Tensions are rising between Syria and Lebanon after Damascus informally demanded the handover of thousands of Syrian prisoners, some of whom were convicted on terrorism charges.
Security sources in Beirut said Lebanese officials had received messages via several diplomatic channels from Syrian authorities that pressed for the imminent release of the detainees. Hundreds of the prisoners are Islamists.
According to the sources, Lebanese officials were indirectly warned of possible consequences if the matter is not resolved, including the closure of the border and the suspension of work by their joint security committee.
“Syria is now seeking the return of an estimated 2,000 to 3,000 nationals in Lebanese prisons,” said one of the sources. “While some of the prisoners have not yet been sentenced, others have been convicted of serious charges, including involvement in terror-related activities.
“Beirut is not opposed to releasing the detainees, including the Islamists, but insists the process will take time due to legal and logistical constraints,” the source added.
A senior government source told The National that while Lebanon was keen to release Syrian detainees to ease the overcrowding in its jails, there was a severe backlog in the judicial system. However, this did not apply to those who have “shed the blood” of Lebanese citizens, the source said.
In recent days, groups have gathered along the Syria-Lebanon border to protest over what they called Lebanon’s “unjust detention” of Syrians.
Any move to close the border would strain Lebanon's already fragile economy and disrupt trade and movement.
Adding to Beirut’s concerns is the fear that Syria’s demands may not stop with its own citizens.
Lebanese security sources say there is growing concern that Damascus, under the rule of Hayat Tahrir Al Sham, a group formerly affiliated with al Qaeda, may eventually demand the release of Lebanese Islamist detainees.
Many of these individuals were arrested for cross-border operations during the Syrian conflict, attacks on the Lebanese army and ties to ISIS.
That possibility, officials warn, would pose a significant internal security challenge for Lebanon, already under pressure to quickly disarm Hezbollah, its most heavily armed military group.
Lebanon also fears attacks by extremist groups following a deadly church bombing in Syria in June.
Lebanon's General Security Directorate said in recent weeks it had arrested a “terrorist” cell of mostly Syrians in Beirut that sought to carry out attacks in the Lebanese capital.
Lebanon and Syria have many issues, including the roughly 1.5 million Syrian refugees in Lebanon. The country, home to one of the world's biggest refugee populations, has sought a comprehensive resolution on refugee returns.
There is also the issue of border security and the smuggling of drugs, goods and arms.
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
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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UAE currency: the story behind the money in your pockets
INDIA V SOUTH AFRICA
First Test: October 2-6, at Visakhapatnam
Second Test: October 10-14, at Maharashtra
Third Test: October 19-23, at Ranchi
