Former Syrian leader Bashar Al Assad's regime has been overthrown by rebels led by Hayat tahrir Al Sham. AP
Former Syrian leader Bashar Al Assad's regime has been overthrown by rebels led by Hayat tahrir Al Sham. AP

In full: Former Syrian president Bashar Al Assad's first comments since fall of regime



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Former Syrian president Bashar Al Assad has said his departure from the country was "not planned". He left Syria from a Russian airbase, before rebel forces led by Hayat Tahrir Al Sham overthrew his regime.

Here is Mr Al Assad's full statement, published on the Syrian presidency's Telegram channel:

"As terrorism spread across Syria and ultimately reached Damascus on the evening of Saturday 7th December 2024, questions arose about the president's fate and whereabouts. This occurred amidst a flood of misinformation and narratives far removed from the truth, aimed at recasting international terrorism as a liberation revolution for Syria.

"At such a critical juncture in the nation’s history, where truth must take precedence, it is essential to address these distortions. Unfortunately, the prevailing circumstances at the time, including a total communication blackout for security reasons, delayed the release of this statement. This does not replace a detailed account of the events that unfolded, which will be provided when the opportunity allows.

"First, my departure from Syria was neither planned nor did it occur during the final hours of the battles, as some have claimed. On the contrary, I remained in Damascus, carrying out my duties until the early hours of Sunday 8th December 2024. As terrorist forces infiltrated Damascus, I moved to Latakia in co-ordination with our Russian allies to oversee combat operations. Upon arrival at the Hmeimim airbase that morning, it became clear that our forces had completely withdrawn from all battle lines and that the last army positions had fallen. As the field situation in the area continued to deteriorate, the Russian military base itself came under intensified attack by drone strikes.

"With no viable means of leaving the base, Moscow requested that the base’s command arrange an immediate evacuation to Russia on the evening of Sunday 8th December. This took place a day after the fall of Damascus following the collapse of the final military positions and the resulting paralysis of all remaining state institutions.

"At no point during these events did I consider stepping down or seeking refuge, nor was such a proposal made by any individual or party. The only course of action was to continue fighting against the terrorist onslaught.

"I reaffirm that the person who, from the very first day of the war, refused to barter the salvation of his nation for personal gain, or to compromise his people in exchange for numerous offers and enticements is the same person who stood alongside the officers and soldiers of the army on the front lines, just metres from terrorists in the most dangerous and intense battlefields. He is the same person who, during the darkest years of the war, did not leave but remained with his family alongside his people, confronting terrorism under bombardment and the recurring threats of terrorist incursions into the capital over 14 years of war. Furthermore, the person who has never abandoned the resistance in Palestine and Lebanon, nor betrayed his allies who stood by him, cannot possibly be the same person who would forsake his own people or betray the army and nation to which he belongs.

"I have never sought positions for personal gain but have always considered myself as a custodian of a national project, supported by the faith of the Syrian people, who believed in its vision. I have carried an unwavering conviction in their will and ability to protect the state, defend its institutions, and uphold their choices to the very last moment.

"When the state falls into the hands of terrorism and the ability to make a meaningful contribution is lost, any position becomes void of purpose, rendering its occupation meaningless. This does not, in any way, diminish my profound sense of belonging to Syria and her people – a bond that remains unshaken by any position or circumstance. It is a belonging filled with hope that Syria will once again be free and independent."

 

 

 

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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.”

Updated: December 17, 2024, 5:11 AM