UN Special Envoy for Syria Geir Pedersen said this week's eighth round of talks had made scant progress. AFP
UN Special Envoy for Syria Geir Pedersen said this week's eighth round of talks had made scant progress. AFP
UN Special Envoy for Syria Geir Pedersen said this week's eighth round of talks had made scant progress. AFP
UN Special Envoy for Syria Geir Pedersen said this week's eighth round of talks had made scant progress. AFP

Syria constitution talks make little progress, says UN mediator


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An eighth round of talks on a new constitution for Syria concluded on Friday with rival parties having made very little headway, the UN mediator said.

The Syrian Constitutional Committee was created in September 2019 and first convened a month later.

The tentative negotiations are aimed at rewriting the war-torn country's constitution and it is hoped the talks could pave the way towards a broader political process.

The discussions between 15 representatives each from President Bashar Al Assad's government, the opposition, and civil society are being mediated by UN envoy Geir Pedersen.

But the Norwegian diplomat said this week's eighth round of talks, co-led by the leaders of the government and the opposition delegations, had made scant progress.

The talks discussed constitutional principles, including preserving and strengthening state institutions, the supremacy of the constitution and the hierarchy of international agreements as well as transitional justice.

One day was spent discussing draft constitutional texts on each principle, presented by a delegation.

On Friday, the fifth day, delegations submitted revisions to the texts following the week's discussions.

“On some, the differences remained significant. On others, there were areas of potential common ground,” Mr Pedersen's office said in a statement.

“At the same time, the special envoy has identified the slow pace of work and the continuing inability to identify and conclude concrete areas of provisional agreement as areas where there is much room for improvement.”

Mr Pedersen's office said that he agreed with the co-chairmen on the importance of working out ways to expedite the work and producing results as well as continued progress. He also shared ideas for the delegations' consideration.

“He reiterates his appeal to all members to work with a sense of compromise and to work towards constitutional texts that would likely attract broad support among Syrians,” his office said.

The co-chairmen agreed to hold a ninth session of talks in Geneva from July 25 to 29.

Syria's civil war erupted in 2011 after the violent repression of protests demanding regime change.

It quickly spiralled into a complex conflict that pulled in numerous actors, including extremist groups and foreign powers. The war has left about half a million people dead and displaced millions.

Throughout the war, the UN has been striving to nurture a political resolution.

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Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

England squad

Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale 

Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White

Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse

Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling

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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.”

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Updated: June 03, 2022, 11:46 PM