Turkish President Recep Tayyip Erdogan has hinted at the possibility of meeting Syrian counterpart Bashar Al Assad in the future, reinforcing recent tentative steps to restore ties after Ankara's support of rebel groups in Syria's civil war.
"As of now such a meeting is not on the agenda. But I cannot say it is impossible for me to meet with Al Assad," Mr Erdogan told reporters on Thursday in Prague, where he was attending the first meeting of the newly established European Political Community.
"When the right time comes, we can also go to the way of meeting with the president of Syria," he said.
Turkey’s backing has been vital to sustaining Syrian rebels in their last major stronghold in the north-west, after Mr Al Assad defeated the insurgency across the rest of the country with help from Russia and Iran.
Turkey has been hosting nearly four million Syrian refugees since the start of the civil war in Syria in 2011.
Mr Erdogan said on Saturday that more than half a million Syrians had returned home since 2016.
"Since the start of our cross-border operations in Syria, about 526,000 volunteers have returned to the safety zones that we established," he told the Turkish Parliament.
Mr Erdogan has in recent months said he is preparing to send back a million Syrian refugees on a “voluntary basis”.
He has said that Ankara aimed to encourage them to return to "safe zones" on the Turkey-Syria border by building them housing and local infrastructure.
Less than nine months from presidential elections, their presence in Turkey has become a thorny political issue, especially as the country battles an economic and monetary crisis.
Opposition parties regularly call on authorities to send Syrian refugees home.
Syria's civil war, which began with a brutal crackdown on peaceful anti-government protests in 2011, has killed nearly half a million people and forced around half of the country's pre-war population from their homes.
Syria was suspended from the Arab League in November 2011, eight months after the protests erupted to punish Mr Al Assad’s regime for failing to end the bloodshed caused by its clampdown.
However, there have been calls from several Arab nations for Syria to be readmitted into the Arab League as the government has regained control over most of the country. The Al Assad regime has been mainly backed by Russia, Iran and Lebanon's Hezbollah.
Turkey regularly carries out cross-border air strikes, often with armed drones, in neighbouring Iraq and Syria as part of its offensive against Kurdish militants based there.
The Kurdistan Workers' Party (PKK) launched an insurgency against the Turkish state in 1984 that has claimed more than 40,000 lives. The PKK is regarded as a terrorist group by Turkey, the US and the EU.
Turkey said on Sunday it had "neutralised", the term its defence ministry usually employs for killed, about 30 PKK members in cross-border operations in Iraq and Syria.
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Scoreline
Arsenal 0 Manchester City 3
- Agüero 18'
- Kompany 58'
- Silva 65'
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.”
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
UAE currency: the story behind the money in your pockets
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
Final: England v South Africa, Saturday, 1pm
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000 social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
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