Residents of Sarmada in north-west Syria were cleaning up rubble on Sunday after heavy bombing by the regime of President Bashar Al Assad, witnesses have said.
It was the first attack on the town, a vital commercial hub near the Bab Al Hawa border crossing with Turkey, since fighting between groups in the region backed by Turkey and Russia intensified last month.
The two countries almost came into direct conflict in north-west Syria early last year, with each state seeking to expand its sphere of influence before reaching a tentative truce in March 2020.
The bombing in Sarmada killed at least four people at the weekend, Idlib residents and opposition monitoring groups said.
Ahmad Al Hani, a gold trader who was in the town on Sunday morning for business, said regime artillery and rocket fire hit a commercial road running between the town and the border crossing.
“Many shops were damaged,” he told The National. “Their owners are cleaning up to reopen. But they are afraid that they will be hit again.”
Turkey considers Sarmada, the rest of Idlib and adjacent regions in Aleppo governorate held by its forces to be vital for its security.
Ankara has said that millions of refugees in these areas could push toward its border if the regime’s forces and pro-Iran Shiite militia groups based around the city of Aleppo advance.
After eastern Aleppo fell to the regime in late 2016 after intensive Russian air bombing, Sarmada became the financial and trading centre of the territory outside the control of the Syrian regime in the north-west.
About 500,000 people, including refugees, now live in and around Sarmada, compared with only a few thousand before the civil war began.
Turkey has responded to regime attacks and Russian air bombing of areas held by rebel forces in the north-west by shelling regime positions and pouring troops into Idlib and Aleppo.
Opposition activist Rami Al Sayyed said the bombing of Sarmada was a major expansion of the regime’s campaign to capture the north-west.
Loyalist forces and the Russian air force have mostly stayed away from bombing areas that close to the border with Turkey, which are densely populated by displaced Syrians, he said.
“If the regime keeps bombing Sarmada it is inevitable that the refugees [internally displaced people] would head to Turkey,” Mr Al Sayyed said.
Like most parts of Idlib not held by the regime, Sarmada is controlled by Al Qaeda offshoot Hayat Tahrir Al Sham.
The Syrian National Army, a Turkey-backed force comprising Syrian rebels, controls nearby areas in northern Aleppo governorate, near the border with Turkey.
The rebels, as well as Turkish troops, have been exchanging attacks with the Kurdish People’s Protection Units (YPG) militia, which controls the pocket of Tal Rifat, near the city of Aleppo.
With Russian air support, the YPG overran and depopulated Tal Rifat, a mostly Sunni area, five years ago. The takeover added to the territory captured by the YPG in the past decade.
But in 2018, Turkey and its allied forces captured Afrin, a Kurdish enclave in Aleppo.
The fall of Afrin, which required the tacit approval of Moscow, ended YPG hopes of holding on to uninterrupted territory along the border.
While there has been speculation among the Syrian opposition that Turkey would be willing to give up areas in Idlib in exchange for Tal Rifat, Mr Al Sayyed said there was always room for miscalculation.
“We have usually seen that whenever the regime advances in the north-west, Turkey takes areas that had been captured by Kurdish militias,” he said.
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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.”
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
The specs: 2018 Kia Picanto
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Engine: 1.2L inline four-cylinder
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Power: 86hp @ 6,000rpm
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Fuel economy, combined: 6.0L / 100km
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
More from Neighbourhood Watch:
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
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