Rebel fighters display their flag inside the burnt-out mausoleum of Hafez Al Assad in Qardaha, Syria. AFP
Rebel fighters display their flag inside the burnt-out mausoleum of Hafez Al Assad in Qardaha, Syria. AFP
Rebel fighters display their flag inside the burnt-out mausoleum of Hafez Al Assad in Qardaha, Syria. AFP
Rebel fighters display their flag inside the burnt-out mausoleum of Hafez Al Assad in Qardaha, Syria. AFP

Birthplace of Assad's father celebrates end of regime despite unease over Syria's future


Nada Maucourant Atallah
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The mausoleum of late Syrian leader Hafez Al Assad, father of deposed president Bashar Al Assad, has become a site of celebration after rebels seized the town of Qardaha in the coastal Latakia region, with fighters parading through the area firing celebratory gunshots into the air.

“They made this mausoleum a symbol to honour Assad, but we refuse to honour an oppressive regime,” said a member of Hayat Tahrir Al Sham (HTS), the Sunni Muslim group formerly affiliated with Al Qaeda that led rebels in toppling the president last weekend. Civilians joined the festivities, borrowing weapons from rebels to fire shots inside the tomb.

The once-revered marble monument, located in the elder Assad's hometown, was stormed and set ablaze by the rebels. Smoke blackened the walls while ashes and shattered glass littered the floor. “They spent millions on monuments while people are starving,” the rebel fighter said.

But some locals had mixed feelings. “Who is benefiting from all these fires?” asked Tamam, an Alawite resident of the town, looking at the scene.

The Assad regime was underpinned by his Alawite minority, which dominated Sunni-majority Syria after Alawite officers took power in a 1963 coup. In 2011, the younger Assad violently suppressed a peaceful uprising against his regime, sparking a civil war that killed more than 500,000 people and displaced 12 million.

But on Sunday, rebels led by HTS seized Damascus, ending more than five decades of the Assad family's autocratic rule.

The once-revered marble monument, located in the elder Assad's hometown, was stormed and set ablaze by the rebels. AFP
The once-revered marble monument, located in the elder Assad's hometown, was stormed and set ablaze by the rebels. AFP

The National saw the road to Qardaha strewn with Syrian army tanks abandoned by regime soldiers who fled without a fight as the rebels advanced. Pictures of Bashar Al Assad lining the road were destroyed.

At the mausoleum, Hafez Al Assad’s charred casket was dragged outside. Rebels took selfies with their feet on it. Graffiti on the outer wall read: “Let your soul be cursed, Hafez.”

Despite Qardaha being the elder Assad's hometown, residents said they had long ceased supporting the regime. The Alawite-majority village has been neglected, with empty streets, closed shops, and only two hours of electricity a day. Salaries for conscripts amount to just a few dozen US dollars.

But Alawites there kept their frustration hidden, fearing violent repression. “Assad prisons were full of all sects, and the repression of the Alawite minority was even more intense because it was considered inside the family, inside the house. One small word from the community was considered a crime,” said one Alawite, Mazen Kheir, while sitting with friends at home.

For the first time, Qardaha residents were speaking openly, discussing the revolution and the uncertainties facing the nation.

Oujoud Salah, a teacher in Qardaha, said she at first felt joy when the younger Assad fled the country at the weekend. But some minorities fear the rebels may impose another form of autocratic rule, despite reassurances from HTS leaders that they will be protected.

HTS has sought to moderate its rhetoric and distance itself from its extremist roots. On Thursday, Mohammed Al Bashir, the transitional head of government until March 1, said all rights would be respected.

“So far we haven’t seen anything worrying,” said Ms Salah. But she was uneasy about the armed men in the streets of Qardaha and celebratory gunfire at the mausoleum. “Why fire shots into the air? It scares the children,” she added.

“We need to surrender the weapons. It’s time to build a nation of peace and security.”

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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Updated: December 14, 2024, 4:39 AM