The last time ties between Ankara and Damascus improved, in the late 2000s, Turkish goods flooded Syria, helping to fuel a consumer boom. Demand was even high for Turkish SIM cards in border areas, to avoid eavesdropping by Syrian authorities.
The two countries had strained relations over Syria's support for the Kurdistan Workers Party, a separatist group fighting against the Turkish government.
The opening was part of a wider foreign policy realignment by President Recep Tayyip Erdogan to improve Turkey's standing in the Arab world. The rapprochement was a win-win, helping Syrian President Bashar Al Assad break international isolation over his country's suspected role in the assassination of Lebanese statesman Rafik Hariri, while Turkey gained regional influence and economic benefits.
The main loser was anti-Turkish Kurdish militia fighters based in Syria, where they had enjoyed decades of sanctuary.
Between 2007 and 2010, in response to demands by Ankara, Syrian security forces rounded up Kurdish militia commanders, before a secret court in Damascus sentenced them to long jail terms.
But after the outbreak of the Syrian civil war with Syria splintered into different zones of control, Turkey backed Sunni rebels and carved out an area of influence near the border, while US-backed Kurdish separatists seized control of parts of northern and eastern Syria.
Turkish forces and their proxies have clashed with the Syrian army and its Iranian backers several times.
Now, after years of tense relations, the potential for another reconciliation between Ankara and Damascus appears to be gaining traction.
Neither Ankara nor Damascus has provided a clear road map or timeline to normalisation. But on board a plane after returning from watching the Turkish football team exit the Euro 2024 tournament in Berlin, Mr Erdogan renewed an offer to meet Mr Assad, underlining the need to resolve the civil war.
"We have now come to such a point that if Bashar Al Assad takes a step towards improving relations with Turkey, we will show that approach towards him," Mr Erdogan said.
Moscow and Tehran, Mr Assad's two closest allies, both support their possible reconciliation, and Mr Erdogan said Russian President Vladimir Putin would attend the proposed meeting with Mr Assad.
Iran has been also using its regional contacts to urge Mr Erdogan to normalise, seeking to strengthen its regional position against Israel by bringing Turkey closer to the anti-Israel "Axis of Resistance".
Turkey has taken a tough stance against Israel and in support of Iran-backed Hamas in the Gaza war.
Rapprochement with Ankara would be a major diplomatic victory for Mr Assad, who wants Turkey and the US out of Syria, and to end his isolation, a process that began last year with the restoration of ties with many Arab countries.
Mr Erdogan also hopes to gain from the move. The Turkish President has three main goals, according to diplomats and members of the Syrian opposition briefed by Turkish officials.
First, he wants Syrian security forces to launch sustained military action against US-backed Kurdish militias in north-west Syria. Turkey's government is fiercely opposed to the Kurdish militias, whose allied separatists have carried out attacks across the border in Turkey. Second, Ankara wants Mr Assad to guarantee the safe return of masses of Syrian refugees who are currently living in Turkey.
Third, it wants talks to resume on a political solution to the war that takes account of Turkish interests in reconstruction and other postwar arrangements.
Mr Erdogan described this potential solution to the war as a "new inclusive social contract".
However, experts have warned Mr Erdogan is unlikely to achieve these goals.
“Even the Turks do not see a real possibility of Assad conceding to anything substantial,” one European diplomat said. “His strategy throughout the war has been not to compromise and rely on Russia for protection.
"Assad has an interest, like Erdogan, in seeing the Kurds undermined, but the United States is in the way," he said.
But even if Mr Erdogan does not achieve his major strategic goals, he could still stand to gain from meeting Mr Assad. The Turkish government faces growing domestic pressure to send Syrian refugees back across the border, and talks could project the image that Mr Erdogan is addressing the public's concerns.
Former Turkish diplomat Omer Onhon said even if Mr Erdogan achieves “a handshake and a kiss" with Mr Assad, it would not solve Turkish concerns as far as the Kurdish militias and refugees.
“He has abandoned this [former] policy of a Syria without Assad," said Mr Onhon, who was ambassador to Syria at the outbreak of the revolt against Mr Assad in 2011.
"This is a very long process," he said.
Serhat Cubukcuoglu, senior researcher at TRENDS Research and Advisory in Abu Dhabi, did not rule out a meeting between Mr Erdogan and Mr Assad, but suggested it was unlikely to produce a political outcome.
“Even if Assad meets with Erdogan, I think the aim is to have a photo op, to appear as having shaken hands, and for Erdogan to both satisfy his domestic interlocutors and his foreign partners," Mr Cubukcuoglu said.
Lizzie Porter reported from Istanbul and Nada AlTaher reported from Abu Dhabi.
RESULT
Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')
Man of the match: Diogo Jota (Liverpool)
Dunbar
Edward St Aubyn
Hogarth
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
RACE CARD
5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Joe Root's Test record
Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27
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.”
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
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FIXTURES
New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand
South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina