Aden is the base of the internationally recognised government of Yemen Reuters
Aden is the base of the internationally recognised government of Yemen Reuters

UAE to donate $230 million to Yemen ahead of UN donor conference



The UAE is set to announce a boost of $230 million in the assistance it provides to Yemen ahead of a pledging conference to be hosted by Switzerland and Sweden on Monday.

The United Nations Pledging Conference will hear that the funds will be in addition to ongoing bilateral UAE assistance efforts in the country.

The donation is designed to underwrite international programmes that meet the medical, nutritional, and food security needs of the conflict-torn country. The UAE will work to ensure the funding is directed in support of the UN Humanitarian Response Plan.

“Over the course of the pandemic, the UAE has sent 122 tons of medical supplies to Yemen to boost the efforts of some 122,000 healthcare workers to contain Covid-19, as well as provided health-enhancing food and supplements through the World Food Programme, and support to other sectors such as education, health, and water,” said Reem Al Hashimy, the minister of state for International Cooperation.

UAE officials are conducting an ongoing review of the humanitarian situation in Yemen in co-ordination with international organisations. The review has put a priority on targeting improvements in indicators of health, food security, and malnutrition. This latest commitment will meet the food needs of six million Yemenis, including one million children, in response to the food security risks observed in some areas of Yemen.

“The UAE also acknowledges recent international efforts to ensure that critical aid is not obstructed from reaching the most vulnerable groups in society, specifically women and children,” she said. “We look forward to working with humanitarian actors on the ground, from both the UN as well as the INGO community, to ensure that aid is delivered to those that are in most need.”

The UAE ended its military engagement in Yemen in 2019 but has continued to support a comprehensive political solution and the efforts of the UN Special Envoy to Yemen, Martin Griffiths.

“While this contribution comes at a critical moment for Yemen, it cannot replace broader efforts to achieve a political solution for the benefit of the Yemeni people, who have for too long suffered the impact of the worsening humanitarian situation. The international

community must come together to intensify efforts to bring about a sustainable solution for Yemen.”

The Riyadh agreement between the internationally-recognised government of Yemen and local political forces is a step towards a political solution to the impasse since the Houthi militia carried out a coup in 2014.

Almost all Yemenis depend on food imports, most of which come through one of the country’s main seaports in Hodeidah, which is under Houthi control.

The last available figures for UAE international aid spending showed a Dh28 billion ($7.62bn) budget and Yemen was the nation that received the most support. The Ministry of Foreign Affairs and International Cooperation revealed that the amount of aid donated by the UAE was above UN targets for the sixth consecutive year.

The UN has set a target of 0.7 per cent of gross national income (GNI) from donor countries. The Dh28bn figure amounts to 0.93 per cent of the UAE’s GNI of 2018.

In the past six years the UAE has provided more than $6 billion in assistance to Yemen, mainly on supporting efforts to alleviate the humanitarian situation. Donations have gone to the provision of public services to ensure education in schools, medical programs, and vital services such as energy and transportation.

The UAE has also been one of the largest international contributors to Yemen’s Covid-19 response.

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

COMPANY%20PROFILE%20
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Apple's%20Lockdown%20Mode%20at%20a%20glance
%3Cp%3EAt%20launch%2C%20Lockdown%20Mode%20will%20include%20the%20following%20protections%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMessages%3A%3C%2Fstrong%3E%20Most%20attachment%20types%20other%20than%20images%20are%20blocked.%20Some%20features%2C%20like%20link%20previews%2C%20are%20disabled%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWeb%20browsing%3A%3C%2Fstrong%3E%20Certain%20complex%20web%20technologies%2C%20like%20just-in-time%20JavaScript%20compilation%2C%20are%20disabled%20unless%20the%20user%20excludes%20a%20trusted%20site%20from%20Lockdown%20Mode%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApple%20services%3A%20%3C%2Fstrong%3EIncoming%20invitations%20and%20service%20requests%2C%20including%20FaceTime%20calls%2C%20are%20blocked%20if%20the%20user%20has%20not%20previously%20sent%20the%20initiator%20a%20call%20or%20request%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wired%20connections%20with%20a%20computer%20or%20accessory%20are%20blocked%20when%20an%20iPhone%20is%20locked%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConfigurations%3A%3C%2Fstrong%3E%20Configuration%20profiles%20cannot%20be%20installed%2C%20and%20the%20device%20cannot%20enroll%20into%20mobile%20device%20management%20while%20Lockdown%20Mode%20is%20on%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
AT%20A%20GLANCE
%3Cp%3E%3Cstrong%3EWindfall%3C%2Fstrong%3E%0D%3Cbr%3EAn%20%E2%80%9Cenergy%20profits%20levy%E2%80%9D%20to%20raise%20around%20%C2%A35bn%20in%20a%20year.%20The%20temporary%20one-off%20tax%20will%20hit%20oil%20and%20gas%20firms%20by%2025%20per%20cent%20on%20extraordinary%20profits.%20An%2080%20per%20cent%20investment%20allowance%20should%20calm%20Conservative%20nerves%20that%20the%20move%20will%20dent%20North%20Sea%20firms%E2%80%99%20investment%20to%20save%20them%2091p%20for%20every%20%C2%A31%20they%20spend.%0D%3Cbr%3E%3Cstrong%3EA%20universal%20grant%3C%2Fstrong%3E%0D%3Cbr%3EEnergy%20bills%20discount%2C%20which%20was%20effectively%20a%20%C2%A3200%20loan%2C%20has%20doubled%20to%20a%20%C2%A3400%20discount%20on%20bills%20for%20all%20households%20from%20October%20that%20will%20not%20need%20to%20be%20paid%20back.%0D%3Cbr%3E%3Cstrong%3ETargeted%20measures%3C%2Fstrong%3E%0D%3Cbr%3EMore%20than%20eight%20million%20of%20the%20lowest%20income%20households%20will%20receive%20a%20%C2%A3650%20one-off%20payment.%20It%20will%20apply%20to%20households%20on%20Universal%20Credit%2C%20Tax%20Credits%2C%20Pension%20Credit%20and%20legacy%20benefits.%0D%3Cbr%3ESeparate%20one-off%20payments%20of%20%C2%A3300%20will%20go%20to%20pensioners%20and%20%C2%A3150%20for%20those%20receiving%20disability%20benefits.%3C%2Fp%3E%0A
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Company%20Profile
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SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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.”

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now

Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House

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The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

Company%20Profile
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The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now