Iraq's Foreign Minister Fuad Hussein, left, and Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman at a meeting of foreign ministers of the Arab Contact Group on Syria in Aqaba, Jordan. AP
Iraq's Foreign Minister Fuad Hussein, left, and Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman at a meeting of foreign ministers of the Arab Contact Group on Syria in Aqaba, Jordan. AP
Iraq's Foreign Minister Fuad Hussein, left, and Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman at a meeting of foreign ministers of the Arab Contact Group on Syria in Aqaba, Jordan. AP
Iraq's Foreign Minister Fuad Hussein, left, and Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman at a meeting of foreign ministers of the Arab Contact Group on Syria in Aqaba, Jordan. AP

Arab states pledge to support Syria in transition from Assad rule


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Arab foreign ministers said on Saturday their countries would work with the UN to create conditions for the safe return of Syrian refugees and provide them with humanitarian support after Bashar Al Assad's regime was overthrown this month following a 13-year civil war.

They also called for the formation of an inclusive transitional governing body with Syrian consensus to move from the transitional phase to a new political system through free and fair elections supervised by the United Nations, based on a new constitution approved by Syrians.

Their position was outlined in a communique issued after a meeting on Saturday in Jordan's Red Sea city of Aqaba to discuss Syria's future. The meeting brought together representatives of the Arab League's Ministerial Contact Group on Syria, which comprises Jordan, Saudi Arabia, Iraq, Lebanon and Egypt, as well as the foreign ministers of the UAE, Bahrain and Qatar.

Arab League chief Ahmed Aboul Gheit was also present. There were no Syrian representatives at the meeting. Officials from Iran and Russia, Mr Al Assad's long-time backers, were not present either.

The UAE's Foreign Minister Sheikh Abdullah bin Zayed and Saudi Arabia's Foreign Minister Prince Faisal bin Farhan attend the meeting of the Arab Contact Group on Syria. AP
The UAE's Foreign Minister Sheikh Abdullah bin Zayed and Saudi Arabia's Foreign Minister Prince Faisal bin Farhan attend the meeting of the Arab Contact Group on Syria. AP

During the meeting, Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, reaffirmed the UAE's commitment to Syria’s security, stability, unity, and sovereignty. He highlighted the significance of the meeting in fostering a collective Arab, regional, and international approach to achieving a political settlement in Syria, in line with UN Security Council Resolution 2254, that meets the Syrian people's aspirations for development and a dignified life, the Wam news agency reported.

The Arab ministers also condemned Israel's incursion into the buffer zone between the Israeli-occupied Golan Heights and Syria and the countryside of Damascus after Mr Al Assad and his family fled to Russia ahead of the entry of rebel groups into the capital on December 8.

They later met with their counterparts from Turkey, the United States, the UK, Germany and France, as well the EU's foreign policy chief Kaja Kallas and the UN Special Envoy for Syria Geir Pedersen.

The foreign ministers of Egypt and Jordan, at a press conference, demanded that Israel pull out of a demilitarised zone along the border with Syria.

Jordanian Foreign Minister Ayman Safadi said: "We all stand by the side of the Syrian people and we will do all that is in our power to help them build a better future towards a stable, secure life which they have been lacking and wanting for decades.”

US Secretary of State Antony Blinken, also in Aqaba, said the US has made "direct contact" with the victorious rebels.

"Today's agreement sends a unified message to the new interim authority and parties in Syria on the principles crucial to securing much needed support and recognition," Mr Blinken said.

“We know that what happens inside of Syria can have powerful consequences well beyond its borders, from mass displacement to terrorism," he told reporters Saturday in Aqaba, Jordan. "And we know that we can’t underestimate the challenges of this moment.”

The meeting in Aqaba, the first of its kind since the collapse of Mr Al Assad's regime, reflects a level of concern that the opposition forces that toppled the regime is led by a militant group that had until a few years ago been associated with Al Qaeda.

There is also the widespread fear in the Arab world and beyond that the fall of the regime in Damascus might herald the break-up of Syria along ethnic and religious lines.

Outgoing US President Joe Biden's administration has begun engaging with the victorious rebel groups including Hayat Tahrir al-Sham (HTS), which led an assault that ended in the capture of Damascus last Sunday.

Mr Biden sent Mr Blinken to the region this week to seek support for principles that Washington hopes will guide Syria's political transition, such as respect for minorities.

A shoe rests on top of a bust of the late Syrian President Hafez Al Assad as opposition fighters inspect the damage at a military site in the aftermath of an Israeli strike. Reuters
A shoe rests on top of a bust of the late Syrian President Hafez Al Assad as opposition fighters inspect the damage at a military site in the aftermath of an Israeli strike. Reuters

Meanwhile, Syria's northern neighbour Turkey has for years supported Syrian opposition forces looking to oust Bashar Al Assad and is poised to play an influential role in Damascus.

Turkish Foreign Minister Hakan Fidan said on Friday that his country's embassy in the Syrian capital would resume work this weekend. His announcement followed a visit by Turkey's intelligence chief.

Fellow Nato members Turkey and the United States have conflicting interests when it comes to some of the rebels. Turkish-backed rebels in northern Syria have clashed with the Kurdish-led Syrian Democratic Forces (SDF).

The SDF, which controls some of Syria's largest oil fields, is the main ally in a US-led coalition against ISIS militants. It is spearheaded by YPG militia, a group that Ankara sees as an extension of Kurdistan Workers Party (PKK) militants who have fought the Turkish state for 40 years and who it outlaws.

Mr Blinken told Turkish officials during a visit to Ankara on Thursday and Friday that Islamic State must not be able to regroup, and the SDF must not be distracted from its role of securing camps holding ISIS fighters, according to a US official quoted by Reuters. Turkish leaders agreed, according to the US official.

US Secretary of State Antony Blinken meets with the UN Special Envoy for Syria Geir Pedersen in Jordan's southern Red Sea coastal city of Aqaba on December 14. Reuters
US Secretary of State Antony Blinken meets with the UN Special Envoy for Syria Geir Pedersen in Jordan's southern Red Sea coastal city of Aqaba on December 14. Reuters

Mr Pedersen, the UN envoy to Syria, on Saturday urged foreign powers to work to avoid a collapse of vital Syrian institutions and called for a “credible and inclusive” political process to form the next government as he met Mr Blinken in Aqaba.

“We need to make sure that state institutions do not collapse, and that we get in humanitarian assistance as quickly as possible,” Mr Pedersen said.

“If we can achieve that, perhaps there is a new opportunity for the Syrian people.”

Mr Blinken, on a Middle East tour in which he had already met the leaders of Jordan, Turkey and Iraq, has repeatedly called for an inclusive transition process that reflects Syria's diverse ethnic and religious communities.

Meeting Mr Pedersen, he said the UN “plays a critical role” in humanitarian assistance and protecting minorities in Syria.

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

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Fuel consumption: 9.1L/100km

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Manchester United's summer dealings

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

While you're here
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

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

The%20specs
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E666hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20at%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ1%202023%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh1.15%20million%20(estimate)%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A

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.”

Ibrahim's play list

Completed an electrical diploma at the Adnoc Technical Institute

Works as a public relations officer with Adnoc

Apart from the piano, he plays the accordion, oud and guitar

His favourite composer is Johann Sebastian Bach

Also enjoys listening to Mozart

Likes all genres of music including Arabic music and jazz

Enjoys rock groups Scorpions and Metallica 

Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Past winners of the Abu Dhabi Grand Prix

2016 Lewis Hamilton (Mercedes-GP)

2015 Nico Rosberg (Mercedes-GP)

2014 Lewis Hamilton (Mercedes-GP)

2013 Sebastian Vettel (Red Bull Racing)

2012 Kimi Raikkonen (Lotus)

2011 Lewis Hamilton (McLaren)

2010 Sebastian Vettel (Red Bull Racing)

2009 Sebastian Vettel (Red Bull Racing)

 

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  

Updated: December 15, 2024, 1:10 PM