Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani is received by Syria's de facto leader Ahmed Al Shara in Damascus on Thursday. AFP
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani is received by Syria's de facto leader Ahmed Al Shara in Damascus on Thursday. AFP
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani is received by Syria's de facto leader Ahmed Al Shara in Damascus on Thursday. AFP
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani is received by Syria's de facto leader Ahmed Al Shara in Damascus on Thursday. AFP

Qatar demands Israel withdraw ‘immediately’ from Syria buffer zone


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Qatar's Prime Minister has demanded that Israel “immediately withdraw” its troops from a buffer zone with Syria. Sheikh Mohammed bin Abdulrahman Al Thani spoke as he visited Damascus for the first time since the fall of the Assad regime last month.

Israeli troops have been stationed in the zone, which sits between Syria and the Israeli-occupied Golan Heights, for more than a month after forces led by Hayat Tahrir Al Sham took over the country in December.

“The Israeli occupation's seizure of the buffer zone is a reckless act and it must immediately withdraw,” Sheikh Mohammed said at a press conference with Syrian leader Ahmed Al Shara.

Mr Al Shara said he would welcome the stationing of UN forces in the buffer zone, which was created in 1974 as part of a disengagement agreement between the two nations.

“Israel's advance in the region was due to the presence of Iranian militias and Hezbollah. After the liberation of Damascus, I believe that they have no presence at all. There are pretexts that Israel is using today to advance into the Syrian regions, into the buffer zone,” he said.

Tension could rise in the disputed border region after an Israeli air attack killed two members of HTS on Wednesday when their patrol came close to Israeli forces in the occupied Golan Heights.

The Qatari Prime Minister promised on Thursday to support the rehabilitation of Syria's infrastructure, devastated by nearly 14 years of civil war. Sheikh Mohammed also promised to assist Syria in the mammoth reconstruction of in infrastructure, ruined by over a decade of fighting since Syria's popular revolt in 2011 and years of underinvestment.

“We will provide the necessary technical support to make the infrastructure operational again and provide support to the electricity sector,” said Sheikh Mohammed said, adding that Qatar “extends its hand to our Syrian brothers for future partnerships”.

The meeting between the two leaders came after Saudi Arabia hosted an international meeting on Syria this week, in which western and Arab countries praised “positive steps” taken by the new administration to preserve state institutions and consult with other countries to counter terrorism and start an inclusive political transition.

Last week, Foreign Minister Assaad Al Shibani, a close ally of Mr Al Shara, made his first trip abroad as representative of the new Syrian administration, visiting Saudi Arabia, the UAE, and Jordan.

International powers have been scrambling to formulate new policies on Syria since the HTS chief became the country’s de facto leader, replacing the ousted former president Bashar Al Assad.

He has avoided confrontation with Israel and has concentrated on internal affairs and securing outside support for the country’s recovery, even meeting several times with Western, Arab as well as Turkish officials.

“It is crucial that all countries that have been involved in Syria since the [civil] war adopt more or less the same approach towards Syria and insist on a transition,” a European official who recently met with Mr Al Shara told The National.

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Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

RESULT

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West Brom: Livermore (79'), Rondón (88' ) 
Liverpool: Ings (4'), Salah (72') 

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What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
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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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