Syria's former president Bashar Al Assad. He fled to Russia on December 8 as Hayat Tahrir Al Sham led an assault on Damascus. Reuters
Syria's former president Bashar Al Assad. He fled to Russia on December 8 as Hayat Tahrir Al Sham led an assault on Damascus. Reuters
Syria's former president Bashar Al Assad. He fled to Russia on December 8 as Hayat Tahrir Al Sham led an assault on Damascus. Reuters
Syria's former president Bashar Al Assad. He fled to Russia on December 8 as Hayat Tahrir Al Sham led an assault on Damascus. Reuters

Syria’s new leader tells Russia to hand over Al Assad - and his '$2 billion'


Khaled Yacoub Oweis
  • English
  • Arabic

Syria’s ruler Ahmad Al Shara has demanded at a meeting in Damascus that Russia hand over former president Bashar Al Assad and an estimated $2 billion in liquid assets held by the exiled dictator's family in Russian banks, sources told The National.

The meeting with a Russian delegation led by Deputy Foreign Minister Mikhail Bogdanov also focused on other thorny issues but reached no agreement beyond maintaining contact, the sources said.

“Handing over Assad and all senior officers who escaped to Russia was the top of the list," said a member of the new political staff at Syria's former presidential palace in the capital, where the meeting took place. It was the first high-level, face-to-face contact since the fall of the Assad regime and Mr Al Assad fled to Moscow on December 8.

The nature of relations with Moscow could affect the power consolidation set under way by Mr Al Shara's Hayat Tahrir Al Sham (HTS). The rebel group led the overthrow of the Assad regime and is striving to build international ties to legitimise its rule. It also wants financial flows for recovery from Syria's civil war.

Mr Al Shara demanded repatriation of an estimated $2 billion in liquid assets held by the Al Assad family in Russian banks, the source said. Mr Bogdanov did not reply but “reserved the right to respond” to the two demands.

Russia's intervention in the Syrian civil war saved Mr Al Assad from defeat in 2015. However, by the time HTS-led troops swept through northern Syria towards Damascus last month, a similar rescue had become impossible, or too costly. Now Russia's two military bases on the Syrian coast, its main warm-water outposts, are in a country where President Vladimir Putin's government no longer holds sway.

Another Syrian source briefed on the meeting said Mr Al Shara had made it clear that Russia “bears the main responsibility for the tragedies that have befallen the Syrian people” since a 2011 pro-democracy revolt.

Russia's Mikhail Bogdanov, right, with Bashar Al Assad, centre, in Moscow in 2023. Reuters
Russia's Mikhail Bogdanov, right, with Bashar Al Assad, centre, in Moscow in 2023. Reuters

Surrendering Mr Al Assad “would go a long way towards building up ties” with the new order in Damascus, the Russian delegation was told, the source said.

HTS troops have launched a military campaign to subdue members of the former regime. In the east, Turkish-backed militias allied with HTS mounted an offensive against a Kurdish-led militia that controls Syria's north-east soon after Mr Al Assad fled to Moscow.

Mr Bogdanov “did not admit any of Russia's past mistakes”, but Mr Al Shara made it clear there will not be any immediate moves against Russian military interests, the sources said.

Russian news agency Tass reported that the two sides had agreed to continue discussions on how to maintain the Russian bases. “We expressed hope that this policy will continue and that our interests in Syria will not be affected,” it quoted Mr Bogdanov as saying.

Video: Syrians despair at the loss of their ancient heritage

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.”

COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

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The flights

Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes

The package

Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January

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Visit www.gokorea.co.uk

UAE currency: the story behind the money in your pockets
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Who are the Sacklers?

The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.

Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma. 

It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.

Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".

The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.

Members of the Sackler family are rarely seen in public.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Updated: January 30, 2025, 4:19 PM