Hitto can't represent all Syrians



Interim PM Hitto was designated by a small part of the opposition and can't represent all Syrians

The Syrian crisis is the cardinal issue on the agenda of Arab leaders at the Arab Summit that opened yesterday in Doha, especially in view of its humanitarian, political and military impact on Syria and the entire region, wrote the columnist Abdulrahman Al Rashid in the London-based newspaper Asharq Al Awsat.

This time around, it wasn't Bashar Al Assad who filled Syria's seat at the conference, which has been vacant since 2011 when the country's membership in the Arab body was suspended.

The president of the Syrian National Coalition, Moaz Al Khatib, despite his resignation only 48 hours before the summit, walked into the conference hall with a delegation of opposition figures amid applause and took his country's seat.

While the opposition delegation was being celebrated at Doha's lavish hotels, Col Riad Al Assaad, the commander of the rebel Free Syrian Army, lay wounded in an attack that took place in the town of Mayadeen.

"There is no way to compare the eligibility of those who make the change happen on the ground with their own hands while risking their lives every second to those who argue at conferences over cabinet positions," the writer observed.

Last Tuesday, members of the Syrian National Council in Istanbul elected the opposition member Ghassan Hitto to head the new interim government that will be an alternative to the Assad regime. A day before the explosion that targeted Col Al Assaad, the FSA had issued a statement rejecting Mr Hitto on grounds that a prime minister must be approved by all opposition factions and not only by the majority of some factions.

"It is quite strange that the coalition chose a man for the highest administrative position in the state without even bothering to ask for the opinion of those who risk their lives on the ground, such as the FSA and the General Commission of the Revolution," he added.

The problem isn't Mr Hitto himself or his Kurdish origins. It is that no one knows him since he has been living in the US for decades and it would be hard to convince the Syrian people that he is the right man for the job.

Syrian rebels are facing a most brutal and unethical enemy. For two years, they have been paying a heavy price for their uprising. They need a trustworthy figure at the helm, someone who can represent them in the future.

The sad truth is that the opposition coalition doesn't represent all Syrian factions and its own members are divided among themselves. Mr Hitto was the choice of only a part of the coalition. Therefore, his detractors' positions are understandable.

But, in any case, the situation would only get more complicated in Syria unless a consensus is reached.

Egypt needs a miracle to end the crisis

Unless a miracle happens, a clash between the Muslim Brotherhood, its Islamist allies and the majority of the Egyptian people looks inevitable, wrote Emad Eddine Hussein, the editor of the Cairo-based newspaper Al Shorouk.

The confrontation that looms large on the horizon will not be a political one. That was tried over the past months and failed to end the dispute. Now it is going to be a physical violence, the writer noted.

Political parties are turning into militias, sending their supporters to attack demonstrators near the presidential palace and chase after activists and journalists; some political forces are besieging Egypt Media City and the Supreme Constitutional Court; others are backing the Black Bloc to stop public transportation and attack public facilities and offices of Islamist political parties.

The state has disappeared and the police are powerless or unwilling to enforce the law, creating an ideal breeding ground for armed militias.

If this situation continues, it will not be long before wars of words and violent demonstrations develop into a fully-fledged war.

With the absence of law enforcers and weapons entering the country, the polarisation has come to head, with some secularists considering sending Islamists back to prison as the only solution to the crisis.

Arab writers still far from modernism

If a writer approved the reality, he would not write a word; for objection, rebellion and angst are the bedrocks of writing, observed Yusuf Damrah in an article in the UAE-based newspaper Al Emarat Al Youm.

If writing were not about objection, Franz Kafka's character would not have found itself transformed in his bed into a gigantic insect, Samuel Beckett would not have created his protagonist Godot, and Don Quixote would not have carried his spear and set off on his travels, the writer said.

A modernist writer cannot combine modernist concepts and traditional structures.

Modernism is an indivisible whole. It does not stack up, for instance, to be modernist in poetry, and reactionary at home or with people, he wrote.

What is happening in the Arab world reflects schizophrenia in the Arab personality, including many writers. Arab culture wants to use the material feats of the West without getting rid of the conservative way of thinking.

The Arab modernist project has constantly collided with this duality in the Arab character; traditional contents with modernist forms in literature; people talking big about democracy and freedom with complete involvement in traditional projects, the writer concluded.

* Digest compiled by The Translation Desk

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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

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The flights

Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.

The car

Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.

Parks and accommodation

For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.

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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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