Follow the latest on the earthquake in Turkey and Syria
The Syrian government has approved the delivery of humanitarian aid across the front lines of the country's civil war, state media said on Friday.
An earthquake has killed at least 22,000 people across site of the epicentre in Turkey and Syria. Most of the hardest-hit areas in Syria are out of government control and are yet to receive any meaningful international aid, days after Monday's quake.
“The Syrian cabinet has approved the delivery of humanitarian aid to all parts of the country, including through the front lines from inside the areas controlled by the state to areas that are out of the state control,” Sana news agency reported.
Aid would be distributed with the help of the UN, Syrian Red Crescent and International Red Cross to guarantee delivery to those who in need.
State media reported that the government had declared Lattakia, Hama, Aleppo and Idlib ― the areas worst-affected ― as disaster zones and would set up a fund to rehabilitate those regions.
Syrian opposition groups have not yet said whether aid would be accepted in this manner.
Fabrizio Carboni, Near and Middle East regional director for the International Committee of the Red Cross, who is in Syria, told The National: “Any initiative that contributes to alleviating the suffering is welcome.”
The cabinet has approved creating a national fund to rehabilitate affected areas and enable the entry of all donations and relief to the affected areas.
It also delegated ministers to handle aid through the supreme commission of relief.
The Swiss ambassador to the UN, Pascale Baeriswyl, told reporters in New York on Friday that Switzerland and Brazil have requested a Security Council meeting to discuss the humanitarian situation in Syria.
This meeting is expected to take place early next week so that Security Council members can hear directly from UN aid chief Martin Griffiths on the “the humanitarian needs of the affected population”.
Mr Griffiths is currently in Turkey and is set to travel over the weekend to Syria.
The first UN convoy since the earthquake passed from Turkey into north-west Syria through the Bab Al Hawa border crossing on Thursday, said the UN.
Secretary General Antonio Guterres said he hoped the UN could use more than one border crossing to deliver aid to Syria.
A UN diplomat told The National that Security Council members had discussed expanding access and including one or more additional border crossings.
The UN diplomat suggested the best way to address “humanitarian needs, doesn't necessarily require a UN Security Council resolution”.
Louis Charbonneau, UN director for Human Rights Watch, told The National that Security Council approval is not a legal prerequisite to conduct cross-border aid operations into Syria.
Mr Charbonneau said if the Security Council is deadlocked and the UN determines it’s feasible and safe, then the “UN should push ahead to address the crisis and help victims”.
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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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