US Secretary of State Antony Blinken was in Paris on Wednesday to discuss Syria with French President Emmanuel Macron as European officials prepare to follow the US lead in partially lifting sanctions on the war-torn country.
Western leaders are stepping up meetings as several regional powers vie to strengthen their diplomatic foothold in Syria, one month after the fall of the Assad regime and the takeover by rebel groups led by Hayat Tahrir Al Sham (HTS). At the French foreign ministry, Mr Blinken warned of the “acute danger” posed by the possible escape of “more than 10,000 terrorist fighters detained under the vigilance of our Kurdish friends”.
“We have been working very closely with our ally, our partner, in Turkey, which has very legitimate concerns, of course, about the PKK and terrorism, to navigate this transition, in a way that leads to a resolution of many of these concerns,” Mr Blinken said. He added that this includes “the integration of the Syrian Democratic Forces into Syrian national forces … and the resolution of questions around oil and borders”. Kurdish groups control about 70 per cent of Syria's oil.
As the US eases transactions with governing institutions in Syria to help the flow of humanitarian assistance, EU officials are looking at a partial lifting of sanctions ahead of a meeting of the bloc's 27 foreign ministers at the end of the month.
Unlike US sanctions, which are extraterritorial, EU sanctions do not apply outside Europe but any move on punitive measures from Brussels would give a strong signal about the continent's willingness to engage with the new rulers in Damascus. “Sanctions have adversely affected food security, agriculture and access to health care, medicine and water, among other areas,” said Mohammad Kanfash, a Syria expert at the University of St Andrews in Scotland. “Sanctions also obstructed humanitarian operations in the country.”
Conditional lifting of sanctions
A major issue is relations with HTS, which is under UN, EU and US sanctions for its former links to Al Qaeda. Publicly, European diplomats have said they are set to maintain restrictions on members of the Assad regime and chemical weapons. They have suggested they could lift sanctions on the economy and other sectors but only if the new leaders in Damascus respect their demands on political inclusivity and human rights.
Speaking before his meeting with Mr Blinken, and about a week after a trip to Damascus with his German counterpart, French Foreign Minister Jean-Noel Barrot said some sanctions could be “quickly” lifted, especially those that delay the delivery of aid, in a similar way to the US Treasury's general licence issued on Monday.
“There are the sanctions that targeted Bashar Al Assad and the executioners of his regime, these sanctions obviously have no vocation to be lifted,” Mr Barrot told radio France Inter. “Then there are others that today hinder access to humanitarian aid, which prevent the recovery of the country and these could be lifted quickly.”
Before meeting the French President, Mr Blinken, who will be leaving office this month when Donald Trump takes over as US president, will hold talks with Mr Barrot, on the wars in Ukraine, Syria, Lebanon and Gaza, the French Foreign Ministry said. His meetings in Paris take place one day before another gathering in Rome of foreign ministers of Britain, Germany, Italy and France, alongside the EU's foreign affairs and security policy chief Kaja Kallas when Syria will again be in the spotlight.
The office of Ms Kallas said the “EU remains ready to support a Syrian-led and Syrian-owned process, with the support of the United Nations”. The former prime minister of Estonia will also meet Italian Prime Minister Giorgia Meloni, who was last year pushing to re-establish diplomatic ties with the Assad regime.
Europe has strong incentives to engage with Syria. The continent has been heavily impacted by the Middle Eastern country's 13 years of civil war, which featured the rise of radical groups that fomented terrorist attacks on European soil and caused mass migration to the continent, fuelling the far right.
Elsewhere, other countries are moving faster. Qatar and Turkey have already positioned themselves in Syria and sent floating power plants that have grown the country's output by 50 per cent. Infrastructure systems, particularly health, education, housing and sanitation, are absent from most parts of the country, the UN says. Western sanctions prohibit reconstruction or sending money to Syria.
Another topic of importance to western countries is linked to the threat posed by former ISIS members, currently held in prisons guarded by US-backed Kurdish groups in north-east Syria. But the HTS takeover emboldened Turkish-backed forces to push Kurdish militias out of certain areas and fighting is continuing.
Months of talks ahead
Some work on sanctions appears to be taking place behind the scenes in European capitals. Germany has put forward a proposal on the pathway to lifting measures on Syria, which it has shared with Ms Kallas' office and diplomats in Paris, The National understands.
Echoing Mr Barrot's statements, the proposal suggests maintaining sanctions on the Assad regime and chemical weapons. It also suggests a gradual lifting of restrictions on the Syrian state, but while keeping in place the possibility of reinstating them if the rulers in Damascus do not respect ethnic and religious minorities.
Included in the proposal is the possibility of lifting sanctions on Syrian Air, in addition to allowing the export of commercial assets to allow the economy to rebuild. The document also suggests opening financial channels between the EU and Syria to allow Syrians to access their personal finances.
On HTS, discussions at the UN level are recommended and would depend on a joint assessment of the group and its leader Ahmad Al Shara.
Harmonie Toros, professor in politics and international relations at the University of Reading in England, said due to Syria being subjected to so many overlapping sanctions, even if the EU were to ease measures on its own, members of the UN Security Council would all need to agree to lift theirs, which she believes could take months.
A significant stumbling block will be reassurances from HTS that it will break ties with extremist groups and distance itself from the use of extreme violence, she told The National.
“Some sanctions, such as ones relating to humanitarian aid, can be lifted easier but others could take months of negotiations,” she said. “It is going to take time. There will have to be leaps of faith on all sides that other parties will do what they say they are going to do.
“The UN is complex and it could take weeks and months depending on whether it is opposed or not. There is a technical side to it but if there is a will of the international community to move in that direction it will happen eventually.”
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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.”
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULTS
5pm: Rated Conditions (PA) Dh85,000 (Turf) 1,600m
Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Alajaj, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner: Hawafez, Connor Beasley, Abubakar Daud
6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
Winner: Tair, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh80,000 (T) 2,200m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
Winner: Son Of Normandy, Fernando Jara, Ahmad bin Harmash
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
More coverage from the Future Forum
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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%C2%A0profile
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.