Mouaz Al Khatib, left, the president of the Syrian National Coalition, and the US vice president, Joe Biden, meet for talks in Germany on Saturday. Tobias Hase / EPA
Mouaz Al Khatib, left, the president of the Syrian National Coalition, and the US vice president, Joe Biden, meet for talks in Germany on Saturday. Tobias Hase / EPA

Syria rebels seize strategic area near Aleppo's airport



BEIRUT // Syrian rebels captured a strategic neighbourhood near Aleppo's airport yesterday, putting opposition fighters in control of a key road that the regime had used to ferry supplies and reinforcements to soldiers fighting in the embattled northern city, activists said.

Troops loyal to the president, Bashar Al Assad, and rebels have been locked in a deadly stalemate in Aleppo, Syria's largest urban centre and main commercial hub, since an opposition assault last summer. Seven months later, the rebels hold large parts of the city and its outskirts, including several army bases, but they have been unable to overcome the regime's far superior firepower.

The capturing of the Sheikh Said neighbourhood, south-east of Aleppo, is a significant blow to regime forces because the area includes a major road, linking the northern city with the airport. The army has used the road to supply troops.

The Britain-based Syrian Observatory for Human Rights said that rebels captured the area yesterday after several days of fierce battles with Mr Al Assad's troops. Rebels had previously established enclaves outside Syria's major cities to threaten the regime, including near the capital, Damascus, but they were later attacked by Mr Al Assad's fighter jets and artillery.

The opposition's western backers, including the United States, have been reluctant to supply rebels with more sophisticated weapons because of the increased influence of an Al Qaeda-affiliated group among the anti-Assad fighters on the front lines. The Islamists growing prominence in the Syrian opposition has fuelled fears that Muslim radicals might try to hijack the revolt that started as peaceful protests against Mr Al Assad, whose family has ruled Syria for more than 40 years.

Yesterday a senior Iranian security official pledged the full support of Tehran for the Syrian regime, its close ally, Syrian state television said.

"We will give all our support so that Syria remains firm and able to face all the arrogant [western powers] conspiracies," said Saeed Jalili, who heads the Supreme National Security Council and who is visiting Damascus.

"The Israeli aggression and arrogant international forces have tried to take revenge by attacking the resisting Syrian people," said Mr Jalili, who described Israel and the West's attempts as "desperate".

He was referring to an alleged Israeli air strike on Wednesday that a US official said hit a military complex and missiles near the Syrian capital.

In Germany yesterday, the US vice president, Joe Biden, said, "The opposition [to Assad] continues to grow stronger."

Speaking at an annual security conference in Munich, Mr Biden said that he must leave power.

"President Assad - a tyrant hellbent on clinging to power - is no longer fit to lead the Syrian people and he must go."

Mr Al Assad has repeated brushed aside international calls to step down.

The opposition coalition has rejected any talks with Damascus until Mr Al Assad steps down. However, Moaz Al Khatib, the president of the coalition that is dominated by the Muslim Brotherhood movement, said on Wednesday that he is willing to negotiate with members of Mr Al Assad's regime to bring a peaceful end to the country's civil war.

Last night, Mr Biden held a separate meeting in Munich with Mr Al Khatib as well as the international envoy to Syria's conflict, Lakhdar Brahimi, and Russia's foreign minister, Sergei Lavrov.

Russia is Mr Al Assad's ally, and it has disagreed sharply with Washington and its western allies on ways to end the bloodshed in Syria. Moscow has maintained that Mr Al Assad is part of the solution to the crisis, although Russian officials have recently criticised their ally in Damascus and even mentioned the possibility of rebels winning the war.

However, Mr Lavrov told the gathering of top security officials that Mr Biden's statement that Mr Al Assad must go was counterproductive.

"The persistence of those who say that priority No 1 is the removal of president Assad - I think it's the single biggest reason for the continued tragedy in Syria," Mr Lavrov said.

Syria's civil war is estimated to have claimed more than 60,000 lives since the uprising against Mr Al Assad erupted in March 2011.

Despite disagreements on ways to end the fighting and Mr Al Assad's role in peace efforts, Mr Lavrov said that Russia shared the West's concern over the fate of Syria's arsenal of chemical weapons.

As the regime grows more desperate to retain power, many fear it could use the weapons against its own people - a claim Damascus has repeatedly denied. There have also been concerns that conventional and unconventional weapons that Syria is said to have could end up in the hands of Islamist radicals.

"The red line is a common line for all of us. We are categorically against any use of weapons of mass destruction, be it chemical, be it biological, be it nuclear," Mr Lavrov said.

He added that the Syrian government has repeatedly assured Moscow that it is watching over those weapons and keeping the rebels away from the sensitive sites.

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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.