Syrian Air has operated the first international commercial flight from Damascus International Airport since December 8, bound for Sharjah. AFP
Syrian Air has operated the first international commercial flight from Damascus International Airport since December 8, bound for Sharjah. AFP

International flights resume from Syria's Damascus airport



International flights resumed from Syria’s main airport in Damascus on Tuesday for the first time since rebels toppled president Bashar Al Assad last month.

A Syrian Airlines flight with 145 passengers left the capital at about 11.45am local time for Sharjah airport in the UAE, the first international commercial flight from Damascus since December 8, the official Sana news agency reported.

On December 18, a test flight that took off from Damascus landed in the northern city of Aleppo, marking the first journey by air in the country since the fall of the Assad regime. International aid planes and foreign diplomatic delegations have already been landing in Syria and domestic flights have also resumed.

Qatar Airways last week announced it would be resuming its route to the Syrian capital after nearly 13 years. A statement from the national airline based in Doha said it was "pleased to announce the resumption of three weekly flights to Damascus, Syria, from January 7, 2025”.

It hailed a “significant step in reconnecting the region”, almost a month after rebels led by Hayat Tahrir Al Sham toppled Syria's long-time ruler, ending more than a decade of civil war.

“Qatar Airways is working closely with relevant authorities to ensure that all necessary safety, security and operational standards are met ahead of the relaunch,” the airline said.

Qatar was the second country, after Turkey, to reopen its embassy in Damascus after the overthrow of the Assad regime.

Doha was one of the main backers of the armed rebellion that erupted after Mr Al Assad's government crushed a peaceful uprising in 2011. Unlike several of its neighbours, Qatar remained a stern critic of Mr Al Assad and did not renew ties with Syria despite its return to the Arab diplomatic fold last year.

If you go
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.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

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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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

Director: Paul Weitz
Stars: Kevin Hart
3/5 stars

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Updated: January 07, 2025, 10:14 AM