Yemeni forces arrest 11 al Qa'eda suspects



Yemeni security forces arrested 11 men in the capital Sa'naa on suspicion of plotting attacks for al Qa'eda, killing one man during the operation, a security source said today. "The 11 men are currently under interrogation. They were planning to assassinate security officials and target interests in Sa'naa," the source said, without specifying what interests the 11 were suspected of targeting.

The source added that the raid took place in a residential area of the capital. Al Qa'eda militants have previously targeted Western embassies in the city. The man killed in the raid, who was the father of one of the suspects, opened fire on security forces, wounding one of them, before being shot dead, the defence ministry's 26sep.net news website said. One of the suspects also tried to resist but "all members of the cell were arrested," it added.

However, Yemeni human rights group Hood said that, according to the deceased man's family, he did not fire at security forces during the raid. The organisation identified him as retired police colonel Ahmed Azzam, 75. Yemen began an intensified campaign against al Qa'eda in late December as international pressure mounted after a failed attempt to blow up a US airliner on December 25 was claimed by the militant network's Arabian Peninsula arm.

Security forces arrested three suspected members of al Qa'eda on February 17 in Marib province, east of the capital, 26sep.net reported. On January 16, Yemen announced the arrest of three suspected al Qa'eda militants. The previous day, an air strike killed six al Qa'eda leaders, including the group's top commander in Yemen, Qassem al Rimi, officials said. And two days before that, a Yemeni official said security forces killed Abdullah Mehdar, an al Qa'eda leader in Shabwa province in the east.

The US central command chief general, David Petraeus, has said that Yemen is the one part of the Middle East where al Qa'eda remains a growing threat. "Our assessment is that over the course of the last year or so, al Qa'eda has been diminished in that area," Petraeus, said referring to his zone of command stretching from east Africa through the Middle East to Pakistan and Kazakhstan. "Saudi Arabia and the other peninsula countries have continued to make gains with the obvious exception of Yemen," Mr Petraeus told NBC television's "Meet the Press" programme.

The United States has reportedly supplied Yemen with intelligence and other support in its operations against al Qa'eda. In January, a group of Yemeni clerics called for a jihad, or a holy war, if the US undertook direct military intervention. "If any party insists on aggression, or invades the country, then according to Islam, jihad becomes obligatory," the clerics said. US President Barack Obama has said he has "no intention" of sending in troops.

* AFP

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Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

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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