Egyptian President Abdel Fattah El Sisi hosted the summit in Cairo. EPA
Egyptian President Abdel Fattah El Sisi hosted the summit in Cairo. EPA
Egyptian President Abdel Fattah El Sisi hosted the summit in Cairo. EPA
Egyptian President Abdel Fattah El Sisi hosted the summit in Cairo. EPA

Egypt, Cyprus and Greece warn of regional instability after Syrian regime change


Kamal Tabikha
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  • Arabic

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.

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Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

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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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Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

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Director: M Night Shyamalan

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Updated: January 08, 2025, 2:26 PM