'Drone' strikes kill 20 Qaeda suspects in Yemen



SANAA // Overnight drone strikes killed at least 20 suspected Al Qaeda in Yemen, where Washington has conducted a sustained drone war against militant leaders, tribal sources and witnesses said on Tuesday.

The twin raids targeted Al Qaeda positions near Rada, a central town that has been the focus of deadly fighting between the Islamist militants and advancing Shiite rebels, the sources said.

The United States is the only country operating drones over Yemen, but American officials rarely confirm individual strikes.

Washington regards Al Qaeda’s Yemen branch as its most dangerous and there has been no let-up in the drone war even as the Islamists battle the Shiite rebels alongside Sunni tribes.

The rebels, known as Houthis from the name of their leading family, overran the capital Sanaa in September and have since advanced south from the mainly Shiite northern highlands into Sunni majority areas.

The Rada area is confessionally mixed and has seen deadly clashes in recent weeks.

Armed tribesmen killed 22 rebels in a series of attacks in the area late on Monday, tribal sources said.

The attacks came as a four-day ultimatum expired for the rebels to withdraw, one tribal source said.

The rebels captured several areas around Rada late last month after a suspected US drone strike and raids by the Yemeni air force killed dozens of Al Qaeda militants and their Sunni tribal allies.

The Houthis have seized on chronic instability in Yemen since the 2012 ouster of veteran strongman Ali Abdullah Saleh to take control of large parts of the country.

The fighting has raised fears that Yemen may collapse into a failed state.

The rebels took the Red Sea port of Hudeida last month and the army deployed hundreds of allied militiamen in the southern city of Aden on Tuesday to thwart any move by either the rebels or Al Qaeda to seize the country’s most important port and oil refining centre.

“We came to Aden to protect security and military institutions as well as vital installations, in coordination with the leadership of the fourth military region,” said militia commander Abdullatif Al Sayed.

“We will confront any armed group attempting to undermine security and stability in Aden, whether the Houthis or Al Qaeda,” he added.

Sayed was speaking after talks with General Mahmoud Al Subaihi, commander of the fourth military region, which includes Yemen’s third-largest city Taez, as well as second city Aden.

The Shiite rebels did not enter mainly Sunni Taez after a deal was reached between the provincial authorities and rebel representatives to avoid any fighting in the city of nearly 500,000 people.

* Agence France-Press

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Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

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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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The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”