After US President Donald Trump struck a regime airbase last year, Bashar Al Assad continued undeterred, striking rebel-held areas across the country. Mohamad Abazeed / AFP
After US President Donald Trump struck a regime airbase last year, Bashar Al Assad continued undeterred, striking rebel-held areas across the country. Mohamad Abazeed / AFP

This region must forge a new path in the Syrian civil war



Optimism following the US-led airstrikes on Syrian regime targets quickly gave way to realism. It is a road the world walked down last year when a chemical attack in Idlib prompted US President Donald Trump to strike a Syrian airbase in retaliation. That action ultimately failed to deter Bashar Al Assad's use of chemical weapons and led us right back to last weekend's strikes. Although a welcome intervention, the joint actions by the US, UK and France on Saturday were more restrained than many hoped and are unlikely to spur real change. They also seemed to exist without a broader plan in place to end this long and ruinous conflict. Undeterred, Mr Al Assad is expected to turn his attention to Idlib – the last pocket of rebel activity – where many more are likely to die by his sword. Far from resolving the protracted conflict or even charting a new course, the strikes have thickened the fault lines on which they were drawn. Mr Al Assad, who turned up for work on Saturday morning dressed in business attire and carrying a briefcase, claimed the attacks would only strengthen his determination. Again he looks impervious, shielded by his Russian and Iranian backers. And without crippling military action or a sustainable political solution, genuine change looks out of reach.

In a measured statement, the UAE's Ministry of Foreign Affairs and International Relations expressed support for the airstrikes and measures to eradicate Mr Al Assad's chemical arsenal, but rightly voiced concern about the prospect of escalating violence. While Mr Trump and his partners pursue a short-term deterrent, one which, unwittingly, seems to permit non-chemical warfare to carry on as normal, regional governments favour a political solution to end the wider crisis, adding even greater significance to the Arab League Summit in Saudi Arabia. Certainly, some of the answers to the bloodshed will need to be forged in this region.

_______________

Read more on Syria from The National Opinion:

_______________

That is easier said than done. Arab nations pursuing a peaceful resolution in Syria must overcome the antagonism of Iran, which supports the Assad regime as part of its regional destabilisation efforts. With no hint of irony, Iranian Supreme Leader Ayatollah Ali Khamenei accused the coalition of committing a “military crime” with its airstrikes. The situation is further complicated by the vortex of misinformation that today characterises the war. Damascus and Moscow continue to deny that chemical attacks took place. And while Mr Trump insisted the airstrikes had been “perfectly executed”, Russia claims 71 missiles were intercepted.

In 2013, then-US President Barack Obama drew a red-line over the use of chemical weapons, which Mr Al Assad quickly crossed. After last year's airbase strikes, the Syrian leader restarted his campaign of chemical attacks. After seven years, the conflict needs a rethink and Arab nations need to ensure they are central to the dialogue. With Palestine and Iran also on the agenda at the Arab League summit, the stakes could not be higher.

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 LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

FIXTURES

New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand

South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina

Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
Match statistics

Abu Dhabi Harlequins 36 Bahrain 32

 

Harlequins

Tries: Penalty 2, Stevenson, Teasdale, Semple

Cons: Stevenson 2

Pens: Stevenson

 

Bahrain

Tries: Wallace 2, Heath, Evans, Behan

Cons: Radley 2

Pen: Radley

 

Man of the match: Craig Nutt (Harlequins)

If you go

The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.

The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).

When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

No_One Ever Really Dies

N*E*R*D

(I Am Other/Columbia)