Turkish President Recep Tayyip Erdogan after a Cabinet meeting, in Ankara on Monday. Turkish Presidency / AP
Turkish President Recep Tayyip Erdogan after a Cabinet meeting, in Ankara on Monday. Turkish Presidency / AP
Turkish President Recep Tayyip Erdogan after a Cabinet meeting, in Ankara on Monday. Turkish Presidency / AP
Turkish President Recep Tayyip Erdogan after a Cabinet meeting, in Ankara on Monday. Turkish Presidency / AP

MENA

Turkey’s Erdogan issues threat of new military operation in Syria

President says forces plan to secure country's southern border with Syria

The National

May 24, 2022

  • English
  • Arabic

Turkish President Recep Tayyip Erdogan has issued a new threat to launch a military incursion into Syria to secure Turkey’s southern border.

Mr Erdogan said the military would aim to create a 30-kilometre safe zone along its border with Syria.

“We will soon take new steps regarding the incomplete portions of the project we started on the 30km deep safe zone we established along our southern border,” Mr Erdogan said.

Mr Erdogan did not provide further details but said the operation would begin after Turkey’s military, intelligence and security forces completed their preparations.

Turkish forces have launched three major incursions into northern Syria, taking control of areas along the border to secure it from threats from ISIS and the Kurdish militia, the People’s Protection Units, or YPG.

  • Turkey's President Recep Tayyip Erdogan is met by the President, Sheikh Mohamed, at the Presidential Airport in Abu Dhabi, as he as he arrives to offers condolences on the death of Sheikh Khalifa. All photos: Ministry of Presidential Affairs
    Turkey's President Recep Tayyip Erdogan is met by the President, Sheikh Mohamed, at the Presidential Airport in Abu Dhabi, as he as he arrives to offers condolences on the death of Sheikh Khalifa. All photos: Ministry of Presidential Affairs
  • Mr Erdogan offers condolences to Sheikh Mohamed on the death of his brother, the late President Sheikh Khalifa.
    Mr Erdogan offers condolences to Sheikh Mohamed on the death of his brother, the late President Sheikh Khalifa.
  • Mr Erdogan offers condolences to Sheikh Tahnoon bin Zayed, National Security Adviser and Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs.
    Mr Erdogan offers condolences to Sheikh Tahnoon bin Zayed, National Security Adviser and Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs.
  • Mr Erdogan offers condolences to Sheikh Mansour and Sheikh Hamed bin Zayed, managing director of Abu Dhabi Investment Authority and member of Abu Dhabi Executive Council.
    Mr Erdogan offers condolences to Sheikh Mansour and Sheikh Hamed bin Zayed, managing director of Abu Dhabi Investment Authority and member of Abu Dhabi Executive Council.
  • Mr Erdogan offers condolences to Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation.
    Mr Erdogan offers condolences to Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation.
  • Mr Erdogan offers condolences to Sheikh Khaled bin Zayed, chairman of the board of Zayed Higher Organisation for Humanitarian Care and Special Needs.
    Mr Erdogan offers condolences to Sheikh Khaled bin Zayed, chairman of the board of Zayed Higher Organisation for Humanitarian Care and Special Needs.
  • Mr Erdogan offers condolences to Sheikh Khaled bin Mohamed, member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office.
    Mr Erdogan offers condolences to Sheikh Khaled bin Mohamed, member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office.
  • Mr Erdogan offers condolences to Sheikh Shakhbut bin Nahyan, UAE Minister of State.
    Mr Erdogan offers condolences to Sheikh Shakhbut bin Nahyan, UAE Minister of State.
  • Mr Erdogan offers condolences on the death of Sheikh Khalifa. He is pictured with Khaldoon Al Mubarak, Abu Dhabi Executive Council member, chairman of the Executive Affairs Authority and managing director and group chief executive of Mubadala Investment Company; Hussain Al Hammadi, UAE Minister of Education; Ali Mohamed Hammad Al Shamsi, deputy secretary-general of the Supreme National Security Council; and Dr Anwar Gargash, Diplomatic Adviser to the President.
    Mr Erdogan offers condolences on the death of Sheikh Khalifa. He is pictured with Khaldoon Al Mubarak, Abu Dhabi Executive Council member, chairman of the Executive Affairs Authority and managing director and group chief executive of Mubadala Investment Company; Hussain Al Hammadi, UAE Minister of Education; Ali Mohamed Hammad Al Shamsi, deputy secretary-general of the Supreme National Security Council; and Dr Anwar Gargash, Diplomatic Adviser to the President.
  • Sheikh Mohamed in conversation with Mr Erdogan.
    Sheikh Mohamed in conversation with Mr Erdogan.
  • Mr Erdogan offers condolences to Sheikh Mohamed, seen with Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior.
    Mr Erdogan offers condolences to Sheikh Mohamed, seen with Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior.
  • Mr Erdogan offers condolences to Sheikh Mohamed and Sheikh Saif on the passing of Sheikh Khalifa.
    Mr Erdogan offers condolences to Sheikh Mohamed and Sheikh Saif on the passing of Sheikh Khalifa.

Turkey views the group as an extension of the banned Kurdistan Workers’ Party, or PKK, which is listed as a terror group by Turkey, the US and the EU.

The PKK has waged an insurgency against Turkey since 1984. Tens of thousands of people have died in the conflict.

Turkey is objecting to Sweden and Finland’s membership in the Nato alliance, because of the two countries alleged support for the PKK and other groups that Turkey views as terrorists, and their decision to impose restrictions on military sales to Turkey after Ankara’s incursion into Syria in 2019.

Specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%20turbo%204-cylinder%20%2F%202.0%20turbo%204-cylinder%20(S3)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20148bhp%20%2F%20328bhp%20(S3)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20250Nm%20%2F%20420Nm%20(S3)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20December%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20TBA%0D%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
While you're here

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.”

Updated: May 24, 2022, 12:11 AM
TurkeyRecep Tayyip ErdoganSyriaISIS