Syrian President Ahmad Al Shara speaks at a national dialogue conference in Damascus in February. Photo: Sana
Syrian President Ahmad Al Shara speaks at a national dialogue conference in Damascus in February. Photo: Sana
Syrian President Ahmad Al Shara speaks at a national dialogue conference in Damascus in February. Photo: Sana
Syrian President Ahmad Al Shara speaks at a national dialogue conference in Damascus in February. Photo: Sana

Iraqi MPs try to block Syria’s Al Shara from Arab Summit in Baghdad


Sinan Mahmoud
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Dozens of Iraqi politicians have signed a formal request to parliament that Syrian President Ahmad Al Shara be blocked from entering the country for the Arab Summit next month in objection to his past ties to Al Qaeda in Iraq.

Their request is a rebuke to Iraqi Prime Minister Mohammed Shia Al Sudani, who revealed at the Sulaymaniyah Forum in Iraq on Wednesday that he had invited the Syrian President to attend the event in Baghdad scheduled for May 17.

“Yes, a formal invitation has been delivered to him, and he is welcome to attend and participate in the Arab Summit,” Mr Al Sudani told The National’s Editor-in-Chief Mina Al-Oraibi during a discussion at the forum.

Following the event, a picture leaked of an unannounced meeting between Mr Al Sudani and Mr Al Shara that took place in Qatar on Tuesday. It was the first encounter between the two leaders and sparked outrage in Iraq, mainly among Iran-backed Shiite political factions and armed groups.

Many take issue with the Syrian President's past links with Al Qaeda in Iraq, where he served as a senior field leader for the terrorist group fighting American and Iraqi troops after the 2003 US-led invasion that toppled Saddam Hussein.

Iraqi Shiite legislator Yousif Al Kilaby said late on Saturday that more than 50 politicians signed the request, which asked the Speaker of Parliament to issue a block on Mr Al Shara entering the country “for the sake of the martyrs, their families, the wounded, the Iraqi people and the principles”.

The legislature has yet to announce a date for a session to discuss the request.

During the secret Qatar-brokered meeting between Mr Al Shara and Mr Al Sudani, the pair discussed “rapid developments in the region, particularly the continuing situation in Syria”, the official Iraqi News Agency said. It said Mr Al Sudani was “closely monitoring the developments in Syria” and that he called for a “comprehensive political process” in the country.

Syrian President Ahmad Al Shara met Iraqi Prime Minister Mohammed Shia Al Sudani and Qatari Emir Sheikh Tamim. Photo: Iraqi News Agency
Syrian President Ahmad Al Shara met Iraqi Prime Minister Mohammed Shia Al Sudani and Qatari Emir Sheikh Tamim. Photo: Iraqi News Agency

The Iraqi leader made an appeal to “protect Syria's diverse social, religious, and national fabric as well as safeguarding holy sites, houses of worship and places of prayer”, the agency said. It said he stressed the importance of Syria “taking practical and serious steps to combat the terrorist organisation ISIS”.

According to Syrian state media, the meeting addressed the issue of joint border security, with both sides “agreeing to strengthen field and intelligence co-ordination between the relevant authorities to counter shared threats”.

On the economic front, they discussed mechanisms to revitalise trade relations, ease the movement of goods and people through border crossings, encourage mutual investment, and explore new avenues for co-operation in energy, transport and infrastructure.

The fall of former Syrian president Bashar Al Assad, who was a close ally of the government in Baghdad, has complicated relations between the neighbouring countries. Iraq remains scarred by decades of conflict since the US-led invasion, which was followed by a sectarian conflict, Al Qaeda insurgencies, and the rise of ISIS.

In January, Mr Al Shara was appointed interim president of Syria and pledged to form an inclusive transitional government that would repair and build up public institutions and run the country until elections, which he said could take up to five years to hold.

Syria has issued a constitutional declaration designed to serve as the foundation for the interim period led by Mr Al Shara. The declaration keeps a central role for Islamic law and guarantees women's rights and freedom of expression.

If Mr Al Shara attends the Arab Summit, it would be his first public visit to Iraq since he was jailed for years in the country on charges of joining Al Qaeda after the 2003 US-led invasion.

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.”

Updated: April 20, 2025, 12:27 PM