Live updates: Follow the latest on Syria
Israel has attacked Syria from the air and on ground, opening another front in its regional war as its neighbour tries to cope with the sudden collapse of its government.
Israeli Prime Minister Benjamin Netanyahu announced its military has temporarily seized control of a buffer zone in the Golan Heights established by a 1974 ceasefire agreement with Syria. During a visit to the Israel-Syria border area, Mr Netanyahu, who is wanted by the International Criminal Court over alleged war crimes in Gaza, said the 1974 border agreement with Syria had “collapsed” after the fall of the Bashar Al Assad regime.
Mr Netanyahu said he had directed the military to “seize the buffer zone and the commanding positions” nearby. “We will not allow any hostile force to establish itself on our border,” he said.
According to reports, Syrian troops left their positions in Quneitra province, inside the buffer zone, and on Sunday Israeli troops told residents of five Syrian villages inside the zone to stay in their homes until further notice. Israel captured a portion of the Golan Heights in the 1967 war and annexed it unilaterally in 1981, which is illegal according to international law.
Israeli Foreign Minster Gideon Sa'ar on Monday said Israel "took some territories near the border in order not to be surprised by an October 7 on the Syrian border", a reference to the Hamas-led attacks in southern Israel last year.
"I emphasise that it is a very limited and temporary step we took for security reasons," he added. Mr Sa'ar said Israel will "continue our obligations" regarding a 1974 disengagement agreement with Syria, despite deploying troops in the region. "The facts are that the Syrian army had vanished from this border. The disengagement agreement was violated. Militias or armed people entered."
"We take this framework as a valid framework to the future as much as we hope it will be possible. If it is breached from the other side, there will be consequences."
Israeli military chief of staff Lt Gen Herzi Halevi told the Golani Brigade that Israel has been “engaged in combat on four fronts”, referring to Israel's war in Gaza, West Bank, Lebanon and now in Syria.
Israel has launched strikes in Syria but intensified the attacks after the abrupt fall of the Syrian government. On Sunday, it conducted air strikes in the Syrian capital Damascus on a reported security complex and a government research centre, which it said was used by Iran to build missiles.
The attack caused extensive damage to the main customs headquarters and buildings adjoining the military intelligence offices within the security complex, which is located in the Kafr Sousa district, reports said. Israeli officials have expressed concern that chemical weapons and other prohibited munitions and missiles that Syria had kept for decades could now fall into the hands of the Islamist-led forces who stormed into Damascus on Sunday.
Earlier on Sunday, Israel struck at least seven targets in south-west Syria that included the Khalkhala airbase north of Suwadya city that Syrian army troops withdrew from last night, the sources said. The Israeli military said the army had left behind large stockpile of missiles, air defence batteries and munitions that were hit on Sunday.
"We attacked strategic weapons systems like remaining chemical weapons systems and long-range missiles and rockets in order that they will not fall in the hand of extremists," Mr Sa'ar said.
Strikes near Mezzeh military airport south-west of the capital hit other ammunition depots, according to media reports.
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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.”
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Based in: Dubai
Sector: e-commerce
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Investors: Self-funded and seeking external investors
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE