Vehicles wait to enter Syria from Jordan through the Nasib border crossing into the southern Syrian province of Deraa in November 2018. AFP
Vehicles wait to enter Syria from Jordan through the Nasib border crossing into the southern Syrian province of Deraa in November 2018. AFP

Syria’s new HTS rulers take over border crossings with Jordan and Lebanon


Khaled Yacoub Oweis

Live updates: Follow the latest on Syria

Hayat Tahrir Al Sham (HTS), which led the rebel advance that deposed Syrian leader Bashar Al Assad, has established military control over the main border crossings with Jordan and Lebanon as it consolidates control in Syria, witnesses and rebel commanders told The National on Sunday.

Restoration of normal traffic through the crossings would boost the battered Syrian economy and provide hard currency for the country's next government. Syria was a main land link between the Arabian Peninsula and Europe before the civil war that began in 2011. It was also the conduit for the bulk of Lebanese exports to the Gulf region.

HTS, which is led by Ahmad Al Shara and was formerly affiliated with Al Qaeda, deployed troops and armoured vehicles at the Nasib border crossing into Jordan on Saturday and flew drones over the area after telling smaller rebel factions to move aside, sources said.

A rebel commander at the crossing, who identified himself as Abu Omeir, said the group’s aim is to streamline the crossing to encourage the Jordanian side to allow free access from the kingdom. Jordanian authorities currently only allow Syrians wishing to leave the kingdom to pass through the crossing, as well as some lorries.

“We have managed to bring back some old staff and will adopt the old border procedures for now,” the commander said.

The rapid rise of HTS as Syria’s de facto new rulers after the overthrow of Mr Al Assad on December 8 ended five decades of Iran-backed rule by the former president's family. Very few countries in the region trusted the largely secular regime dominated by the Alawite minority to which the Assad family belongs, but it was seen as a more known quantity than Sunni militant opposition groups such as HTS.

Mr Al Shara, however, has signalled that his priority is to build a new state, moving away from the extremist ideology of groups such as Al Qaeda and ISIS.

The HTS deployment at the Nasib crossing prompted increased Jordanian reconnaissance, with fighter jets from the kingdom's air force flying over the area.

Jordan is one of eight Arab countries that said on Saturday that any support for the new order in Syria hinged on the country not becoming a base for terrorism, a position previously declared by the United States.

Abu Omeir, the HTS commander, said the purpose of the group’s deployment on the border was to prevent smuggling. The area was the main conduit for the trafficking of the amphetamine Captagon from Syria to the Arabian Peninsula through Jordan. The illicit trade was controlled by the Syrian army and militia proxies of Iran during Mr Al Assad's rule.

HTS forces spread to other areas of the frontier but stayed away from a US base in the border area of Tanf to the east.

The group’s personnel also deployed at the Jdeideh crossing into Lebanon, according to a traveller who passed through on Sunday.

“They are running the post now,” they said.

HTS have also bolstered their positions along the Anti-Lebanon mountain range separating Syria from Lebanon. The group had swept through the Syrian side of the mountains before capturing Damascus.

Military pressure by HTS last week forced the mostly Kurdish SDF militia to relinquish swathes of territory in eastern Syria.

Only Kurdish-run areas in the eastern governorates of Hasakah and Raqqa, as well as ISIS pockets in Syria's central desert region, remain outside the control of HTS or militias of the allied Syrian National Army backed by Turkey.

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If you go

The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road. 

The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
 

UAE currency: the story behind the money in your pockets
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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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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The biog

Title: General Practitioner with a speciality in cardiology

Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India

Education: Medical degree from the Government Medical College in Nagpur

How it all began: opened his first clinic in Ajman in 1993

Family: a 90-year-old mother, wife and two daughters

Remembers a time when medicines from India were purchased per kilo

The biog

Age: 23

Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi

Education: Bachelor of science in industrial engineering

Favourite hobby: playing the piano

Favourite quote: "There is a key to every door and a dawn to every dark night"

Family: Married and with a daughter

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The years Ramadan fell in May

1987

1954

1921

1888

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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

Updated: December 21, 2024, 10:46 AM