The UN’s envoy for Syria, Geir Pedersen, has called for an immediate end to the escalating violence in the war-torn country, warning of dire consequences if the crisis deepens further.
Mr Pedersen told the UN Security Council that de-escalation must be paired with a “credible political horizon” to address the aspirations of the Syrian people.
“If we do not see de-escalation and a rapid move to a serious political process, involving the Syrian parties and the key international players, then I fear we will see a deepening of the crisis,” he said on Tuesday.
Fourteen years of conflict have proven there is no military solution to the Syrian crisis, Mr Pedersen said.
The extremist rebel group Hayat Tahrir Al Sham and its allies based in Idlib province last week launched a surprise attack on government troops in neighbouring Aleppo province, seizing the provincial capital and Syria's second city in a lightning offensive.
Syria's army command said its troops were striking “terrorist organisations” in north Hama and Idlib provinces, with air support from Russia, a vital ally of President Bashar Al Assad. It said reinforcements were arriving and reported “fierce battles”, particularly in the north of Hama province.
Addressing the 15-member Security Council, Raed Al Saleh, the director of Syrian Civil Defence, known as the White Helmets, accused the Syrian government, Russia and Iranian-backed militias of deliberately attacking civilians and vital infrastructure, including schools, hospitals and camps for displaced people in northwest Syria.
“The White Helmets have responded to 275 attacks,” Mr Al Saleh said. “These attacks have killed 100 civilians at least. They have wounded 360 others. These attacks have displaced tens of thousands of residents, most of whom are women and children.”
Mr Saleh also accused the international community of having "utterly failed the Syrian people."
"The Syrian people have appealed to you to take immediate action to end atrocities and ensure peace...however, in recent years, you have not only failed to heed these calls, but, tragically, many of your governments have chosen to forget Syria altogether," he said to the Security Council.
Russia's UN envoy Vasily Nebenzya criticised UN officials for being "unable to summon the courage to call a spade a spade and to condemn these terrorist attacks" against Syria.
Deputy US ambassador Robert Wood refuted the criticism, saying: "the fact that HTS is listed as a terrorist organisation by the US and UN does not justify the further atrocities by the Assad regime and its Russian backers."
“For many years, the Syrian government has been engaged in the civil war, backed by Iran, Russia and Hezbollah,” Mr Wood said. “All three of those actors have recently been distracted and weakened by conflicts elsewhere and so it is no surprise that we have seen actors in Syria try to take advantage of that over the last several days.”
Hayat Tahrir has been designated as a terrorist group by the US and UN. “We obviously have concerns about this group,” said Mr Wood. “We will continue to fully defend and protect US personnel and US military positions, which remain essential to ensuring that ISIS can never again resurge in Syria.”
Syria claimed that recent rebel attacks could not have been executed without approval from Turkey and Israel.
“Would you accept this terrorist attack by a terrorist group that was listed by the Security Council against any of your countries or, I guess, any country that's a member of the United Nations?” asked Koussay Aldahhak, Syria's UN representative.
Syria urged the Council to issue a “clear and unequivocal” condemnation of attacks carried out by “an organisation listed as a terrorist entity by the UN, comprising tens of thousands of foreign terrorists”.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
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.”
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
Read more from Aya Iskandarani
Sting & Shaggy
44/876
(Interscope)