The leaders of Egypt, Cyprus and Greece called for a timeline for Syria's political transition on Wednesday, citing fears any delay could lead to further instability in the region.
The trio had convened for a trilateral summit in Cairo, where they discussed the pressing issues facing the Middle East, particularly the rapidly evolving situation in Syria following the fall of President Bashar Al Assad on December 8.
Egyptian President Abdel Fattah El Sisi said co-operation between the three nations is "vital, particularly in light of recent developments in the Middle East," and called for intense efforts to resolve the conflicts in the region, warning that failure to do so could lead to an all-out regional war, resulting in a displacement crisis and an increase in illegal migration.
Cypriot President Nikos Christodoulides echoed Mr El Sisi's concerns, stating: "Our region is less secure and more unstable than it has ever been" and that the three countries need to work to offset the political manoeuvring of “other countries in the region”, in a presumed reference to Turkey, which has thus far supported the rise of the Hayat Tahrir Al Sham (HTS) group in Syria.
HTS, which has its roots in Al Qaeda, has taken control of key sectors in Syria after toppling Mr Al Assad last month. This has heightened fears about the safety of religious minorities and the potential for extremist elements to gain a foothold in the region.
Mr Christodoulides’ statements were made less than an hour before the Cypriot Ministry of Foreign Affairs officially condemned the illegal passage of Turkish Foreign Minister Hakan Fidan into the “occupied territories” of Cyprus, the ministry said in a statement.
It views Mr Fidan’s actions as a violation of international law and an affront to the sovereignty and territorial integrity of the Republic of Cyprus, it said.
“This action constitutes yet another violation of International Law, which adds to Turkey's continuing violations against the sovereignty, independence and territorial integrity of the Republic of Cyprus for fifty years,” the Cypriot foreign ministry said. “The Turkish Foreign Minister, with his visit, is sending messages of intransigence and contempt for the decisions of the United Nations and the European Union.”
Greek Prime Minister Kyriakos Mitsotakis stressed the urgent need for a timeline for political transition in Syria to prevent the situation from spiralling out of control.
Mr Mitsotakis also underscored the importance of protecting religious minorities in Syria, a concern shared by Mr El Sisi, whose opposition to Islamist regimes has been one of the defining features of his presidency.
The three leaders cautioned that further conflicts could exacerbate illegal migration into Europe, an issue that has been a key area of co-operation among the trio.
Greece and Cyprus, both members of the European Union, have expressed concerns about Turkey's growing influence in Syria and its potential impact on the Eastern Mediterranean.
The two countries have long-standing disputes with Turkey over maritime boundaries, exclusive economic zones, and hydrocarbon exploration rights in the Eastern Mediterranean. Greece and Cyprus, in addition to Egypt, are members of the East Mediterranean Gas Forum, a regional organisation established in 2019 to promote co-operation in the energy sector and facilitate the development of natural gas resources in the energy-rich region.
Turkey, which has been excluded from the forum due to its contentious relations with other member states, has criticised the forum as an attempt to sideline Ankara in the region's energy projects.
The establishment of the HTS government in Syria has raised fears that Ankara may seek to further assert its claims in the Eastern Mediterranean, potentially infringing upon Greek and Cypriot sovereignty.
Egypt, which has hosted more than 1.5 million Syrian refugees since the start of the Syrian conflict in 2011, has rejected the idea of Islamist governments in the region and expressed concerns over the potential influx of extremists into the country.
Cairo has, since Mr Al Assad’s ouster, taken steps to tighten security measures and restrict travel for Syrians in the country following the regime change.
Syrian nationals, even those holding visas from the United States, European Union, and other powerful countries, are now required to obtain a security clearance from the Egyptian authorities before being allowed entry.
Wednesday’s summit also called for a ceasefire in Gaza and Lebanon and warned that the continuation of the conflict could spell disaster for their interests and the region’s stability as a whole.
“I would like to offer my appreciation for your countries’ positions in support of the Palestinian people, its independence and the establishment of its sovereign state. This is why we must continue intensifying our efforts to end the conflicts in Gaza and Lebanon and accomplish stability in Syria, Sudan, Libya and Yemen,” Mr El Sisi said.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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GAC GS8 Specs
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
The five pillars of Islam
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
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.”
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly
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
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Sholto Byrnes on Myanmar politics
COMPANY PROFILE
Name: Lamsa
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The specs
Engine: 2.0-litre 4cyl turbo
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Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona