The Tremseh massacre on Thursday, which claimed the lives of more than 200 people, is yet another disgrace added to other outrageous massacres by the Syrian regime such as Al Houla and Baba Amr, the pan-Arab Al Quds Al Arabi wrote in its editorial.
"The Syrian regime cannot justify this massacre by putting the blame on armed gangs, as it has in all the previous massacres, because pictures do not lie," the editorial said.
UN-Arab League envoy for Syria Kofi Annan, accused by several parties of being too lenient with the regime, condemned "the atrocities in the strongest possible terms", and expressed shock over the "intense fighting and significant casualties", and confirmed the use of heavy weaponry.
"Mr Annan would not make such accusations at random,' the writer went on. "The man is trusted by the Syrian regime, and was unconventional enough to demand Iran be involved in talks to find a peaceful solution to the crisis in Syria."
Mr Annan went even further, paying a visit to Iraq and planning another to Moscow tomorrow in efforts to stem the bloodbath and arrange a peaceful power transfer.
"We cannot fathom what drives the regime to ruthlessly perpetrate such carnage, given the victims are Syrian citizens and the regime should supposedly protect their lives … even if they oppose its views," the editorial noted.
The claim that armed gangs, or some members of the Free Syrian Army, were in the battered village of Tremseh, cannot justify, even if it's true, the killing of innocents in the manner seen on television channels.
The Syrian regime is wrong in believing that by such onslaughts, it will instil terror in the Syrian people and lead the rebellious to relinquish their uprising.
"People have not been intimidated by previous massacres and went ahead with its revolution for more than 16 months non-stop, unhesitant to offer martyrs [to the cause]," the editorial observed.
The Syrian regime must have fallen into the trap of an illusion, stepping up the crackdown to prove strength and tenacity, especially following recent defections.
The editorial was referring to Manaf Tlas, a general in the Syrian Republican Guard, who fled Syria last week, and the defection of Nawaf Al Fares, who had served as Syria's ambassador to Iraq. Both were seen as members of the regime's inner circle.
The strength of any political system lies in its commitment to humanitarian treatment of its citizens based on equality and justice, even in hard times. But the Syrian regime seems to act in stark contrast to this logic.
"We thought that Al Houla massacre would be the last, but how wrong were we? The editorial concluded. "Now we are dead certain that even more horrible massacres are ahead for the distressed Syrian people."
Israel is less likely to provoke a new war
The Iron Dome air-defence system that Israel has recently placed on the border with Egypt carries a meaningful message for a new Egypt, Amjad Arrar argued in the UAE-based daily Al Khaleej.
This measure cannot be deemed a military strategy unless followed by other measures. And it is not really a big deal when it comes to Egypt.
But the deployment of the anti-missile system, at the height of an escalation in the political discourse and media debate in Israel over Egypt losing control to terrorists in the Sinai and claims about rockets being fired from the peninsula, clearly sends a message to Egypt.
"This storm that Israel is stirring in a teacup came at the sixth anniversary of its defeat in Lebanon," the writer noted. " Israel launched an aggression on Lebanon on July 12, 2006 that ended in failure after 33 days."
The past six years have seen "Israeli voices banging the drums of war on this or that front, and six military manoeuvres held."
True, Israel watches the controversies among Arab politicians and intellectuals, and must be happy seeing "resistance to Israel becoming matter of debate among some", but it is fully aware that those taking its side "will vanish in a puff of smoke once a war starts".
Israel can bank on its US lobby to fan its aggressions, but it knows that any aggression would come at huge cost.
Colonialism left its mark on Arabic
Today the Arabic language is in deep water, Yousif Makki observed in an opinion piece for the UAE-based newspaper Al Khaleej.
"Our beautiful language is living in misery. Only a slim percentage of intellectuals master Arabic," noted the writer. "The destructive infection has extended even to TV channels, where local dialects are used in lieu of standard Arabic," the writer added.
Even those who deliver speeches in standard Arabic make countless mistakes, including in basic grammar. Moreover, many intellectuals persist in mixing Arabic and foreign languages.
Indeed, colonialism has left its mark on the language. In countries once occupied by France, intellectuals speak in a mixture of Arabic and French. And the same is true with English in areas that were occupied by Britain.
In other places, a mishmash of French, English and Arabic is commonplace, and many intellectuals, unfortunately, find it pleasant.
And to top it all, some Imams in the mosques mix standard Arabic with local dialects in religious sermons.
"It is high time to study what happened and identify the roots of the problem, with a view to rehabilitate our beautiful Arabic language.
* Digest compiled by Abdelhafid Ezzouitni
aezzouitni@thenational.ae
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
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More coverage from the Future Forum
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
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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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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law