Russian Vladimir Putin, Turkish President Recep Tayyip Erdogan and Syrian President Bashar Al Assad. AFP/ Reuters
Russian Vladimir Putin, Turkish President Recep Tayyip Erdogan and Syrian President Bashar Al Assad. AFP/ Reuters
Russian Vladimir Putin, Turkish President Recep Tayyip Erdogan and Syrian President Bashar Al Assad. AFP/ Reuters
Russian Vladimir Putin, Turkish President Recep Tayyip Erdogan and Syrian President Bashar Al Assad. AFP/ Reuters

Syria, Russia and Turkey in first meeting together since 2011


Nada AlTaher
  • English
  • Arabic

The defence ministers of Syria, Turkey and Russia met in Moscow after Turkish President Recep Tayyip Erdogan said he had proposed the meeting to his Russian counterpart Vladimir Putin.

Earlier this month, Mr Erdogan said that ministerial-level gatherings among the three nations should be arranged, to eventually end with a trilateral meeting involving himself, Mr Putin and Syrian President Bashar Al Assad.

Turkey and Syria have had no official diplomatic ties in 11 years, since the war in Syria began.

The meeting between Russian Defence Minister Sergei Shoigu, Turkey's Hulusi Akar and Syria's Ali Mahmoud Abbas, was held in a “constructive atmosphere”, Turkish state news agency Anadolu reported.

The three officials discussed “ways to resolve the Syrian crisis, the problem of refugees and joint efforts to combat extremist groups in Syria”, the Russian and Turkish defence ministries said.

They “noted the constructive nature of the dialogue held in this format and the need to continue it in the interests of further stabilising the situation” in Syria and the region, Russia's defence ministry said.

Syria also said that the heads of intelligence from Syria and Turkey met in Moscow.

Turkey was considered to be a safe haven for the millions of Syrian refugees escaping the war and the Assad regime.

It now hosts about four million Syrian refugees, but anger and xenophobia towards them has recently worsened, The National previously reported.

  • A severe economic downturn in Turkey is making life difficult for the country's population of 3.7 million Syrian refugees. All photos: AFP
    A severe economic downturn in Turkey is making life difficult for the country's population of 3.7 million Syrian refugees. All photos: AFP
  • Syrian refugee Ahmad Ibrahim, 31, poses inside his textile shop in Sanliurfa, Turkey. Inflation has surged and the value of the Turkish lira has dropped.
    Syrian refugee Ahmad Ibrahim, 31, poses inside his textile shop in Sanliurfa, Turkey. Inflation has surged and the value of the Turkish lira has dropped.
  • Samira, 43, hears the same message from Turkish politicians on television day and night: Syrian refugees like her must return home. But her home near Damascus is still not safe, she says.
    Samira, 43, hears the same message from Turkish politicians on television day and night: Syrian refugees like her must return home. But her home near Damascus is still not safe, she says.
  • Refugees fear they will be used as a scapegoat for Turkey's problems in the 2023 electoral campaign, as President Recep Tayyip Erdogan faces rising public anger over their presence.
    Refugees fear they will be used as a scapegoat for Turkey's problems in the 2023 electoral campaign, as President Recep Tayyip Erdogan faces rising public anger over their presence.
  • Despite pressure from opposition parties, Mr Erdogan has promised that Turkey will not force Syrian refugees back and 'will not throw them into the lap of murderers'. But his assurances are not allaying their fears.
    Despite pressure from opposition parties, Mr Erdogan has promised that Turkey will not force Syrian refugees back and 'will not throw them into the lap of murderers'. But his assurances are not allaying their fears.
  • Fatima Ibrahim, in her early 30s, married a Syrian refugee after fleeing to Turkey nine years ago. The economic fallout is hitting them equally as hard as the Turks, she said. 'Employers pay us less, so locals are annoyed, blaming us for accepting a wage less than theirs,' she said, sitting next to her three young sons.
    Fatima Ibrahim, in her early 30s, married a Syrian refugee after fleeing to Turkey nine years ago. The economic fallout is hitting them equally as hard as the Turks, she said. 'Employers pay us less, so locals are annoyed, blaming us for accepting a wage less than theirs,' she said, sitting next to her three young sons.
  • Haifa, 39, English teacher from Aleppo, is fluent in Turkish after nine years here, and avoids speaking Arabic in public so as not to attract attention. 'I want to keep myself safe. Political issues affect us more than the economy,' she said.
    Haifa, 39, English teacher from Aleppo, is fluent in Turkish after nine years here, and avoids speaking Arabic in public so as not to attract attention. 'I want to keep myself safe. Political issues affect us more than the economy,' she said.
  • Since 2016, the Turkish army has launched military operations in Syria, battling outlawed Kurdish militants and ISIS extremists.
    Since 2016, the Turkish army has launched military operations in Syria, battling outlawed Kurdish militants and ISIS extremists.
  • Haifa said: 'Some people tell us 'go back to your country, you're having fun while our soldiers are dying there. You think it is easy to leave everything behind you? Your memories, your house, everything. You cannot even visit your mother or father's grave.'
    Haifa said: 'Some people tell us 'go back to your country, you're having fun while our soldiers are dying there. You think it is easy to leave everything behind you? Your memories, your house, everything. You cannot even visit your mother or father's grave.'

Turkey has also been alluding to warmer ties with the Syrian government much to the dismay of the opposition that rejected Turkey's calls for the normalisation of ties with the Assad regime.

Protests broke out in August after comments by Turkey's Foreign Minister Mevlut Cavusoglu on reconciliation with Syria.

“There will be no permanent peace otherwise,” he said at the time.

Russia is a staunch backer of the Assad regime but has been mediating between Turkey and Syria, and other parties to the conflict.

Turkey recently launched a military operation against Kurdish targets near Syria's northern border, after a terror attack in Istanbul killed six last month.

Ankara blamed Kurdish militants for the attack, but the US-backed Syrian Democratic Forces denied any responsibility and called for an international investigation into the incident.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Blonde
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LUKA CHUPPI

Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A

Founder: Ayman Badawi

Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

Sector: Software

Size: Seven employees

Funding: $170,000 in angel investment

Funders: friends

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.”

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

UAE currency: the story behind the money in your pockets
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Updated: December 29, 2022, 7:31 AM