Part of a missile at a Syrian army weapons depot that was hit by Israeli bombardment. Two more sites have been struck over the past 24 hours. AFP
Part of a missile at a Syrian army weapons depot that was hit by Israeli bombardment. Two more sites have been struck over the past 24 hours. AFP
Part of a missile at a Syrian army weapons depot that was hit by Israeli bombardment. Two more sites have been struck over the past 24 hours. AFP
Part of a missile at a Syrian army weapons depot that was hit by Israeli bombardment. Two more sites have been struck over the past 24 hours. AFP

Israel strikes Syrian air defence bases in latest wave of attacks


Khaled Yacoub Oweis
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Israel has struck air defence sites in western and southern Syria in the past 24 hours, sources said, part of its campaign to obliterate military hardware as it intensifies attacks in the country since the takeover led by Hayat Tahrir Al Sham (HTS).

The raids targeted abandoned barracks in the coastal city of Tartous and Tel Al Mal, a hilltop site on the edge of the southern governorate of Deraa, the sources said. The two sites contain hardware related to Soviet-era Buk and Pantsir missile systems, they added.

"Almost none of these systems are still operational but Israel is also going after hardware left in storage," said a Syrian source in Jordan.

Israeli army on Monday said it had targeted a military site where arms belonging to the previous Assad government were stored. Syrian media reported that Israeli forces used helicopters, drones and bulldozers in the operation on Tel Al Mal, before withdrawing.

Since the fall of the Assad regime in December, Israel has expanded a buffer zone in the Golan Heights and warned the country's new HTS rulers to keep away from areas near Israel to the south. It has also warned HTS not to meddle with Syria's Druze community, a transnational minority whose members fear the imposition of an Islamic state in post-Assad Syria.

In the year before the removal of president Bashar Al Assad, Israel had intensified its strikes on Syrian military sites and compounds linked to Hezbollah and other pro-Iranian militia that supported the former regime.

The attacks curbed Iran's ability to build a so called united front to avenge the Israeli invasion of Gaza, launched after Hamas attacked southern Israel on October 7, 2023.

HTS is building a new Syrian military after disbanding the former one, in a move that has raised regional alarm because of the appointment of foreign fighters from Jordan, Egypt and elsewhere in new units.

The group, formerly linked with Al Qaeda, has been solidifying control over the centre of the country but is meeting resistance in outlaying areas inhabited by members of the country's Druze and Kurdish minorities, as well as Alawite communities who provided the core support for the former regime.

Russia also maintains a naval base north of Tartous and the US has bases in the east of Syria, although continuation of American military presence in the country has become uncertain since President Donald Trump returned to power in January.

At least three people have been killed since Saturday after forces loyal to HTS made incursions into the neighbourhood of Jaramana, near Damascus, prompting the Druze community to bring in reinforcements from the sect's heartland in the southern governorate of Suweida. Retreat by both sides later helped de-escalate the situation.

In the past week, Israel has warmed HTS not to deploy in Suweida and presented itself as a friend to the Druze and other minorities. “Israel has strong ties with the Druze, we also have a Druze minority here in Israel," Israeli Foreign Minister Gideon Saar said. "It is important that the new rulers in Damascus respect the rights of minorities."

Sana, the official Syrian news agency, on Tuesday said security forces have conducted a large raid in several neighbourhoods in the coastal city of Latakia, looking for "Assad militia remnants" who had killed two members of a force belonging to the Syrian Defence Ministry. The ministry is headed by Murhaf Abu Qasra, a major military figure in HTS.

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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.”

Ibrahim's play list

Completed an electrical diploma at the Adnoc Technical Institute

Works as a public relations officer with Adnoc

Apart from the piano, he plays the accordion, oud and guitar

His favourite composer is Johann Sebastian Bach

Also enjoys listening to Mozart

Likes all genres of music including Arabic music and jazz

Enjoys rock groups Scorpions and Metallica 

Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil

Updated: March 04, 2025, 12:43 PM