Syria's interim government has reached a deal with the Kurdish-led Syrian Democratic Forces to integrate the group into state institutions, the presidency has announced.
The country's President, Hayat Tahrir Al Sham leader Ahmad Al Shara, and the head of the Syrian Democratic Forces, Mazloum Abdi, signed the deal on Monday, agreeing to guarantee the citizenship rights of the Kurdish people in Syria, a ceasefire on all Syrian territories and cementing the rights of all Syrians to representation and participation in the political process.
According to details of the agreement shared by the presidency online, the US-backed SDF and Syrian government have agreed to integrate all civil and military institutions in north-east Syria into the Syrian state by the end of the year, including “border crossings, the airport, and oil and gasfields”.
The deal marks a major breakthrough that would bring most of Syria under the control of the government led by the group that deposed former president Bashar Al Assad in December. It will also see the SDF agree to support the government in fighting remnants of Mr Al Assad's regime and any threats to Syria's security and unity.
Mr Abdi said the accord reached with the new leaders in Damascus is a “real opportunity to build a new Syria”.
“We are committed to building a better future that guarantees the rights of all Syrians and fulfils their aspirations for peace and dignity,” he posted on X.
The SDF, founded in 2015 with US support, controls parts of north-east Syria and was crucial in wresting the country from ISIS control in 2019. The militia is made up of mostly Kurdish fighters from the Kurdish Protection Units (YPG), linked to the PKK, a separatist group that Turkey, the EU and the US have designated as a terrorist organisation.
The jailed leader of the PKK, Abdullah Ocalan, called for the group to disarm in February, a move that at the time Mr Abdi said was “not related to us in Syria”. The PKK declared a ceasefire with Turkey on March 1, ending a decades-long insurgency.
When asked about the guarantees obtained against the Turkish-backed Syrian National Army and the integration of the SDF into the army, Farhad Shami, the head of SDF media, said: “It’s a preliminary agreement, and the details will be discussed through specialised committees.”
Monday's deal will allow Kurdish citizens of Syria to teach and use their own language, banned for decades under the Assad regime.
The US responded positively to news of the deal. US President Donald Trump said in December that Syria was “not our fight” and in February said his team would “make a determination” on US presence in the north-east of the country.
“Of course we’ve been pushing for this,” a US official told The National. “This is a big deal. This is great. Honestly this is the best news coming out of Syria since December 8. Let's see if they can really finalise the deal but you see at the end it says this will be done by the end of the year. Hopefully we can get US troops out.”
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Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
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Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
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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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Saturday's results
West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley
Manchester City v Chelsea, 9.30pm
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