting the flow of humanitarian aid to Yemen, in particular medicines used to fight the rampant cholera epidemic," the coalition said in a statement published by the official Saudi news agency SPA.

The rebels said Saturday's attack was targeting an Emirati military ship arriving from Eritrea's Assab port.

Mokha has been held by pro-government forces since being retaken in February. It lies north of the Bab Al Mandeb strait connecting the Red Sea to the Indian Ocean, a key waterway for international trade.

The port was the first to be reacaptured after pro-government forces backed by the coalition launched an operation to retake Yemen's Red Sea coast from the rebels. The key port of Hodeidah further north is still held by the Houthis.

Also on Saturday, Yemeni officials said that pro-government forces took full control of a key military base known as Khalid Ibn Al Walid, near Yemen's west coast.

The fighting to retake the base from the Houthis, who controlled it for more than two years, has killed dozens on both sides.

Later on Saturday, other officials said that 13 members of the government forces and five Houthis were killed when rebels attacked a military site south of the city of Taez, on the south-west coast.

The rebels control northern Yemen and seized the capital Sanaa in September 2014, supported by members of the security forces loyal to former president Ali Abdullah Saleh.

The Saudi-led coalition, in which the UAE is playing a leading role, intervened in the Yemen conflict in March 2015 to support the internationally recognised government of president Abdrabu Mansur Hadi.

The rebels have carried out a number of maritime attacks since last year, including on US and Saudi warships. In October an Emirati ship used to transport aid and injured Yemenis was hit by what crew members said was a missile before rebels opened fire on the vessel in the Bab Al Mandeb strait. Several of the crew were injured but there were no fatalities.

With reporting from Associated Press

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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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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5