A security operation launched by the Aleppo Security Directorate seeks the hideout of a terrorist cell affiliated with ISIS. Photo: Syrian Ministry of Interior
A security operation launched by the Aleppo Security Directorate seeks the hideout of a terrorist cell affiliated with ISIS. Photo: Syrian Ministry of Interior
A security operation launched by the Aleppo Security Directorate seeks the hideout of a terrorist cell affiliated with ISIS. Photo: Syrian Ministry of Interior
A security operation launched by the Aleppo Security Directorate seeks the hideout of a terrorist cell affiliated with ISIS. Photo: Syrian Ministry of Interior

Syrian government seeks to restore order after bombing in country's east kills five


Khaled Yacoub Oweis
  • English
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Syrian authorities sent troops to the country's east on Monday, residents said, a day after a car bomb killed five people in the city of Al Mayadin.

Three police officers were among the dead in the attack, which took place near a security compound in the city, official media reported on Sunday.

The bombing came as a blow to the government's efforts to stabilise Syria, which last week received a boost when US President Donald Trump met Syrian leader Ahmad Al Shara in Riyadh.

Damascus has set up checkpoints near Al Mayadin and other sites along the Euphrates River Valley, where the Defence Ministry is expected to send reinforcements form central Syria, the sources told The National. Ministry officials also visited the site of the bombing.

Local resident Qassem Al Shawa said that the small security presence in Al Mayadinhave made the town an easy target.

Recruitment for new state security forces has been slow in the area, partly as a result of the lengthy screening process aimed at identifying volunteers' past allegiances, he added.

He also noted Al Mayadi's proximity to the Badiya, a vast desert that stretches from the outskirts of Damascus to the Iraqi border, where ISIS fighters are known to operate.

“It is no secret that ISIS has cells in Al Mayadin,” said Mr Al Shawa, who works at Al Omar, a US-controlled oilfield to the east of the city.

On Sunday, an Interior Ministry official told The National that troops had commenced operations to “eradicate” ISIS from urban centres, after a counter-terrorism raid in Aleppo killed three members of the extremist group.

The Syrian government has not yet blamed any group for Sunday's bombing, and there has been no claim or responsibility.

It was the second major attack on a government-held area since the overthrow of former President Bashar Al Assad last year. In February, 20 people were killed in a bomb attack in Manbij, near Aleppo.

Al Omar field and areas to the north of Al Mayadin fall within the domain of the Syrian Democratic Forces, a mostly Kurdish militia that is ideologically at odds with government in Damascus.

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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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Updated: May 20, 2025, 8:33 AM