Bedouin fighter's journey from Free Syrian Army to ISIS describes arc of Syria's civil war


Khaled Yacoub Oweis
  • English
  • Arabic

Under a desert sunset almost 13 years ago, a group of Bedouin rebels fighting against President Bashar Al Assad hid at the side of a remote road in central Syria, waiting to ambush a bus.

Shepherds told them the bus left a local army base every day and headed to the city of Homs, where military tank forces were shelling residential areas to crush the uprising against the Assad regime.

Posters of Mr Al Assad and his ally, Hezbollah leader Hassan Nasrallah, were plastered on the bus's windows. The weather was cold and the bearded rebels wore jackets over their grey tunics. They intercepted the bus near Furqlus, 35km south-west of Homs. A gunfight ensued, resulting in the deaths of 11 men, including six pilots and four other officers, as well as the commander of the rebel force.

The operation in late November 2011 was the most high-level attack in the nascent Syrian civil war, due to the number of senior personnel involved. The Syrian army, which rarely disclosed its casualties, announced it at the time.

The army said it would “cut every evil hand that targets Syrian blood”.

  • Syrians demonstrate in Binnish, in Idlib province, on the 13th anniversary of the country's revolution as they demand the departure of President Bashar Al Assad and Abu Muhammad Al Jolani, the leader of Hayat Tahrir Al Sham. All photos: Moawia Atrash for the National
    Syrians demonstrate in Binnish, in Idlib province, on the 13th anniversary of the country's revolution as they demand the departure of President Bashar Al Assad and Abu Muhammad Al Jolani, the leader of Hayat Tahrir Al Sham. All photos: Moawia Atrash for the National
  • The demonstrators have also called for a change in the policies of Hayat Tahrir, a rebel formation set up by Al Nusra Front in 2017 after the group formally broke off from Al Qaeda
    The demonstrators have also called for a change in the policies of Hayat Tahrir, a rebel formation set up by Al Nusra Front in 2017 after the group formally broke off from Al Qaeda
  • Syria remains fragmented 13 years after the start of the revolution, with the regime controlling about 70 per cent of the country
    Syria remains fragmented 13 years after the start of the revolution, with the regime controlling about 70 per cent of the country
  • Hundreds of Syrians gather near Clock Square in Idlib. Outright fighting between the government and opposition groups has dropped in intensity, the conflict is far from over
    Hundreds of Syrians gather near Clock Square in Idlib. Outright fighting between the government and opposition groups has dropped in intensity, the conflict is far from over
  • An entrenched war economy, deep societal rifts, amalgamations of militias, as well as zones belonging to Iran, Russia, Turkey and the US compound any effort at stabilisation
    An entrenched war economy, deep societal rifts, amalgamations of militias, as well as zones belonging to Iran, Russia, Turkey and the US compound any effort at stabilisation
  • Rebel brigades, including Hayat Tahrir, control large parts of Idlib
    Rebel brigades, including Hayat Tahrir, control large parts of Idlib
  • Ahmed Al Ali, left, said 'today, we came to the squares to renew our pledge once again and to affirm the overthrow of the Syrian regime and that the oppressors cannot rule us'
    Ahmed Al Ali, left, said 'today, we came to the squares to renew our pledge once again and to affirm the overthrow of the Syrian regime and that the oppressors cannot rule us'
  • Shada Barakat told The National that one of her children was detained by the Assad regime while her husband had 'died due to oppression, and I am demonstrating here until I feel that I can do something to take revenge on this regime'
    Shada Barakat told The National that one of her children was detained by the Assad regime while her husband had 'died due to oppression, and I am demonstrating here until I feel that I can do something to take revenge on this regime'
  • Millions of people have fled the country due to the conflict, and a war economy based on narcotics and other illicit trade has taken hold
    Millions of people have fled the country due to the conflict, and a war economy based on narcotics and other illicit trade has taken hold
  • The Syrian National Army, a Turkish proxy, controls territory in Aleppo, while the SDF, backed by the US, controls much of north-eastern and eastern Syria
    The Syrian National Army, a Turkish proxy, controls territory in Aleppo, while the SDF, backed by the US, controls much of north-eastern and eastern Syria
  • For the past seven months, peaceful demonstrations demanding the removal of the president have been occurring in Suweida province, where Druze militias have kept pro-regime forces in check
    For the past seven months, peaceful demonstrations demanding the removal of the president have been occurring in Suweida province, where Druze militias have kept pro-regime forces in check

The attack helped to rally Mr Al Assad's supporters as the regime promoted its official narrative that “terrorists” were bent on destroying Syria. Opponents of the pro-democracy uprising that started in March of that year said that the pilots had been trained to fight Israel, Syria's neighbour and enemy.

The account of the attack was based on an interview with Abu Yazan, who was second-in-command of the rebel group, in Hatay, southern Turkey, about a year later.

Abu Yazan was wounded in the eye during the operation. He visited southern Turkey briefly in 2012 for treatment and died in mysterious circumstances in Syria in 2015.

Abu Yazan's journey is illustrative of how an initial peaceful revolt morphed into a civil war that has left the country radicalised and fragmented today.

Syria's President Bashar Al Assad at a summit on Gaza in Riyadh, Saudi Arabia, last year. SPA
Syria's President Bashar Al Assad at a summit on Gaza in Riyadh, Saudi Arabia, last year. SPA

'It's your turn, doctor'

The protests against Mr Al Assad began in Deraa, on the country's southern border with Jordan, in early 2011 after school pupils painted anti-regime graffiti inspired by the uprisings in Tunisia, Egypt, Libya and Yemen.

“It is your turn, doctor,” they wrote, referring to Mr Al Assad's studies as an eye doctor in London in the 1990s before he become president in 2000.

Secret police responded to the graffiti by imprisoning and torturing the children, sparking calls for protests including a “day of rage” on March 15.

On March 18, after Friday prayers in Deraa, security forces used live ammunition to disperse a large demonstration, killing three people.

For many, this date is considered the starting point of the Syrian civil war.

Moawiya Sayasina, a Syrian activist who wrote anti-Assad slogans in 2011, sits next to an Arabic slogan on the wall of a schoolyard that reads "Your turn, Doctor", in Daraa in 2018, seven years after initially graffiting the slogan. AFP
Moawiya Sayasina, a Syrian activist who wrote anti-Assad slogans in 2011, sits next to an Arabic slogan on the wall of a schoolyard that reads "Your turn, Doctor", in Daraa in 2018, seven years after initially graffiting the slogan. AFP

Sectarian violence

The peaceful protest movement quickly spread to other parts of the country and was met with repression from security forces.

It began to take on a sectarian nature as the regime deployed militias from Mr Al Assad's Alawite sect, an offshoot of Shiite Islam, to suppress the revolt in Sunni-majority urban areas.

Most of the civilians killed in the crackdown were Sunni.

Mr Al Assad also allowed the Iran-backed Shiite Lebanese group Hezbollah to deploy its fighters against the opposition, including in Homs and near Shiite shrines in Damascus.

Their presence contributed to the development of a violent Sunni backlash in the second half of 2011, as the peaceful revolt became an armed conflict fought increasingly along sectarian lines.

The militarisation of the opposition was led by Sunni soldiers, who had begun defecting from the military, in which the most of the officers were Alawite. The defectors formed rebel brigades who organised under a loose grouping known as the Free Syrian Army.

Abu Yazan's group was one of the many groups that fought under the umbrella of the FSA.

Most of Abu Yazan's group were blue-collar workers from Khalidiya in Homs, where he grew up, who originally belonged to Sunni Bedouin clans from the desert outside the city. The group became defunct after forces loyal to the president captured Khalidiya and other rebel areas of Homs in 2013.

He said that his group had been expecting to find civilians on the bus they attacked, who they had planned to take captive to negotiate a swap for civilians who had been arrested for taking part in anti-regime demonstrations.

As groups like Abu Yazan's took up arms against the regime, their conflict quickly became an international one.

His group received funding from expatriates from Khalidiya who lived and worked in the Gulf.

The FSA more broadly received the backing of Turkey, the US and other Arab states as it took on the Alawite-dominated regime and the army units that had stayed loyal to it.

These backers had deep differences, such as on the Kurdish issue in Syria and the role of religious leaders opposing Mr Al Assad.

On the other side, Iran backed the regime in Damascus. The Iranians set up a network of united militias, supervised by Hezbollah, particularly around Damascus, and in northern and eastern Syria.

Friction and fragmentation

Abu Yazan continued to lead hit-and-run raid after the bus attack, but quit the FSA after the regime regained control of Homs in 2013. He then joined Al Nusra Front, Al Qaeda's Syrian affiliate, which had displaced many of the moderate rebel factions as their outside backing waned.

Al Nusra was better organised than its rivals and appeared to have acquired tacit support from Turkey and other outside brokers, factors that helped it to take either take over moderate factions through violence or by attracting fighters disillusioned with the FSA.

Abu Yazan fought for Al Nusra Front in areas around Aleppo and other parts of north-western Syria before defecting to ISIS in 2014 as the two factions engaged in a power struggle for control of the armed opposition.

Al Nusra Front lost territory to ISIS in eastern Syria, but it remained a formidable player in the north-west, where it led an offensive that dislodged the regime from the province of Idlib. The loss of Idlib exposed the Alawite heartland in the coastal mountains to attack, and was a main reason for Russia's military intervention in 2015, which reversed the tide of the war.

Free Syrian Army militants aiming at a base in Qusayr in July 2012. AFP
Free Syrian Army militants aiming at a base in Qusayr in July 2012. AFP

Foreign forces

Many of the gains made by the opposition were reversed as Russian air strikes pounded rebel positions. Under Russian air cover, the army and its pro-Iranian militia allies recaptured many areas of the country.

A year later, Turkey intervened in northern Syria in support of anti-regime rebels.

Meanwhile, in Syria's north-east, the US deployed troops to support the Kurdish-led Syrian Democratic Forces, who had taken territory from the regime and from Arab Sunni rebels, in fighting against ISIS.

Today, Syria remains fragmented, with the regime controlling about 70 per cent of the country.

Rebel brigades, including Hayat Tahrir Al Sham, a rebel formation that was set up by Al Nusra Front in 2017 after the group formally broke off from Al Qaeda in 2016, control large parts of Idlib.

The Syrian National Army, a Turkish proxy, controls territory in Aleppo, while the SDF, backed by the US, controls much of north-eastern and eastern Syria.

Steady economic decline also contributed to the regime's weakening grip in the mostly Druze governorate of Suweida, near the border with Jordan.

For the past seven months, peaceful demonstrations demanding the removal of the president have been occurring in the province, where Druze militias have kept pro-regime forces in check.

Millions of people have fled the country, and a war economy based on narcotics and other illicit trade has taken hold, often run by gangs with links to militias on both sides of the conflict, although the drug trade is seen as dominated by the regime's allies, especially in southern Syria.

Demonstrators rally in the town of Binnish in Syria's Idlib province in protest against Hayat Tahrir Al Sham, a militant group led by Al Qaeda's former Syrian branch that controls the area. AFP
Demonstrators rally in the town of Binnish in Syria's Idlib province in protest against Hayat Tahrir Al Sham, a militant group led by Al Qaeda's former Syrian branch that controls the area. AFP

No end in sight

While outright fighting between the government and opposition groups has dropped in intensity, the conflict is far from over.

Waiel Olwan, senior fellow at the Turkey-based Jusoor Centre for Studies, said that Syria is “at a stage of lessened conflict, but not at its end”.

An entrenched war economy, deep societal rifts, amalgamations of militias, and zones belonging to Iran, Russia, Turkey and the US compound any effort at stabilisation.

“The scenarios for the future of the country remain disparate,” he said.

Any solution, he said, would need to address the militia infestation. Some, too extreme to be integrated into the regular army, or eager “to continue fighting for the sake of fighting”, will need to be disbanded and dismantled, “and that could involve confrontation”.

Including others in a new postwar state could be done “relatively easily” by offering them a share of reconstruction funds or a seat on the table in any final settlement negotiations, or because of pressure from their sponsors to agree to give up their arms.

Mr Olwan said this was the case in Lebanon after the 1975-1990 civil war, when all the militias, except Hezbollah, agreed to demilitarise. Western financial support, as well access to international borrowing markets made billions of dollars available for reconstruction.

In Iraq, Mr Olwan pointed out, new security structures in the last decade designed to curb the power of the mostly Iran-backed militias have mainly not worked because the militias were haphazardly integrated into them, and Iran wanted its armed allies to remain dominant.

In Syria, he said, it is not yet clear “how much outside powers could contribute to stability and how much reconstruction funding there could be”.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Turkish Ladies

Various artists, Sony Music Turkey 

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Neymar's bio

Total club appearances 411

Total goals scored 241

Appearances for Barca 186

Goals scored for Barca 105

Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

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
Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

THE NEW BATCH'S FOCUS SECTORS

AiFlux – renewables, oil and gas

DevisionX – manufacturing

Event Gates – security and manufacturing

Farmdar – agriculture

Farmin – smart cities

Greener Crop – agriculture

Ipera.ai – space digitisation

Lune Technologies – fibre-optics

Monak – delivery

NutzenTech – environment

Nybl – machine learning

Occicor – shelf management

Olymon Solutions – smart automation

Pivony – user-generated data

PowerDev – energy big data

Sav – finance

Searover – renewables

Swftbox – delivery

Trade Capital Partners – FinTech

Valorafutbol – sports and entertainment

Workfam – employee engagement

The specs: Audi e-tron

Price, base: From Dh325,000 (estimate)

Engine: Twin electric motors and 95kWh battery pack

Transmission: Single-speed auto

Power: 408hp

Torque: 664Nm

Range: 400 kilometres

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

Need to know

The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours. 

The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.

When to go: You can climb Kili at any time of year, but the best months to ascend  are  January-February and September-October.  Also good are July and August, if you’re tolerant of the colder weather that winter brings.

Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.

Pros%20and%20cons%20of%20BNPL
%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

The specs: 2018 Audi Q5/SQ5

Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder /  3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

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.”

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

The%20Color%20Purple
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBlitz%20Bazawule%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EFantasia%20Barrino%2C%20Taraji%20P%20Henson%2C%20Danielle%20Brooks%2C%20Colman%20Domingo%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

Updated: March 18, 2024, 12:52 PM