Authorities in Ankara closed border crossings with Syria on Tuesday and shut down communications in its zone of control in the country after at least four people were killed in riots in the area against Turkish presence.
The unrest, which began on Monday, has tested the limits of the Turkish reach in Syria, as outrage mounts over attacks on Syrian refugees inside Turkey and at changes in Ankara's position on the Syrian civil war.
The violent attacks on Syrians in Turkey began on Sunday following allegations against a Syrian man of sexually assaulting a Syrian girl. Neither the victim nor the alleged attacker have been named.
Turkish Interior Minister Ali Yerlikaya said the authorities have detained 474 people in connection with overnight attacks on Syrian citizens in Turkey.
Fears that Ankara could turn against opponents of President Bashar Al Assad as part of a proposed rapprochement with Damascus, 13 years into the civil war, have also fuelled the violence.
"The liberated areas depend on these crossings for survival and it will be a disaster if Turkey sustains the closures," a Syrian official in an international humanitarian organisation, based near the Bab Al Hawa crossing in northern Syria, told The National.
It is one of four crossings between Turkey and areas controlled by its proxies in Syria that have shut. Others controlled by the Assad regime, and with areas under the control of a Kurdish militia, have been closed for years.
The official source said Turkish-linked internet networks in Syria were shut down in retribution for attacks in the past 24 hours against Turkish garrisons and other interests in area.
Residents also attacked and burnt lorries carrying Turkish goods at a new crossing linking the Turkish zone in Syria with areas under the control of Damascus, members of the Syrian opposition to the regime said.
The crossing opened last month as part of preparations for a possible rapprochement between Ankara and Damascus, they said.
Regional competition
In 2016, Turkey started carving out a zone in northern Syria, joining Russia, Iran and the US, as the main foreign powers in the fragmented country.
On Tuesday, a mix of militia fighters and other armed elements attacked positions manned by Turkish troops and members of the Syrian National Army, a proxy force set up by Turkey five years ago.
The troops responded by firing back, killing four people in the area of Afrin in Aleppo province, residents said.
Among the attackers, they said, were men linked with the Hayat Tahrir Al Sham, an offshoot of Al Qaeda, that is considered a de facto ally of Turkey.
"We must prevent sedition and those who commit it," Moataz Raslan, a commander in the Syrian National Army, said on X.
In Turkey, online videos purportedly showed shops and cars belonging to Syrians being set on fire in the cities of Kayseri, Gaziantep and Antakya, and Syrians being beaten by groups of men.
"The psychological state of all Syrians is bad – even Syrians with Turkish citizenship are living in the same fear," a Syrian refugee in Gaziantep said.
The Syrian Diaspora in Gaziantep, a charity organisation, said the local government migration directorate had formed a crisis cell to deal with the violence against Syrians.
Senior Turkish officials from the ruling AK Party and the main opposition, the CHP, have tried to rein in the unrest, calling for calm and an end to racist slurs against Syrians.
Turkish Vice President Cevdet Yilmaz condemned "those who try to cause turmoil in our country, with provocative purposes and hate speeches".
Turkey has received billions of dollars in funding from international donors over the past decade, primarily the EU to provide services for Syrians in the country, including health care and education.
But anti-Syrian sentiment and attacks on the refugees have grown in the country amid deteriorating economic conditions.
Hundreds of thousands of Syrians fled a crackdown by Syrian authorities on a peaceful revolt against the regime in 2011 and the subsequent civil war. The Syrian refugee population in Turkey is now about 3 million.
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.”
UAE currency: the story behind the money in your pockets
EMILY%20IN%20PARIS%3A%20SEASON%203
%3Cp%3ECreated%20by%3A%20Darren%20Star%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Lily%20Collins%2C%20Philippine%20Leroy-Beaulieu%2C%20Ashley%20Park%3C%2Fp%3E%0A%3Cp%3ERating%3A%202.75%2F5%3C%2Fp%3E%0A
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
More on animal trafficking
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Race card:
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.
7.05pm: Maiden (TB) Dh165,000 1,400m.
7.40pm: Handicap (TB) Dh190,000 1,200m.
8.15pm: Maiden (TB) Dh165,000 1,200m.
8.50pm: Rated Conditions (TB) Dh240,000 1,600m.
9.20pm: Handicap (TB) Dh165,000 1,400m.
10pm: Handicap (TB) Dh175,000 2,000m.