Special Yemeni forces have driven Al Qaeda from most of its strongholds in southern Yemen and killed or captured dozens of its leaders, but the terrorist group still poses a threat through sleeper cells, local commanders say.
This week, an attack by Al Qaeda militants killed five soldiers of the Security Belt forces and injured four others at a checkpoint in Ahwar district of Abyan.
The UAE-trained and supported Security Belt and elite forces have since 2016 been battling Al Qaeda and ISIL in Abyan, Shabwa and Hadramawt provinces in southern Yemen.
A Security Belt commander in Abyan told The National that its forces had paid a high price in the battle against Al Qaeda as well as ISIS, which took advantage of the continuing civil war to establish itself in Yemen. Dozens of soldiers were killed in military operations and Al Qaeda sleeper cells continued to stage ambushes, said the commander, who asked not to be named.
“The Security Belt forces along with the elite forces in Shabwa and Hadramawt have scored big victories against terrorist groups in the southern provinces, which have long been havens for Al Qaeda and ISIL,” said AbdulAziz Badas, a journalist in Abyan who works for the Security Belt.
"In a year and half the Security Belt forces were able to drive Al Qaeda and ISIL out of Abyan, which was considered the main stronghold for them over the past 10 years. Military operations by the Yemeni army under former president Ali Abdullah Saleh failed to drive Al Qaeda out," Mr Badas said.
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"The situation in our province before the Security Belt force drove the terrorist groups out was very horrible,” said Naser Al Salahi, a leader in the public resistance militia in Abyan. “The city was turned into a city of ghosts. Al Qaeda and ISIL spread horror and blood everywhere, moving freely."
Mr Badas said the Security Belt forces began fighting the extremist groups in Abyan, Aden and Lahej provinces in April 2016 and had killed more than 200 militants and arrested more than 500, some of them considered serious threats not just in Yemen, but in the Arabian Peninsula.
In Abyan, the force has launched several campaigns against both militant groups since August last year, the local commander told The National.
“We liberated Zinjibar district, Khabr Al Maraqisha area, and villages in Mowgan area near the Ahwar district where Al Qaeda killed the five soldiers on Wednesday,” he said. “We scored big victories against Al Qaeda and ISIL in Al Mahfed district, which is considered the main stronghold of Al Qaeda because it borders Shabwa province, and we cleared pockets of Al Qaeda in the mountains of Al Wadhe'a district where our forces killed two top leaders - Hassan Basaria and Murad Doubali," the commander said
Security Belt forces had killed or captured more than 20 top Al Qaeda leaders, including Khaled Abdunabi, who was wanted by the US and surrendered, and his brother Ahmed, who was killed, he said.
In neighbouring Shabwa province, the battle against the extremists is being carried out by the elite forces formed last year by the UAE. Their commander, Col Mohammed Salem Al Buhar, told The National his forces had driven Al Qaeda from hideouts in Azzan district, Mayfa'ah, Habban and along the international coastal road crossing Harad and Al Aber and linking Yemen to Saudi Arabia.
"We led and we still lead battles with Al Qaeda and Daesh, terrorist organisations that have been trying to turn the oil-rich province of Shabwa into an Islamic state," Colonel Al Buhar said.
Besides securing former extremist strongholds, the elite forces have killed dangerous Al Qaeda leaders such as Basel Al Merwah, Mohammed Ali Al Ghoulaisy and AbdulKareem Sabeih, while dozens of fighters had been killed or arrested since August last year, Col Al Buhar said.
"We have been countering terrorism on behalf of the region and the world as well," Colonel Al Buhar said. "We don't receive support from any side, even the Yemeni government. All our budget and our weapons and our infrastructure are from the UAE."
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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.”
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
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
