The Syrian conflict has taken a devilish turn recently and has left Syria’s president Bashar Al Assad with a few more aces to play. Salah Malkawi / Getty Images
The Syrian conflict has taken a devilish turn recently and has left Syria’s president Bashar Al Assad with a few more aces to play. Salah Malkawi / Getty Images

Assad is the winner in Ankara’s airbase agreement with the US



The Kurds often joke about Baghdad being supplied with the latest American arms, which end up in the hands of militias, which are then used against the fearless Kurdish fighters who are equipped with 30-year-old Kalashnikovs, whom Washington refuses to arm.

It’s a joke that might no longer raise so much as a wry smile among these formidable fighters, especially as America has recently begun what they see as a marriage of convenience with Turkey.

But, has the recent move by the US to work with Turkey on building a no-fly zone of sorts been part of a deal that sold the Kurds out? Can it really be possible that Washington has bargained that the Kurds are expendable?

The visit of Kurdish leader Masoud Barzani to Washington in May ended without any resolution. He had asked Barack Obama for arms and for his blessing for an independence plan, but returned to Erbil empty-handed.

Yet it is in Syria where this anti-ISIL agreement with Turkey will be felt. The Syrian conflict has taken a devilish turn recently and has left Syria’s president Bashar Al Assad with a few more aces to play. Just weeks earlier, pundits in Washington and the Middle East were wondering if the Americans had carefully crafted a deal with Iran and Russia that would soon remove Mr Al Assad from power. They could not have prepared for what has happened in recent days.

A car bomb, placed on the Turkish border by PKK militants, killed two Turkish officers last month and has been the flashpoint to start a retaliatory campaign against the Kurds.

Striking back at the Kurds is a political rather than a geopolitical move for Recep Tayyip Erdogan, Turkey’s president, who has sought to keep a lid on Kurdish ambitions for autonomy or independence.

Ankara started its campaign against ISIL targets in Syria last month but then expanded it to PKK rebels in neighbouring northern Iraq, who are bitterly opposed to the extremists.

Turkey, the only Muslim member of Nato, is often criticised for being a surreptitious supporter of ISIL. Its porous border buzzes with illegal trade – goods, arms, recruits and artefacts – and the terrorist group depends heavily on this supply route staying open.

Yet, killing those who are fighting ISIL surely amounts to supporting extremism.

And hitting the Kurds only leaves one clear winner: Mr Al Assad. The Syrian president has admitted recently on state TV that his own army has dwindling resources in an increasingly complicated war that is being waged on many fronts. It is also the best kept secret in Damascus that a recent poster campaign aimed at stirring nationalist fervour has flopped – and that it played particularly badly with Syria’s threatened minorities.

And so Turkey’s strikes on the Kurds could not have come at a better time for Mr Al Assad.

For months, the Americans have been pressing Mr Erdogan to allow them to use Turkish airbases.

In return, the Turkish leader asked for a buffer zone, which he claimed would be used, justifiably, for Syrian refugees. Many of his critics fear, however, fear this zone will be used as military cover to hit the Kurds harder and ensure that two Kurdish entities cannot form a single entity.

Those who follow history will know that wars are often started by singular, almost insignificant acts of provocation. Those who follow the Kurdish question will be concerned that recent developments appear designed to foment trouble rather than to solve it.

Martin Jay is based in Beirut and was the founding editor of An Nahar English

On Twitter: @MartinRJay

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The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
THE SPECS

Cadillac XT6 2020 Premium Luxury

Engine:  3.6L V-6

Transmission: nine-speed automatic

Power: 310hp

Torque: 367Nm

Price: Dh280,000

Results

1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47

2. David Dekker (NED) Jumbo-Visma - same time

3. Michael Morkov (DEN) Deceuninck-QuickStep   

4. Emils Liepins (LAT) Trek-Segafredo

5. Elia Viviani (ITA) Cofidis

6. Tadej Pogacar (SLO UAE Team Emirates

7. Anthony Roux (FRA) Groupama-FDJ

8. Chris Harper (AUS) Jumbo-Visma - 0:00:03

9. Joao Almeida (POR) Deceuninck-QuickStep         

10. Fausto Masnada (ITA) Deceuninck-QuickStep

2025 Fifa Club World Cup groups

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.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Match info

Athletic Bilbao 0

Real Madrid 1 (Ramos 73' pen)

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

Pakistan World Cup squad

Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain      

Two additions for England ODIs: Mohammad Amir and Asif Ali

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THE DETAILS

Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
​​​​​​​

The%20specs
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How it works

Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.

As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.

A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.

Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.