Syria's Bashar Al Assad grimaces at a visitor at the presidential palace in Damascus. Regime forces are close to retaking the rebel-held parts of Aleppo. Photo by Sasha Mordovets/Getty Images
Syria's Bashar Al Assad grimaces at a visitor at the presidential palace in Damascus. Regime forces are close to retaking the rebel-held parts of Aleppo. Photo by Sasha Mordovets/Getty Images

End of Syria truce makes peace harder



There is something deeply upsetting about the sight of the United Nations General Assembly voting overwhelmingly over the weekend for a ceasefire in Syria – knowing full well that no such ceasefire will happen.

Particularly upsetting was the sight of US ambassador to the UN Samantha Power declaring that the vote was a chance “to stand up and tell Russia and Assad to stop the carnage” – even though it has been the failure of Ms Power’s boss, Barack Obama, to do anything that has prolonged and exacerbated the Syrian conflict. The US long ago stopped offering anything beyond mere words to the millions of Syrians suffering under the bombs of Bashar Al Assad and Vladimir Putin.

There was, in fact, a ceasefire in Syria over the past few days. It was unilaterally declared by Russia on Thursday, the day before the UN vote, to allow civilians to leave eastern Aleppo. It barely lasted a day, before the Syrian regime again began shelling the eastern half of the city, trapping more civilians inside.

This resumption of hostilities appeared to have caught Russia by surprise, although the country soon jumped right on board, promising airstrikes would continue “for as long as the bandits are still in Aleppo”. Since Russia, the Syrian regime’s closest supporter, cannot rein in Mr Al Assad, what hope for anyone else?

But this goes far beyond Russia. The truth is that the world has failed Syria and has allowed Mr Al Assad to wage all out war on his own people, almost with impunity.

The latest farce of a ceasefire is just one example. There have been other ceasefires in the past and all have been broken. America’s secretary of state John Kerry has been in repeated talks with Russian foreign minister Sergei Lavrov. But without a willingness by the US to put any real force behind their words, these are simply empty negotiations. No one need doubt Russia’s words – they are being spelled out by fighter jets in the skies above Aleppo – but America is merely mouthing platitudes without backing them up with actions.

That does not mean, however, that the solution is a military one. On the contrary, what is needed is a political settlement, as the UN’s special envoy Staffan de Mistura said yesterday. But the only way to get that is to force Mr Al Assad to the negotiating table – and past experience shows he will not walk with any willingness into negotiations.

UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
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South Africa World Cup squad

South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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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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