The US is to offer incentives to Syria to step back from conflicts with minorities in a move to stabilise the country, as the two sides meet in Jordan.
Sectarian violence in the south of Syria between loyalist Sunni forces and the Druze minority has threatened to undermine a burgeoning alliance with Washington, which has pulled Syria closer to the West than at any time in its turbulent history as a modern nation.
Sources dealing with Syrian issues in Jordan told The National that the US has offered to form an international Friends of Syria coalition to support recovery and reconstruction, in return for concessions on domestic policy.
Amman hosted a meeting between US envoy Tom Barrack and Syrian Foreign Minister Asaad Al Shibani on Tuesday to discuss the violence in Sweida. The countries agreed to set up a working group to ensure calm.
Jordan's King Abdullah II separately met with Mr Al Shibani and Mr Barrack and expressed his "support for Syria's efforts to preserve its security, stability, sovereignty, and territorial integrity".
King Abdullah said Jordan was ready to "share its expertise in all fields" to help develop the Syrian state, official media said. It said he called for greater Jordan-Syria co-operation in fighting terrorism and drugs smuggling.
In particular, sources say, Washington wants an inclusive Syrian government and security forces, instead of a Sunni-heavy security apparatus with very few non-Sunnis in any senior positions in the state.
The Druze in Sweida and Kurds in eastern Syria have clashed with the post-Bashar Al Assad government after demanding a civil constitution and limits to the powers of the new, Sunni-dominated order.
“The American idea is to form a Friends of Syria group of nations who would encourage Damascus to change course," a second source said. “No one wants to see continued destabilisation in Syria, not even Israel."
In return, the source said, Damascus would be expected to purge militants in the security forces, rein in paramilitary groups and appoint technocrats to the government instead of having former rebel commanders oversee departments. The US, Jordan, Turkey and Gulf states would form the core of this group.
The recent fighting in Sweida was the costliest violence for the Hayat Tahrir Al Sham government since it assumed power. HTS, a splinter group of Al Qaeda, ousted the Assad regime in an 11-day offensive in December.
Sweida remains surrounded by forces loyal to Syrian President Ahmad Al Shara. Allowing the population of the governorate to resume normal life, including unfettered access to Damascus, is a key US demand, the source said.
The offensive in Sweida has also raised fears among other minorities, especially after the mass killings of Alawite civilians in March, and cast doubt on Mr Al Shara’s ability to unify the country after a 13-year civil war under the previous regime. Attacks by Israel on Mr Al Shara's loyalists pushed Syrian troops back but they remain within close range of Sweida city, the provincial capital.
“If Al Shara keeps letting the militants run the show, the government will self-destruct,” said another source, who highlighted Israeli incursions into southern Syria and its ability "to capture the south easily".
In this case, the source warned, Mr Al Shara would lose control of the south, the Kurds in the east would be emboldened and Syria would return to a period of "proxy war and suicide bombings".
In the latest clashes, a Syrian soldier was killed in fighting with the Kurdish-led Syrian Democratic Forces in Aleppo, official media said on Tuesday. It said the SDF had tried to infiltrate government positions in the east of the city.
The clashes are the latest between the Syrian army and SDF to set back hopes of maintaining a truce agreed on in March by the new regime in Damascus. US-sponsored talks between the two sides faltered last month. The Syrian government and the US-backed SDF, which fought against ISIS during the civil war, have blamed each other for starting the latest hostilities.
At the Amman meeting the three representatives welcomed the Syrian government's “efforts” in restoring services, the return of refugees, and “holding perpetrators of violations accountable”, the Syrian statement said.
The officials spoke about various issues, particularly supporting Syria’s postwar reconstruction and “ensuring its security, stability and sovereignty”, the Jordanian Foreign Ministry said. Promoting the rights of all Syrians and consolidating the ceasefire in Sweida were other matters to be discussed, it added.
The US is trying to save the Syrian government "from itself", said the source who warned of proxy war. US President Donald Trump started establishing ties with Damascus in May on the urging of Turkey and Saudi Arabia, two key regional supporters of Mr Al Shara.
Mr Trump announced the lifting of sanctions a day before meeting Mr Al Shara, a former prisoner of US forces in the Middle East. The US president hailed Syria's new leader as a "tough guy" with a "very strong past".
Since then Syria has struck several lucrative investment deals, including with Gulf countries, in a push for economic recovery from the civil war. A $14 billion package of deals signed last week included plans to upgrade Damascus airport and revive proposals for a possible metro system in the capital. The UN has estimated that Syria's postwar reconstruction will cost more than $400 billion.
A Jordanian source, who requested anonymity, said stabilisation was key to preventing any confrontation between Turkey and Israel. They pointed out the presence of thousands of Turkish troops in Syria, although they are deployed mainly in the north.
"The last thing Jordan wants to see" is an armed Israeli-Turkish confrontation near its border, the source said. "No one is very happy with Al Shara but no one wants to see him really fail."
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
STAGE 4 RESULTS
1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51
2 David Dekker (NED) Team Jumbo-Visma
3 Caleb Ewan (AUS) Lotto Soudal
4 Elia Viviani (ITA) Cofidis
5 Matteo Moschetti (ITA) Trek-Segafredo
General Classification
1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21
2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43
3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03
4 Chris Harper (AUS) Jumbo-Visma - 0:01:43
5 Neilson Powless (USA) EF Education-Nippo - 0:01:45
%3Cp%3E%3Cstrong%3ETHE%20SPECS%3C%2Fstrong%3E%0D%3Cbr%3EEngine%3A%203.5-litre%20V6%0D%3Cbr%3ETransmission%3A%209-speed%20automatc%0D%3Cbr%3EPower%3A%20279hp%0D%3Cbr%3ETorque%3A%20350Nm%0D%3Cbr%3EPrice%3A%20From%20Dh250%2C000%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
COMPANY%20PROFILE
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
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More on animal trafficking
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.”
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
MATCH INFO
Liverpool v Manchester City, Sunday, 8.30pm UAE
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- An elevated football field that doubles as a helipad
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