Pro-government forces have executed at least 17 Alawite civilians in coastal Syria since authorities on Monday announced the end of military operations in the region that resulted in mass killings of non-combatants, residents and activists said.
The continuation of arbitrary killings indicates a lack of protection in the area, to where many of the Alawite minority in urban centres in the interior fled when it became apparent in December that former president Bashar Al Assad would fall. Syria's new government called off the campaign to spread control throughout the west coast after 1,383 civilians, the vast majority of them Alawites, were killed in the four-day offensive, the Syrian Observatory of Human Rights estimates.
It was one of the largest killing sprees since the civil war started in 2011 after peaceful demonstrations demanding the removal of the Assad regime. Mr Al Assad was eventually ousted on December 8 last year as a result of a brief offensive led by Hayat Tahrir Al Sham (HTS), the group formerly linked with Al Qaeda, now in control of the government in Damascus.
A physics teacher in the Amara neighbourhood of Jableh, a mixed city on the Mediterranean that also has Sunni inhabitants, said militiamen entered the district on Monday night, after the government announced military operations had ended. They stormed houses, took ten men, then shot them in the street.
“They left the women and children," the teacher said. "Some of them appeared to be Chechen. We did not understand what they were saying."
Foreign fighters have been a component of HTS-raids in the area, which started in December, to disarm former Assad loyalists and seize what the government calls regime remnants, particularly former senior officers and those suspected of committing atrocities.
However, the HTS-led forces had been facing increased resistance, including ambushes that prompted the government to pour thousands of security personnel and auxiliaries into the coastal area last week.
The deployment ushered in a new phase of the campaign, with the attacking forces bombing urban neighbourhoods and villages into submission, with seemingly little regard for civilian casualties, before sending in infantry brigades to seize control.
Ahmad Al Zuaiter, an Alawite who spent years as a political prisoner over his opposition to the Assad regime, said five people were taken from their homes in Hureison village on Tuesday and executed. Other sources put the death toll at 21 in Hureison alone, with houses having been burnt by the militiamen, who withdrew from the village on Wednesday. Bodies were found several hours later scattered around the area, which is located on the M1 motorway, south of the city of Baniyas.
"A sweet maker and his brother were among the dead," Mr Al Zuaiter said. Another set of brothers were also executed, he added.
A shopkeeper said two of his relatives were killed in the nearby village of Qurfays. He said he was among the many to have fled their homes in the area since last week to the Alawite Mountains overlooking the west coast. "We are surviving [mainly] on what the wilderness is providing," he said.
Many in the community regard the ascendancy of HTS to power as a mortal threat to the Alawites' existence, after dominating power in Syria from 1963 until the Assad regime's downfall last year. Ahmad Al Shara, Syria's new interim President and the leader of HTS, has appointed a committee to investigate the recent bloodshed on the coast but he blamed regime remnants for the violence.
On Thursday, senior UN official Stephane Dujarric said the organisation is concerned about "escalating tensions among communities in Syria." All parties must "protect civilians and stop inflammatory rhetoric and actions", he said.
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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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
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West Asia Premiership
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Runners up: UAE Premiership
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UAE Division One
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Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
PROFILE OF STARZPLAY
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Sector: Entertainment/Streaming Video On Demand
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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