An explosion on the MV Tutor in the Red Sea in June. The Houthis have warned of more attacks on ships linked to Israel. Reuters
An explosion on the MV Tutor in the Red Sea in June. The Houthis have warned of more attacks on ships linked to Israel. Reuters

Yemen's Houthi rebels and Iraqi militias vow more attacks on Israel despite Lebanon ceasefire



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Yemen's Houthi rebels and pro-Iran militias in Iraq on Thursday vowed to carry out more attacks against Israel in support of the Palestinian people, a day after a ceasefire between Israel and Hezbollah came into effect.

The Houthis have been targeting ships in the Red Sea and Gulf of Aden since November 2023 in attacks they say are in solidarity with Palestinians in Gaza. The raids have posed a significant international security challenge as they have disrupted major shipping lanes. The group has also targeted Israel with drones.

"It is important to build on what was achieved on the Lebanese front and move towards further escalation, particularly from Iraq and Yemen," the leader of the Iran-backed Houthis, Abdul-Malik Al Houthi, said in a speech.

"The operations from the Yemeni front to support the Palestinian people with missiles and drones towards the Israeli enemy are continuing. This week there were bombing operations that targeted Ashqelon, the Israeli airbase of Nevatim in Negev and the city of Eilat."

The Houthi leader praised the actions of Hezbollah in Lebanon, saying the group had inflicted huge losses on Israel during the war. The Yemeni group had on Wednesday welcomed the Lebanon ceasefire, calling the deal a "victory" for its Iran-backed ally.

"We salute the great steadfastness of Hezbollah and the dear Lebanese people in the face of the brutal Israeli aggression," Mohammed Abdul Salam, spokesman for the Houthis, posted on X. "Thanks to this steadfastness ... Lebanon was able to achieve a new victory.

Mr Al Houthi added: "The Iraqi front is powerful and has capabilities that enable it to be more active and the Israeli enemy fear it."

The Islamic Resistance in Iraq is among pro-Iran groups drawn into more than a year of war in Gaza and Lebanon. Two of the Shiite armed factions also vowed to carry out more attacks on Israel.

“Our operations will continue until the war in Gaza comes to an end,” Mohammed Al Tamimi, the leader of the True Promise Corps, told The National. “Our messages to the Iraqi government and the international community are clear; the Islamic Resistance in Iraq will continue its jihadist operations through drones and missiles until the war against the Palestinian people is stopped.”

On Wednesday, Kataib Hezbollah, one of the most influential armed groups within the umbrella, played down the significance of the Lebanon ceasefire, saying it would not weaken the unified stance of Hezbollah's allies.

“The pause taken by one side of the resistance axis will not affect the unity of the fronts. Instead, new parties will join to strengthen the sacred battlefield in confronting the enemies of Allah, His Messenger, and the believers,” it said in a statement.

“We reaffirm our steadfast stance on the Palestinian cause, which remains a core issue for which precious blood has been shed, as was the case in Lebanon and among the forces of the axis."

Mr Al Tamimi said all groups within the Islamic Resistance in Iraq agreed on this stance.

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Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

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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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Updated: November 29, 2024, 8:32 AM