President Joe Biden said the US would end support for the Saudi-led military coalition in Yemen fighting the Iran-backed Houthi rebels,
In a speech at the State Department on Thursday, his first on foreign policy, Mr Biden said: "America is back. Diplomacy is back."
National Security Adviser Jake Sullivan spoke earlier at the daily White House briefing before the president met professionals from the foreign and civil service at the State Department.
"We have spoken with senior officials in the UAE and senior officials in Saudi Arabia," Mr Sullivan said.
"We have consulted with them. We are pursuing a policy of no surprises when it comes to these types of actions.
“They understand what is happening and they understand our reasoning and rationale for it.”
It was Mr Biden's first trip to a government agency since taking office.
“He wants to send a clear message that our national security strategy will lead with diplomacy,” Mr Sullivan said, calling State Department employees “the tip of the diplomatic spear”.
The Houthi rebels have controlled much of northern Yemen and the capital Sanaa since 2014, when they drove out the government.
In 2015, the Saudi-led coalition intervened in the conflict, after a request from the government of President Abdrabu Mansur Hadi.
“This war has to end,” Mr Biden said in his address to State Department employees. “We’re ending all American support for offensive operations in the war in Yemen, including relevant arms sales.
“At the same time, Saudi Arabia faces missile attacks, UAV strikes and other threats from Iranian-supplied forces in multiple countries.
"We’re going to continue to help Saudi Arabia defend its sovereignty and its territorial integrity and its people.”
The president asked his Middle East team to "ensure our support for the UN-led initiative to impose a ceasefire, open humanitarian channels and restore long-dormant humanitarian peace talks".
“We’re also stepping up our diplomacy to end the war in Yemen.”
Senior US diplomat and former deputy assistant secretary for Gulf affairs Tim Lenderking will be appointed the US envoy to Yemen, sources told The National on Thursday.
"Tim's diplomacy will be bolstered by USAID working to ensure that humanitarian aid is reaching the Yemeni people who are suffering unendurable devastation," Mr Biden said.
The UAE Minister of State, Dr Anwar Gargash, congratulated Mr Linderking on Twitter.
"Tim's expertise and US engagement will bring new and needed energy and focus to help resolve the conflict and improve stability across the region," Dr Gargash said.
Mr Biden was vice president when the Obama administration backed the Saudi-led intervention in Yemen in 2015, mainly through mid-air refuelling services and intelligence support.
The Trump administration ended the refuelling support in 2018 amid a congressional backlash. But the US continued sharing intelligence with the coalition.
Also during his speech, Mr Biden reaffirmed the need to counter China.
"American leadership must meet this new moment of advancing authoritarianism, including the growing determination of China to rival the United States and the determination of Russia to damage our democracy," he said.
"Leading with diplomacy means standing shoulder to shoulder with our allies. The days of the United States rolling over in the face of Russia's aggressive actions and meddling are over."
He pledged to "impose consequences" on those responsible for what the US regards as a military coup in Myanmar.
“The Burmese military should relinquish the power they have seized, release the activists and officials they have detained, lift the restrictions on telecommunications and refrain from violence,” Mr Biden said.
MIssing from Mr Biden's speech were the Iran nuclear programme, North Korea, Venezuela, Libya and Syria.
Also absent were the wars in Afghanistan and Iraq, and the Palestinian-Israeli conflict.
More from Neighbourhood Watch:
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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 biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
more from Janine di Giovanni
Zayed Sustainability Prize
Turkish Ladies
Various artists, Sony Music Turkey
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Jurassic%20Park
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESteven%20Spielberg%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sam%20Neill%2C%20Jeff%20Goldblum%20and%20Richard%20Attenborough%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Abu Dhabi Sustainability Week
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
