Israeli air strikes over Syria’s Damascus killed nine Iran-backed militia fighters overnight in the latest in a series of bombings of Tehran’s proxies in the conflict-riven country.
Syria’s state-run media reported that air defence units “confronted Israeli aggression” over the capital but the UK based Syrian Observatory for Human Rights – a war monitor that details casualties in the conflict using a network of local sources – reported the casualties.
The Israeli military, which began a surprise air force combat drill along the country's northern border this week, said: "it did not comment on foreign reports".
Israeli military planes flew over the Golan Heights to hit targets on the edge of the capital, a Syrian army statement said, without mentioning casualties but adding air defences downed most of the missiles.
"Our air defences are continuing to repel the Israeli missile attacks over the skies of the capital," they said.
A Syrian military defector said the bombing raids hit a major army division in the town of Kiswa, almost 14 kilometres south of the capital, in an sprawling area where Iranian-backed militias have a dominant presence.
Witnesses heard large explosions on the southern edge of Damascus, an area where Iranian-backed militias are entrenched, residents said.
Israeli officials have acknowledged carrying out attacks inside Syria aimed at ending Tehran's entrenched military presence in Syria.
Military chief of staff Aviv Kochavi said at the end of last year that Israeli missile strikes had "slowed down Iran's entrenchment in Syria", hitting more than 500 targets in 2020.
The army said on Monday that the surprise drill will last until Wednesday and there would be an increase in air traffic throughout the country. Explosions could be heard in northern Israel, it said.
The army said the "exercise simulates combat scenarios in the northern front, and will test all components in the [air force's] core missions, including maintaining aerial superiority, protecting the country's skies, as well as attacking and gathering intelligence".
Western intelligence sources say Iran's military influence has expanded in Syria in recent years, prompting Israel to escalate its campaign to prevent its archrival from establishing a major military foothold along its border.
Iran's proxy militias, led by Lebanon's Hezbollah, now hold sway over vast areas in eastern, southern and northwestern Syria, as well as several suburbs around Damascus. They also control Lebanese-Syrian border areas.
Israel, which in the past two months staged some of its biggest strikes yet inside Syria, has concentrated on Abu Kamal, the Syrian city that controls the border checkpoint on the main Baghdad-Damascus motorway.
The widening military campaign was part of a so-called "campaign within wars", which, according to Israeli generals and regional intelligence sources, had been tacitly approved by the United States.
The operations that aim to prevent Tehran from changing the balance of power in Syria in its favour have gradually eroded Iran’s extensive military power without triggering a major increase in hostilities, regional intelligence sources say.
Pad Man
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Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Monster
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Starring: Kelvin Harrison Jr., John David Washington
3/5
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Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
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UAE currency: the story behind the money in your pockets
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Women’s T20 World Cup Asia Qualifier
ICC Academy, November 22-28
UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman
ITU Abu Dhabi World Triathlon
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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.”
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity