Syrian president Bashar Al Assad is pictured here in Damascus on September 26, 2013. Handout via Reuters / File Photo / Sana
Syrian president Bashar Al Assad is pictured here in Damascus on September 26, 2013. Handout via Reuters / File Photo / Sana

US threatens Syria over 'chemical weapons attack plan'



WASHINGTON // The White House has warned Syrian president Bashar Al Assad that he and his military will "pay a heavy price" if it conducts a chemical weapons attack and said the United States had reason to believe such preparations were underway.

In a statement released late on Monday, the White House said the preparations by Syria were similar to those undertaken before an April 4 chemical attack that killed dozens of civilians and prompted US president Donald Trump to order a cruise missile strike on a Syrian air base.

"The United States has identified potential preparations for another chemical weapons attack by the Assad regime that would likely result in the mass murder of civilians, including innocent children," White House spokesman Sean Spicer said.

"If ... Mr Assad conducts another mass murder attack using chemical weapons, he and his military will pay a heavy price," he said.

White House officials did not respond to requests for comment on potential US plans or the intelligence that prompted the statement about Syria's preparations for an attack.

Mr Trump, who took to Twitter not long after the statement went out, focused his attention on a Fox News report related to former US president Barack Obama and the 2016 election rather than developments in Syria.

Mr Trump ordered the strike on the Shayrat airfield in Syria in April in reaction to what Washington said was a poison gas attack by Mr Al Assad's government that killed 87 people in rebel-held territory. Syria denied it carried out the attack.

Mr Al Assad said earlier this year that the alleged April attack was "100 per cent fabrication" used to justify a US air strike.

April's strike was the toughest direct US action yet in Syria's six-year-old civil war, and raised the risk of confrontation with Russia and Iran, Mr Al Assad's two main military backers.

US and allied intelligence officers had for some time identified several sites where they suspected the Assad government may have been hiding newly made chemical weapons from inspectors, said one US official familiar with the intelligence.

The assessment was based in part on the locations, security surrounding the suspect sites and other information which the official declined to describe.

The White House warning, the official said, was based on new reports of what was described as abnormal activity that might be associated with preparations for a chemical attack.

Although the intelligence was not considered conclusive, the administration quickly decided to issue the public warning to the Assad regime about the consequences of another chemical attack on civilians in an attempt to deter such a strike, said the official, who declined to discuss the issue further.

At the time of the April strike, US officials called the intervention a "one-off" intended to deter future chemical weapons attacks and not an expansion of Washington's role in the Syrian war.

The US has taken a series of actions over the past three months demonstrating its willingness to carry out strikes, mostly in self-defence, against Syrian government forces and their backers, including Iran.

The US ambassador to the United Nations, Nikki Haley, said on Twitter: "Any further attacks done to the people of Syria will be blamed on Assad, but also on Russia and Iran who support him killing his own people."

Washington has repeatedly struck Iranian-backed militiamen in Syria - including shooting down a drone threatening US-led coalition forces - since the April military strike. It also shot down a Syrian jet earlier this month.

Mr Trump has also ordered stepped-up military operations against ISIL and delegated more authority to his generals.

* Reuters

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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.

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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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