Senior Russian officials arrived in Damascus on Tuesday for their first meetings with Syria's new leadership under Hayat Tahrir Al Sham (HTS), which led the overthrow of Moscow's main Middle East ally, Bashar Al Assad, on December 8.
The visit comes amid increasingly violent fallout from the rebels' victory. In the west, HTS forces have launched a military campaign to subdue members of the former regime. In the east, the Turkish air force has been carrying out raids in support of Syrian forces loyal to Turkey, who launched an offensive against a Kurdish-led militia that controls the north-east soon after Mr Al Assad fled to Moscow.
Russia's Tass state news agency reported that Russia's deputy foreign minister Mikhail Bogdanov, who had met Mr Al Assad often since he became president in 2000, and Alexander Lavrentiev, the Kremlin's special envoy for Syria, were among the delegation in Damascus.
Russia's intervention in the Syrian civil war saved Mr Al Assad from defeat in 2015. But by the time HTS forces swept through northern Syria towards Damascus last month, a similar rescue had become impossible, or too costly. Now Russia's two bases on the Syrian coast, its main warm-water bases, are located in a country in which Vladimir Putin's government no longer holds sway.
A senior Western diplomat with prior knowledge of the visit said that Ahmad Al Shara, the HTS leader at the head of the new order in Damascus, was showing a high degree of pragmatism by talking with Moscow. "He is in power-consolidation phase and knows that the Russians can still do damage in Syria. He wants to keep them at bay," said the diplomat, who recently met Mr Al Shara in Damascus.
In the last three weeks, Mr Al Shara has sent forces to consolidate HTS's grip on the coastal areas that had provided core support for the Assad regime. According to activists in the area, dozens of people have been executed during the campaign, without trial, on suspicion of having participated in regime violence.
The other front in northern Syria has been expanding since Mr Assad fell. The fighting there is mainly between the mostly Kurdish, US-backed Syrian Democratic Forces (SDF) and the Syrian National Army, which was created by Turkey eight years ago as a counterweight to the SDF's expansion in Syria.
Turkish planes on Tuesday attacked the Qara Qurzaq bridge across the Euphrates, a key link on the supply route from SDF-controlled areas to the main battlegrounds around Tishreen Dam to the south, local sources said. It was not clear whether the bridge was destroyed and there were no immediate reports of casualties.
Turkey's Defence Ministry said on Tuesday that it had "neutralised" 13 Kurdish militants in northern Syria. The militants belonged to the Turkish separatist Kurdistan Workers' Party (PKK) and the Syrian Kurdish YPG militia, the ministry said, but did not provide further details.
Hundreds of fighters and civilians have been killed on both sides since the Turkey-backed forces launched an offensive last month to push back the SDF from areas near the Euphrates. Holding positions on both banks of the river is crucial for the SDF to maintain the fiefdom it has carved out in the last decade of the Syrian civil war, which takes in parts of the Aleppo, Raqqa, Deir Ezzor and Hasakah governorates.
An SDF official said they expect to carry on resisting the offensive, but that this will become more difficult if Turkey intensifies its aerial attacks to cut off SDF supply lines to the western bank of the Euphrates. The main SDF concentrations are in Kurdish rural areas on the eastern bank. "Our casualties have been heavy. So have theirs," the official said.
The SDF withdrew from parts of the east last month in the face of an Arab uprising that broke out after the overthrow of Mr Al Assad by rebels led by HTS, a former offshoot of Al Qaeda that is also supported by Turkey.
HTS has largely stayed away from the war in the east, partly to improve its ties with the United States, diplomats who have met the group's leadership said. In recent weeks it has held talks with the SDF to bring the east under the control of the new authorities in Damascus.
A source affiliated with the Syrian National Army said that the momentum of its campaign had dropped. "The Kurds are counting that the Hayat [HTS] will stay away from the battlefield," he said. "I am not sure they can count on that."
He pointed to comments by the new Defence Minister, Murhaf Abu Qasra, who is also an HTS commander. Mr Abu Qasra said last week that talks were continuing with the SDF but that "we are ready for all probabilities".
Differences have not been resolved regarding the status of the SDF in a new, united military, and over natural resources in the area, the sources said. The tribal east is mixed between Arabs and Kurds, who comprised 10 per cent of Syria's 22 million population when the 2011 revolt against the Assad regime began.
The area takes in the Euphrates Valley, and is the source of most of Syria's oil and gas, as well as electricity, wheat and other commodities. Crude oil output was 200,000 barrels a day before 2011 but has fallen by 75 per cent since. The area also contains the bulk of the US military presence in Syria.
The SDF has been the ground component in the US's fight against ISIS in Syria, although it engaged in military co-operation with the former Assad regime. Its forerunners were aligned with Mr Al Assad during the civil war and helped him crush a peaceful protest movement in 2011, and later capture rebel-held eastern parts of Aleppo city.
But since Mr Al Assad's fall, the US has shared intelligence with HTS and US security officials have met members of the group in a third country, according to a report over the weekend in The Washington Post.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The five pillars of Islam
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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COMPANY%20PROFILE
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LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
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COMPANY%20PROFILE
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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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.”
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
The%20Roundup
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UAE currency: the story behind the money in your pockets