Yemen strike sends 'strong message'



Saudi Arabia's recent military assault on Yemeni rebels is the first time in almost 20 years that the kingdom has put its armed forces into play, a move meant to send a strong signal about the limits of Saudi patience, according to outside observers. "Saudi Arabia has always been politically and militarily timid in projecting its power," said Abdulkhaleq Abdullah, a political scientist at UAE University in Al Ain. "This is the first time [in recent memory] it is doing it - and it is sending a strong message - to show everyone else that it can't be pushed around too much." At the same time, questions are being posed about what the Saudis' long-term objectives are and how they will contain the rebel threat along their porous border with Yemen once the current military operation is halted. The Saudi operation appeared "motivated by a desire to hit back rather than a longer-term and thought-out strategy", Kristian Ulrichsen, a Kuwait research fellow at the London School of Economics, wrote in an e-mail. "I do not think the Saudis would be well advised to get involved in the fighting in Yemen," he wrote. "The country is rapidly becoming a failed state and the basic legitimacy of the - government is being contested both by the Houthi and by the southern secessionists." Gregory Johnsen, a Yemeni expert at Princeton University in the United States, also raised this issue. "For me the big question is how does this end for Saudi Arabia?" Mr Johnsen wrote on his blog, Waq Al Waq. "What happens when al Houthi [rebels] or tribal fighters retaliate by killing more Saudi troops, do the Saudis then retaliate and strike back again at the Houthis this time deeper into Yemen?" The Saudi intervention, Mr Johnsen added, did not appear to be "something that has been well thought out in Saudi Arabia". The Saudis have said they launched their military operation last week in response to "infiltrators" from Yemen who entered the Saudi territory in the area of Jebel al Dukhan, or Smoke Mountain, and attacked a Saudi border patrol, killing one and wounding 11. The mountain is smack on the border, with one side in Yemen and the other in Saudi Arabia. The Saudis used air power and ground forces to dislodge the rebels, claiming success in that on Sunday. They denied entering Yemeni territory. News agencies in the Yemeni capital of Sana'a, however, reported that diplomatic and military sources backed up claims by al Houthi rebels that the Saudi air force had struck at their camps inside Yemen. The Saudis have not officially addressed that claim, though a government adviser told news agencies on Thursday that the Saudi air force had been striking rebel positions since Wednesday. In 1990-91, Saudi Arabia was a major player in the US-led military coalition that ejected Iraqi forces from occupied Kuwait. But it has seen little or no military action since then despite the increasingly volatile conditions that have emerged in this part of the world. The US invasion of Iraq set off a bitter civil war in that country. Afghanistan and Pakistan are beset by terrorist actions in the heart of their major cities. And Iran's belligerent foreign policy towards Saudi Arabia added to the tensions. Now comes Yemen, which is "very critical for security" by virtue of its position as the "backyard" of the Gulf Co-operation Council, Mr Abdullah said. There is growing international and regional concern over Yemen's deteriorating situation. Besides the northern rebellion, the poverty-struck country is facing a secessionist movement in the south, worsening economic conditions, and a newly aggressive branch of al Qa'eda. Mr Ulrichsen noted that the Saudi military operation may end up generating increased GCC support for the Yemeni president, Ali Abdullah Saleh, if it "serves to concentrate the minds of GCC decision-makers on the Yemen issue, which I get the impression they would rather wish away rather than have to tackle". Yemen's problems are so huge that the GCC does not know where to begin to address them and so it opts for "the strategy of attempted containment", trying to keep Yemen's problems inside Yemen, he wrote. This strategy involves moves like Saudi Arabia's announced intention to build a border fence. But given the resurgence of al Qa'eda in the Arabian Peninsula, "Yemen is the number one security issue facing the GCC, not just in the short-term but in the medium- and quite possibly in the long-term as well," Mr Ulrichsen wrote. cmurphy@thenational.ae

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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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

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Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

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Brief scores:

​​​​​​Toss: Pakhtunkhwa Zalmi, chose to field

​Environment Agency: 193-3 (20 ov)
Ikhlaq 76 not out, Khaliya 58, Ahsan 55

Pakhtunkhwa Zalmi: 194-2 (18.3 ov)
Afridi 95 not out, Sajid 55, Rizwan 36 not out

Result: Pakhtunkhwa won by 8 wickets

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Crops that could be introduced to the UAE

1: Quinoa 

2. Bathua 

3. Amaranth 

4. Pearl and finger millet 

5. Sorghum

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Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

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Jawbone Press

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Key features of new policy

Pupils to learn coding and other vocational skills from Grade 6

Exams to test critical thinking and application of knowledge

A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools

Schools to implement online system to encouraging transparency and accountability