When it became fairly certain that former Syrian president Bashar Al Assad's regime was doomed in the first week of December, cars carrying hundreds of people clogged the main motorway from the centre of the country to the coast. They were fleeing Damascus, Homs and other cities to their home villages and towns in the Alawite mountains, and the plains on the sea below, inhabited by the sect.
The Alawites, an offshoot of Shiite Islam, had dominated power in Sunni majority Syria since a 1963 coup. Their rule ended when forces led by Hayat Tahrir Al Sham, a group formerly linked with Al Qaeda, removed the regime in December.
However, hundreds of Alawite civilians have been murdered in an HTS-led operation that the new government launched last week. It has been in response to what the authorities described as attacks by Assad regime remnants on security forces in Latakia and other areas on the coast.
The former regime had built outsize government and military compounds on the coast. Many thought they were designed to provide the Alawites with the underpinnings of an alternative state in case Syria broke up.
However, the bloodshed deep into the Alawite heartland, and the near absence of condemnation among Syria’s Sunni majority, has left the sect with little protection.
“God safeguards you,” Anas Ayrout, a prominent Sunni religious figure said as he greeted convoys of militiamen at the outskirts of his home city of Banias. They arrived last week to take part in the attack on districts in the city. Mr Ayrout described the operation as a “cleansing of Assad gangs”.
The Alawite heartland was so crucial to the survival of the former government that a threat of the area being swept by a rebel offensive sparked the Russian intervention in the Syrian civil war in 2015.
The late president Hafez Al Assad, the father of Bashar, appeared to think that the area was so impenetrable that he instructed his family to bury him in his birthplace of Al Qardaha, in the Alawite mountains. Twenty-four years after his death, Sunni rebels reached Al Qardaha, and set Mr Al Assad’s grave on fire. The Alawite sect is seen by many Sunnis as having usurped the state.
HTS soon sent its forces into Alawite coastal area and in the central governorate of Homs, with the declared objective of neutralising regime forces. Dozens of Alawites have been killed in the campaign during January, often in their neighbourhoods and towns. Most the dead were militiamen or ex-members of the former regime security apparatus, it was claimed.
However, victims of the new offensive, which started last week after two members of the HTS-led security forces were killed in an Alawite district of Latakia, have been civilians.
Ahmad Aba Zeid, an independent Syrian researcher, said that the new authorities had no choice except to sweep into the coast, otherwise regime holdout forces would take more ground or become entrenched. He added that the campaign has lacked organisation, with foreign fighters and local militiamen fighting along HTS.
Regardless of who massacred the Alawite civilians, the HTS led authorities were supposed to protect them and “take responsibility” for the operations launched in the name of the new government, he said.
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.”
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.