Live updates: Follow the latest on Syria
Calls are growing for foreign powers to lift sanctions imposed on Syria, which would help the country rebuild after the collapse of the Assad regime, but some experts and officials are warning against easing restrictions too quickly.
The US, the EU, Canada and other countries imposed severe sanctions against the regime of president Bashar Al Assad in response to his violent crackdown on protests from 2011 onwards and actions in the ensuing civil war. Some western sanctions date back even further, to when Mr Al Assad's father Hafez was in power.
Countries are now considering when to lift restrictions after Hayat Tahrir Al Sham led a rebel advance that ended a quarter century of rule by Mr Al Assad. Complicating the matter is HTS's designation as a terror group by the US, UN and other entities.
The US has imposed sanctions on 718 people and entities in connection to Syria, and the State Department has hinted that it could use those measures to encourage what it considers to be good behaviour from HTS and whatever governing body is formed to lead Syria.
This week, Republican Joe Wilson, the senior member of the House Middle East subcommittee, and Democratic Syria Caucus co-chairman Brendan Boyle wrote a letter to President Joe Biden's administration urging sanctions relief on Syria, saying the Assad regime's end presents a “pivotal opportunity to responsibly unwind sanctions”.
The congressmen, who have led sanctions bills such as the Assad Anti-Normalisation Act, which builds on the Caesar Act, said such measures had contributed to the collapse of the Assad regime.
A partial easing of sanctions would help Syria's stabilisation and reconstruction, and make international investment and humanitarian recovery easier. But the two stressed sanctions should remain against former regime officials.
Alberto Hernandez, who manages government relations with the Washington-based Syrian American Council, said it is “far too soon” to talk about lifting sanctions.
“We can't even say we're in a transition period. We're in a stabilisation period,” Mr Hernandez said. “People have coloured the maps of Syria all one colour, or two colours. But that's not the reality on the ground.”
His group wants to see a surge in humanitarian funding, like that after last year's devastating earthquake in Syria and Turkey. “We want to see general licences. We want to see pressure on the UN to restart the Damascus space humanitarian operations,” Mr Hernandez said.
Meanwhile in Europe, which became a destination for millions of Syrian refugees fleeing the civil war, officials are taking a cautious approach. Currently,there is no European engagement with HTS.
“Don't expect much on sanctions related to Syria, this is way too early,” an EU diplomat told The National. “The situation is still super-volatile, we need to clarify many things and, indeed, see how it will actually go on the ground. Important to co-ordinate with the countries in the region as well, they're the first concerned.”
Another diplomat highlighted the thorny issue of providing relief to HTS, which is mainly made up of groups from the former extremist organisation Jabhat Al Nusra, which was linked to Al Qaeda.
“HTS will realistically now play a role in the reorganisation of Syria, whether we like it or not,” the second diplomat said. “At the same time, it is a terrorist organisation listed by UN and EU.”
Still, the diplomat noted how HTS is aiming to distance itself from its extremist origins. “We now have to see in practice how to judge those efforts, namely in the treatment of civilians and minorities,” the source said.
Asked whether Paris could push for the lifting of sanctions on Syria, notably in the energy sector, Foreign Ministry spokesman Christophe Lemoine told reporters: “We are taking this in an orderly way, step by step.”
“We know the sanctions regime on Syria is very tough, but for now the discussions in Brussels will especially be on the position of the Europeans on the political transition. The sanctions question can come after that,” he said.
Syria analyst Aron Lund from Century International said the West might find it wisest to lift sanctions and engage with HTS sooner rather than later.
"The risk of delaying economic assistance to Syria, including sanctions relief, is that you will have a much more problematic situation, not just in Syria in general, but with HTS as well," Mr Lund said. "Everyone talks about HTS being a pragmatic group and so forth. They are, but they're pragmatic in both directions."
He said the group is trying to promote a moderate image and connect with foreign states. "The way to encourage that, I think, is to engage with them and give them a reason to open up ... If you want them to keep softening their approach or holding that line, then you need to create the conditions for that. It's sticks and it’s carrots, but it's not just sticks."
Mr Lund warned that the Syrian economy could be headed down a "black hole" if urgent action is not taken, something EU countries in particular should keep in mind.
"You want some sort of basic stability in Syria and not to have a raging humanitarian disaster on your border," he said. "Why would you want the country to collapse completely? There's no better way of ensuring refugee outflow."
Departing US Senate foreign relations committee chairman Ben Cardin said it's “too early to tell” whether Washington should shift its sanctions regime, but if HTS makes “corrections” and shows “respect for the Syrians … as with the language we hear, then it'd be totally appropriate to eliminate these sanctions".
Mr Cardin said those corrections would have to entail “people being able to speak, not being put in jail. It starts with that".
“There's a lot of things that we that we want to see done that that would be prerequisites for us to consider relief, but it's basically a government that is held accountable, that respects the rights of its citizens, that [honours] the right to be able to to peacefully demonstrate against the policies of the country,” Mr Cardin added.
One big unknown in what happens next is president-elect Donald Trump. Shortly before the Assad regime collapsed, he said the US should have “nothing to do" with Syria and he has previously tried to withdraw US troops from north-east Syria, where they are working with Kurdish forces to fight ISIS.
“I'd like to think that president Trump will see opportunity in Syria's new serious momentum towards being a peaceful and prosperous nation with leadership that respects the rights of all Syrians. Maybe Trump will say, let's give Syria a fighting chance,” said Delaney Simon, senior analyst for the US programme at the International Crisis Group.
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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Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
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Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
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Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
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Started: October 2015 in India, November 2016 in UAE
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Sector: Online rental marketplace
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Investment: $2 million
BULKWHIZ PROFILE
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Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
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Sector: E-commerce
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When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Frida%20
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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RACE CARD
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
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Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
SPECS
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Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
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