The new Syria is a land of firsts: for the first time many Syrians are openly criticising the authorities, sharing stories of missing relatives and talking about foreign currency in public − all banned under former president Bashar Al Assad.
For creatives, it is their first taste of artistic freedom after years of repression.
Last week, a young and artsy crowd gathered at the Zawaya Art Gallery in Damascus for the first screening in Syria of Stars in Broad Daylight, an iconic 1988 movie by Ossama Mohammed that was banned decades ago by the Assad regime and Baath Party.
The event was organised by the Damascus Film Salon, a new cultural initiative, and was followed by a debate with the director, who has lived in exile for more than 10 years.
“The screening of Ossama Mohammed’s film now is a dream come true,” said Haya Hasani, a young artist at the event. “It symbolises the end of Assad’s Syria and the beginning of a new Syria − the Syria of the people.”
The multi-award-winning film tells the story of two families preparing for a double wedding in a coastal Alawite village – the sect to which the Assad family belongs. The protagonist is a metaphor for Hafez Al Assad, father of Bashar Al Assad and his predecessor as Syrian leader.
The movie character is a patriarchal figure whose authoritarian tendencies lead to the disintegration of his family.
“The reason for organising the salon is to celebrate the end of 46 years of censorship, which began with Hafez,” said George Achkar, one of the organisers. “People are thirsty for real cinema rather than propaganda. The stupid censorship was limiting filmmakers' creativity.”
The packed venue for Stars in Broad Daylight was filled with enthusiastic faces embracing their new-found freedoms, which have blossomed since rebels overthrew more than 50 years of Assad family rule in a lightning offensive last month.
Damascus has long been a cultural hub, with galleries, salons and exhibitions, but these were all tightly controlled in the past, especially for content remotely political.
“If you wanted to get permission to organise cultural events the official way, it was very complicated. You had to know people,” Ms Hasani told The National.
Bypassing official procedures was a risky business. “Doing something outside the Baathist institutions carried the risk of being reported to the security branches,” said Ms Hasani, who was denounced for staging an independent cultural event that was outside the oversight of intelligence services.
“Many informants were within our ranks,” she added.
Red lines
Under Bashar Al Assad, censorship infiltrated every aspect of the creative process. Said Al Hanawi, a playwright, told The National that before they could put on a show, artists needed approval from a “committee of readers” that dictated red lines and imposed amendments.
“But that was not enough. Then there was a second committee in front of which we performed, and which was studying every movement − the music, the lyrics, the acting … And then they would give us the final approval. But it was conditional: there couldn’t be a single sentence outside of the approved text, or they would stop the performance immediately.”
Members of the intelligence services were often present at theatrical shows to ensure compliance, he added. “There were forbidden topics − anything related to politics was off limits, but we could talk about the economic crisis.”
Censorship now appears to have vanished, but Syrian artists remain cautious about the future. Hayat Tahrir Al Sham, the Islamists who lead the new government, were formerly affiliated with Al Qaeda before breaking ties with the group in 2016 and attempting to rebrand as moderates.
“Who knows what might be censored next? For now, we are showing what we want,” said Mr Achkar. “We should remain optimistic but careful, and remain confident that we are smart enough to keep it this way.”
Ms Hasani said she believes the worst is in the past and that Syrians are ready for the challenges that lie ahead.
“The Syrian people who overthrew Assad are capable of overthrowing anyone else, because his was the most violent, inhumane and brutal form of oppression.”
UAE currency: the story behind the money in your pockets
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Company%20Profile
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The five pillars of Islam
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.”
UAE currency: the story behind the money in your pockets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5