Iranian Foreign Minister Mohammad Javad Zarif, left, Russian Foreign Minister Sergei Lavrov, centre, and Turkish Foreign Minister Mevlut Cavusoglu, right, shake hands after consultations on Syria in Geneva. EPA
Iranian Foreign Minister Mohammad Javad Zarif, left, Russian Foreign Minister Sergei Lavrov, centre, and Turkish Foreign Minister Mevlut Cavusoglu, right, shake hands after consultations on Syria in GShow more

Russia, Iran, Turkey back new Syria constitution body but fail to agree makeup



Russia, Iran and Turkey, supporters of the main sides in Syria's complex civil war, on Tuesday failed to agree on the makeup of a UN-sponsored Syrian Constitutional Committee but called for it to convene early next year to begin a viable peace process.

In a joint statement read out by Russian Foreign Minister Sergei Lavrov after the trio met UN Syria peace envoy Staffan de Mistura in Geneva, the trio said the new initiative should be guided "by a sense of compromise and constructive engagement".

The foreign ministers of the three nations had hoped to seal their joint proposal on a committee – which could usher in elections – and win UN support for it.

But the statement made no mention of the composition of the panel, pointing to lingering disagreement over lists of candidates submitted by Syrian President Bashar Al Assad and his rebel adversaries.

Mevlut Cavusoglu, speaking to Turkish state media, said only that the three powers made "important contributions" to the creation of the panel and that suggested names were assessed.

"The UN will of course carry out [the] necessary work on the nominated names in the coming process," Mr Cavusoglu said.

Mr De Mistura, addressing a separate news conference, made it clear that the three powers had not nailed down a workable political forum yet.

"I believe there is an extra mile to go in the marathon effort to ensure the necessary package for a credible, balanced and inclusive constitutional committee, and for including a balanced chairing arrangement and drafting body and voting threshold – to be established under UN auspices in Geneva."

Mr De Mistura, who steps down on Dec. 31 after four years, has struggled since January to clinch a deal on the identity of 150 members of the committee.

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He said he would brief UN Secretary General Antonio Guterres on Wednesday and the Security Council on Thursday. He expected his successor Geir Pedersen to build on his work and "focus on the purely political aspect" at the conflict's end.

Mr Al Assad's government and the opposition fighting to topple him each submitted a roster of 50 names. But Russia, Iran and Turkey haggled over the final 50 members from civil society and "independent" backgrounds.

The Syrian president, whose forces reclaimed most of Syria with Russian and Iranian support apart from Idlib, a north-western province, has clung to power throughout the conflict and is widely seen as being reluctant to yield power after it ends.

Damascus previously brushed off UN-led efforts to set up a constitutional committee.

Iranian Foreign Minister Mohammad Javad Zarif tweeted on Tuesday: "We (have) always insisted on a political solution led and owned by Syrians. The West has now been compelled to accept this. But it needs to facilitate; not dictate.

Turkey supports rebels who control part of northwest Syria. A year ago, Turkish President Recep Tayyip Erdogan described Mr Al Assad as a "terrorist" and said it was impossible for Syrian peacemaking efforts to continue with him.

Mr Cavusoglu said on Sunday that Turkey and other nations would consider working with Mr Al Assad if he won a democratic election.

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ASHES FIXTURES

1st Test: Brisbane, Nov 23-27 
2nd Test: Adelaide, Dec 2-6
3rd Test: Perth, Dec 14-18
4th Test: Melbourne, Dec 26-30
5th Test: Sydney, Jan 4-8

THE DEALS

Hamilton $60m x 2 = $120m

Vettel $45m x 2 = $90m

Ricciardo $35m x 2 = $70m

Verstappen $55m x 3 = $165m

Leclerc $20m x 2 = $40m

TOTAL $485m

THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
MIDWAY

Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars

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.”

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.

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Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

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