IAEA director general Rafael Grossi says Syria is eager to 'open up to the world'. AP
IAEA director general Rafael Grossi says Syria is eager to 'open up to the world'. AP
IAEA director general Rafael Grossi says Syria is eager to 'open up to the world'. AP
IAEA director general Rafael Grossi says Syria is eager to 'open up to the world'. AP

Syria to give UN inspectors immediate access to suspected former nuclear sites


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Syria has agreed to give inspectors from the International Atomic Energy Agency immediate access to suspected former nuclear sites, the group's director general has said.

The UN nuclear watchdog aims to “bring total clarity over certain activities that took place in the past that were, in the judgment of the agency, probably related to nuclear weapons", Rafael Grossi told the AP on Wednesday. He said the Syrian government, led by President Ahmad Al Shara, was “committed to opening up to the world, to international co-operation”, adding that he is hopeful of finishing the inspection process within the coming months.

Mr Grossi’s remarks came after he met Mr Al Shara and other officials in Damascus. Mr Grossi said the Syrian leader expressed an interest in pursuing nuclear energy for the country in the future, adding: “Why not?”

An IAEA team visited some sites of interest in 2024, while former president Bashar Al Assad was in power. Since the downfall of his regime in December, the IAEA has sought to secure access to sites associated with Syria's nuclear programme.

Under Mr Al Assad, Syria was believed to have operated an extensive clandestine nuclear programme, which included an undeclared reactor built by North Korea in the eastern Deir Ezzor province.

The IAEA said the reactor was “not configured to produce electricity”, raising concerns that Damascus sought to develop a nuclear weapon there. The reactor site only became public knowledge after Israel launched air strikes that destroyed the facility in 2007. Syria later levelled the site and did not respond fully to questions from the IAEA.

Mr Grossi said inspectors planned to return to the reactor facility in Deir Ezzor, as well as to three other related sites. Other areas under IAEA safeguards include a miniature neutron source reactor in Damascus and a facility in Homs that can process yellow cake uranium.

“We are trying to narrow down the focus to those or that one that could be of a real interest,” he said.

While he said there were no indications that radiation had been released from the sites, the agency is concerned that “enriched uranium can be lying somewhere and could be reused, could be smuggled, could be trafficked".

He said Mr Al Shara, who has courted western governments since taking power, had shown a “very positive disposition to talk to us and to allow us to carry out the activities we need to".

Apart from resuming inspections in Syria, Mr Grossi said the IAEA was prepared to transfer equipment for nuclear medicine and to help rebuild radiotherapy and oncology infrastructure in a healthcare system severely weakened by 14 years of civil war. “And the President has expressed to me that he’s interested in exploring, in the future, nuclear energy as well,” added Mr Grossi.

Several countries in the Middle East, including Saudi Arabia, the UAE, Egypt and Jordan, are pursuing nuclear energy in some form. Mr Grossi said Syria was likely to look into small modular reactors, which are cheaper and easier to use than traditional large reactors.

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: June 05, 2025, 6:55 AM